8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 6, 2010

NATIONWIDE HEALTH PROPERTIES, INC.

(Exact name of registrant as specified in its charter)

Maryland	1-9028	95-3997619
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

610 Newport Center Drive, Suite 1150, Newport Beach, CA	92660
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (949) 718-4400

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On May 6, 2010, we issued a press release, which sets forth our results of operations for the quarter ended March 31, 2010. The press release referred to a supplemental information package that is available on our website, free of charge, at www.nhp-reit.com. A copy of the press release and the supplemental information package are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by this reference.

Such information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and is not incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit
Number	Description
99.1	Press release dated May 6, 2010.
99.2	Supplemental information package for the quarter ended March 31, 2010.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	NATIONWIDE HEALTH PROPERTIES, INC.
Date: May 6, 2010	By:	/s/ Abdo H. Khoury
		Abdo H. Khoury
		Executive Vice President and Chief Financial & Portfolio Officer

EX-99.1

Exhibit 99.1

NATIONWIDE HEALTH PROPERTIES, INC.
REPORTS 2010 FIRST QUARTER RESULTS

• Completed $438 Million of Investments through Earnings Release Date

• Raising FFO Guidance on the High End of the Range by $0.08 per Share

• Increased Quarterly Cash Dividend to $0.45 per Share

NEWPORT BEACH, Calif., — May 6, 2010 /PRNewswire—FirstCall/ — Nationwide Health Properties, Inc. (NYSE: NHP) today announced results of operations for the first quarter ended March 31, 2010. Contemporaneously with this press release, the Company filed its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2010 with the Securities and Exchange Commission.

“We began 2010 with a strong balance sheet and an enviable liquidity position. Leveraging our excellent financial position with improvements in the capital markets and the economy, we acquired during the first quarter seven medical office buildings and made an $80 million loan secured by 26 medical office buildings located in seven states,” commented Douglas M. Pasquale, NHP’s Chairman and Chief Executive Officer. “Subsequent to quarter end, we have completed an additional $58 million of investments bringing the year to date total to $438 million,” Mr. Pasquale added.

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FIRST QUARTER 2010 RESULTS OF OPERATIONS

The following table presents selected unaudited financial information for the first quarter ended March 31, 2010 as compared to the same period of 2009:

SELECTED FINANCIAL DATA
($ in thousands, except per share amounts)

	Three Months Ended March 31,
	2010		2009		$ Change			% Change
Revenue	$	102,428	$	97,083	$	5,345			5.5	%
Income from Continuing Operations	$	31,217	$	29,428	$	1,789			6.1	%
Net Income Attributable to NHP Common Stockholders	$	31,429	$	49,154	$	(17,725	)		-36.1	%
Net Income Attributable to NHP Common Stockholders Per Diluted Share	$	0.26	$	0.47	$	(0.21	)		-44.7	%
Diluted FFO	$	64,191	$	61,569	$	2,622			4.3	%
Adjusted Diluted FFO	$	64,939	$	61,569	$	3,370			5.5	%
Diluted FFO Per Share	$	0.54	$	0.57	$	(0.03	)		-5.3	%
Adjusted Diluted FFO Per Share	$	0.54	$	0.57	$	(0.03	)		-5.3	%
Diluted FAD	$	64,267	$	61,427	$	2,840			4.6	%
Adjusted Diluted FAD	$	65,015	$	61,427	$	3,588			5.8	%
Diluted FAD Per Share	$	0.54	$	0.57	$	(0.03	)		-5.3	%
Adjusted Diluted FAD Per Share	$	0.54	$	0.57	$	(0.03	)		-5.3	%

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 a net gain on re-measurement of equity interest upon acquisition and a gain on debt extinguishment in 2010.

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FIRST QUARTER 2010 INVESTMENT ACTIVITY

Pacific Medical Buildings Update

In February of 2010, we acquired the Poway, CA medical office building for $74.0 million including the issuance of 301,599 OP units 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 of which we have funded $6.8 million.

In March of 2010, we acquired a 65% interest in a joint venture that owns the Mission Viejo, CA medical office building valued at $79.9 million including the assumption of a $48.1 million mortgage loan with a fixed interest rate of 5.5% expiring in 2017 and the issuance of 152,238 OP units; a 69% interest in a joint venture that owns the Orange, CA medical office building valued at $69.3 million including the assumption of a $50.2 million mortgage loan with a fixed interest rate of 5.8% expiring in 2017 and the issuance of 121,489 OP units; the remaining 55.05% interest in two San Bernardino, CA assets that we did not already own with a total value of $17.4 million including the assumption of a $11.2 million mortgage loan with a variable interest rate currently at 3.0% expiring in July 2010; and a 71% interest in a joint venture which owns a medical office building in Pasadena, CA for $13.5 million. Additionally, we committed to loan the Pasadena, CA joint venture $59.5 million of which we have funded $52.8 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.

Other Investments

We invested approximately $3.7 million in revenue producing capital expenditures at a blended yield of 8.6% on our existing triple-net portfolio and $80.1 million in an 8.25% loan secured by 26 medical office buildings located in seven states.

FIRST QUARTER 2010 FINANCING TRANSACTIONS

During the first quarter of 2010, we issued and sold 1.3 million shares of our common stock through our at-the-market equity offering program at an average price of $35.58 per share, resulting in net proceeds of approximately $44.7 million. From April 1, 2010 to May 6, 2010, we issued and sold 1.6 million shares of our common stock through our at-the-market equity offering program at an average price of $35.08 per share, resulting in net proceeds of approximately $55.2 million.

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In the fourth quarter of 2009, we called for redemption our Series B convertible preferred stock. During the first quarter of 2010, shareholders of our Series B convertible preferred stock converted 512,727 shares of Series B preferred stock into 2.3 million shares of our common stock, and we redeemed the remaining 917 shares of our Series B convertible preferred stock.

2010 GUIDANCE

As a result of closed acquisitions and common shares issued through our release date of May 6, 2010, we are increasing by $0.08 per share the high end of the range from $2.09 per share to $2.17 per share and by $0.09 per share the low end of the range from $2.05 per share to $2.14 per share for our full-year 2010 adjusted diluted FFO guidance. We are also increasing by $0.08 per share the high end of the range from $2.05 per share to $2.13 per share and by $0.09 per share the low end of the range from $2.01 per share to $2.10 per share for our full-year 2010 adjusted diluted FAD guidance. Our guidance includes shares issued through our at-the-market equity offering program and closed acquisitions through May 6, 2010 and excludes any other acquisitions, investments, impairments or capital transactions that may occur in the remainder of 2010.

CONFERENCE CALL INFORMATION

We have scheduled a conference call and webcast on Friday, May 7, 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 800-299-7098 and referencing conference ID number 32150685 or by logging on to our website at http://www.nhp-reit.com. The international dial-in number is 617-801-9715. 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 June 7, 2010. Callers can access the replay by dialing 888-286-8010 or 617-801-6888 and entering conference ID number 46033547. 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 ended March 31, 2010 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 May 6, 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 March 31, 2010, the Company’s portfolio of properties, including mortgage loans and properties owned by unconsolidated joint ventures, totaled 606 properties among the following segments: 279 senior housing facilities, 197 skilled nursing facilities, 112 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 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.

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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)
(Unaudited)

	Three Months Ended March 31,
	2010		2009
Revenue:
Triple-net lease rent	$	74,214	$	74,095
Medical office building operating rent		21,251		16,653
		95,465		90,748
Interest and other income		6,963		6,335
		102,428		97,083
Expenses:
Interest expense		23,590		24,071
Depreciation and amortization		31,969		30,832
General and administrative		6,984		6,931
Acquisition costs		1,443		—
Medical office building operating expenses		8,647		6,834
		72,633		68,668
Operating income		29,795		28,415
Income from unconsolidated joint ventures		1,347		1,013
Gain on debt extinguishment		75		—
Income from continuing operations		31,217		29,428
Discontinued operations:
Gains on sale of facilities, net		22		21,152
Income from discontinued operations		—		53
		22		21,205
Net income		31,239		50,633
Net loss (income) attributable to noncontrolling interests		190		(27	)
Net income attributable to NHP		31,429		50,606
Preferred stock dividends		—		(1,452	)
Income available to NHP common stockholders	$	31,429	$	49,154
Basic earnings per share (EPS):
Income from continuing operations attributable to NHP common stockholders	$	0.27	$	0.27
Discontinued operations attributable to NHP common stockholders		—		0.21
Net income attributable to NHP common stockholders	$	0.27	$	0.48
Diluted EPS:
Income from continuing operations attributable to NHP common stockholders	$	0.26	$	0.27
Discontinued operations attributable to NHP common stockholders		—		0.20
Net income attributable to NHP common stockholders	$	0.26	$	0.47
Weighted average shares outstanding for EPS:
Basic		117,048		102,355
Diluted		119,466		104,408

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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 March 31,
	2010			2009
Net income	$	31,239		$	50,633
Preferred stock dividends		—			(1,452	)
Net loss (income) attributable to noncontrolling interests		190			(27	)
Real estate related depreciation and amortization		31,545			30,808
Depreciation in income from unconsolidated joint ventures		1,239			1,307
Gains on sale of facilities, net		(22	)		(21,152	)
FFO available to NHP common stockholders		64,191			60,117
Series B preferred dividend add-back		—			1,452
Diluted FFO		64,191			61,569
Acquisition costs		1,443			—
Gain on extinguishment of debt		(75	)		—
Gain on re-measurement of equity interest upon acquisition, net		(620	)		—
Adjusted diluted FFO	$	64,939		$	61,569
Weighted average shares outstanding for diluted FFO:
Diluted weighted average shares outstanding (1)		119,600			104,451
Series B preferred stock conversion add-back if not already converted		69			3,358
Fully diluted weighted average shares outstanding		119,669			107,809
Diluted FFO per share	$	0.54		$	0.57
Adjusted diluted FFO per share	$	0.54		$	0.57
Dividends declared per common share	$	0.44		$	0.44
Adjusted diluted FFO payout ratio		81	%		77	%
Adjusted diluted FFO coverage		1.23			1.30

(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 March 31,
	2010			2009
Net income	$	31,239		$	50,633
Preferred stock dividends		—			(1,452	)
Net loss (income) attributable to noncontrolling interests		190			(27	)
Real estate related depreciation and amortization		31,545			30,808
Gains on sale of facilities, net		(22	)		(21,152	)
Straight-lined rent		(1,687	)		(1,590	)
Amortization of intangible assets and liabilities		(59	)		(222	)
Non-cash stock-based compensation expense		1,594			1,573
Deferred financing cost amortization		845			814
Lease commissions and tenant and capital improvements		(637	)		(726	)
Unconsolidated joint ventures:
Real estate related depreciation and amortization		1,239			1,307
Straight-lined rent		(1	)		(12	)
Deferred finance cost amortization		21			21
FAD available to NHP common stockholders		64,267			59,975
Series B preferred dividends		—			1,452
Diluted FAD		64,267			61,427
Acquisition costs		1,443			—
Gain on extinguishment of debt		(75	)		—
Gain on re-measurement of equity interest upon acquisition, net		(620	)		—
Adjusted diluted FAD	$	65,015		$	61,427
Weighted average shares outstanding for diluted FAD:
Diluted weighted average shares outstanding (1)		119,600			104,451
Series B preferred stock add-back if not already converted		69			3,358
Fully diluted weighted average shares outstanding		119,669			107,809
Diluted FAD per share	$	0.54		$	0.57
Adjusted diluted FAD per share	$	0.54		$	0.57
Dividends declared per common share	$	0.44		$	0.44
Adjusted diluted FAD payout ratio		81	%		77	%
Adjusted diluted FAD coverage		1.23			1.30

(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	$	142,262		$	145,912
Preferred stock dividends		—			—
Real estate related depreciation and amortization		126,072			126,072
Depreciation in income from unconsolidated joint ventures		5,190			5,190
Net income attributable to noncontrolling interests		(660	)		(660	)
Gains on sales of facilities, net		(12,174	)		(12,174	)
FFO available to common stockholders		260,690			264,340
Series B preferred dividends		—			—
Diluted FFO		260,690			264,340
Acquisition costs		1,443			1,443
Gain on extinguishment of debt		(75	)		(75	)
Gain on re-measurement of equity interest upon acquisition, net		(620	)		(620	)
Adjusted Diluted FFO		261,438			265,088
Straight-lined rent		(6,984	)		(6,984	)
Amortization of intangible assets and liabilities		(273	)		(273	)
Non-cash stock-based compensation expense		6,741			6,741
Deferred financing cost amortization		3,149			3,149
Lease commissions and tenant and capital improvements		(8,198	)		(8,198	)
Unconsolidated Joint Ventures:
Straight-lined rent		(1	)		(1	)
Deferred financing cost amortization		84			84
Adjusted Diluted FAD	$	255,956		$	259,606
Diluted FFO per share	$	2.13		$	2.16
Adjusted Diluted FFO per share	$	2.14		$	2.17
Adjusted Diluted FAD per share	$	2.10		$	2.13
Weighted average shares outstanding:
Diluted weighted average shares outstanding		120,022			120,022
NHP/PMB OP units		2,135			2,135
Total		122,157			122,157

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NATIONWIDE HEALTH PROPERTIES, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)

	March 31,			December 31,
	2010			2009
	(unaudited)
Assets
Investments in real estate:
Land	$	317,531		$	318,457
Buildings and improvements		3,346,489			3,088,183
		3,664,020			3,406,640
Less accumulated depreciation		(606,231	)		(585,294	)
		3,057,789			2,821,346
Mortgage loans receivable, net		197,271			110,613
Mortgage loan receivable from related party		—			47,500
Investments in unconsolidated joint ventures		47,797			51,924
Net real estate related investments		3,302,857			3,031,383
Cash and cash equivalents		210,590			382,278
Receivables, net		8,750			6,605
Intangible assets		150,120			93,657
Other assets		141,327			133,152
Total assets	$	3,813,644		$	3,647,075
Liabilities and Equity
Unsecured senior credit facility	$	—		$	—
Senior notes		991,633			991,633
Notes and bonds payable		535,950			431,456
Accounts payable and accrued liabilities		125,244			132,915
Total liabilities		1,652,827			1,556,004
Redeemable OP unitholder interests		77,557			57,335
Equity:
NHP stockholders’ equity:
Series B convertible preferred stock		—			51,364
Common stock		11,818			11,432
Capital in excess of par value		2,225,737			2,128,843
Cumulative net income		1,736,708			1,705,279
Accumulated other comprehensive loss		(1,385	)		(823	)
Cumulative dividends		(1,915,071	)		(1,862,996	)
Total NHP stockholders’ equity		2,057,807			2,033,099
Noncontrolling interests		25,453			637
Total equity		2,083,260			2,033,736
Total liabilities and equity	$	3,813,644		$	3,647,075

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EX-99.2

Exhibit 99.2

March 31, 2010 Supplemental Information

Disclaimer 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; 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; the rights and influence of holders of our outstanding preferred stock; 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 set forth in our most recent annual report on Form 10-K and any subsequent quarterly reports on Form 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.

Contents

Company Fact Sheet REIT structure provides opportunity to invest directly in real estate and indirectly in healthcare industry Quality healthcare real estate portfolio Long-term triple-net master leases with quality operators Strong affiliations with premiere hospital systems in growing medical office building markets Senior housing care a vital component of U.S. economy High dividend yield and high dividend coverage Financial stability Well positioned to take advantage of investment opportunities and to conservatively grow earnings and dividends NHP is one of the few healthcare REITs with investment grade ratings by Fitch, Moody's, and Standard & Poors. Nationwide Health Properties, Inc. (NHP), incorporated in October 1985, is a publicly traded real estate investment trust (REIT) that invests in senior housing facilities, long-term care facilities and medical office buildings throughout the United States. NHP generally acquires real estate and then leases the assets under long-term triple-net master leases to senior housing and long-term care operators and various types of leases to multiple tenants in the case of medical office buildings. As a REIT specializing in healthcare real estate, NHP provides a focused investment strategy with a well diversified portfolio. NHP employs a conservative, long-term approach to real estate investments with an experienced professional management team having extensive operating, real estate and finance backgrounds. $4.6 billion in healthcare real estate 606 properties in 43 states 260 Assisted and Independent Living 183 Skilled Nursing 112 Medical Office Buildings 17 Other 34 Unconsolidated JV Facilities Over 80 multi-facility tenants Market Facts Enterprise Value $5.7 billion Closing Price $35.15 Market Capitalization $4.2 billion Dividend & Yield $1.76 (5.0%) 52 week range $21.46 - $36.82 Shares & OP Units 120.4 million Company Profile Investor Highlights Our Portfolio FL (6%) MA (6%) WA (6%) CA (17%) TX (12%) Credit Ratings Fitch BBB (stable) Moody's Baa2 (stable) S&P BBB (stable) as of March 31, 2010 as of March 31, 2010

FINANCIAL RESULTS

Consolidated Income Statements

Reconciliation of Net Income to Funds From Operations (FFO) See Financial Measures Definitions

Reconciliation of Net Income to Funds Available for Distribution (FAD) See Financial Measures Definitions

Reconciliation of 2010 Net Income Guidance to Adjusted Diluted FFO and FAD Guidance See Financial Measures Definitions

Consolidated Balance Sheets

Other Assets

Capitalization

Capitalization (2) MOBs NHP/PMB 62 NHP/PMB Under Contruction 38 Equity Debt Investments 63 37 MrktCap TotDebt Investments 71 29 Undepreciated Book Basis Enterprise Value 63% Equity 37% Debt 71% Equity 29% Debt 62% Unsecured 38% Secured MOBs NHP/PMB 93 NHP/PMB Under Contruction 7 93% 7% Fixed Variable Debt Composition Based on total debt including NHP's share of unconsolidated joint venture

Debt Maturities and Debt Composition

Debt Covenants

Credit Facility Covenants

Bonds Covenants (Bonds Issued Prior to 2006)

New Bond Covenants (Bonds Issued After 2006)

Interest and Fixed Charge Coverage See Financial Measures Definitions

Unconsolidated Joint Venture Financial Statements - Balance Sheet

Unconsolidated Joint Venture Financial Statements - Income Statements

Financial Measures Definitions Adjusted EBITDA: We believe that Adjusted EBITDA is an important supplemental operating and liquidity measure primarily because it is used in the calculation of the Adjusted Interest Coverage Ratio and the Adjusted Fixed Charge Coverage Ratio and we present it solely for the purpose of being used in those calculations. Adjusted EBITDA is calculated by adding back any gains and losses on the sale of real estate and any impairments to EBITDA for a given period. We believe Adjusted EBITDA is most useful as a liquidity measure in the ratio calculations noted above to enable investors to determine and compare a company's ability to meet its interest and Fixed Charges obligations. However, the methodology for calculating it makes net income the most directly comparable GAAP measure. As such, we believe investors should consider Adjusted EBITDA, cash flows from operating activities and net income when evaluating our ability to meet our interest and Fixed Charges obligations. The usefulness of Adjusted EBITDA is limited because it doesn't reflect, among other things, required principal payments, cash expenditures, capital expenditures or capital commitments. Adjusted EBITDA does not represent net income or cash flows from operations as defined by GAAP and should not be considered as an alternative to either of those measures. Our calculation of Adjusted EBITDA may not be comparable to similar measures reported by other companies. Adjusted Fixed Charge Coverage Ratio: We believe that the Adjusted Fixed Charge Coverage Ratio is an important supplemental liquidity measure that reflects a company's ability to meet its interest and preferred dividend payment obligations and allows investors to compare interest and dividend paying capabilities among different companies. We calculate the Adjusted Fixed Charge Coverage Ratio by dividing Adjusted EBITDA by Fixed Charges. In addition, credit rating agencies utilize similar ratios in evaluating the credit ratings on our debt instruments. This ratio's usefulness is limited by the same factors that limit the usefulness of the components Adjusted EBITDA and Fixed Charges. Our calculation of the Adjusted Fixed Charge Coverage Ratio should not be considered an alternative to the ratio of earnings to fixed charges as defined by Item 503(d) of Regulation S-K and it may not be comparable to similar ratios reported by other companies. Adjusted Interest Coverage Ratio: We believe that the Adjusted Interest Coverage Ratio is an important supplemental liquidity measure that reflects a company's ability to meet its interest payment obligations and allows investors to compare interest paying capabilities among different companies. We calculate the Adjusted Interest Coverage Ratio by dividing Adjusted EBITDA by interest expense (including capitalized interest, if any). In addition, credit rating agencies utilize similar ratios in evaluating the credit ratings on our debt instruments. This ratio's usefulness is limited by the same factors that limit the usefulness of the component Adjusted EBITDA. Our calculations of the Adjusted Interest Coverage Ratio may not be comparable to similar ratios reported by other companies. EBITDA: We believe that EBITDA is an important supplemental operating and liquidity measure primarily because it is used in the calculation of Adjusted EBITDA which is in turn used in the calculation of the Adjusted Interest Coverage Ratio and the Adjusted Fixed Charge Coverage Ratio and we present it solely for the purpose of being used in those calculations. EBITDA is calculated by adding interest, taxes, depreciation and amortization to net income. The real estate industry uses EBITDA as a non-GAAP measure of both operating performance and liquidity. We believe it is most useful as a liquidity measure in the ratio calculations noted above to enable investors to determine and compare a company's ability to meet its interest and Fixed Charges obligations. However, the methodology for calculating it makes net income the most directly comparable GAAP measure. As such, we believe investors should consider EBITDA, cash flows from operating activities and net income when evaluating our ability to meet our interest and Fixed Charges obligations. The usefulness of EBITDA is limited because it doesn't reflect, among other things, required principal payments, cash expenditures, capital expenditures or capital commitments. EBITDA does not represent net income or cash flows from operations as defined by GAAP and should not be considered as an alternative to either of those measures. Our calculation of EBITDA may not be comparable to similar measures reported by other companies.

Financial Measures Definitions (2) FAD Payout Ratio and FFO Coverage: The FAD Payout Ratio is calculated by dividing the common dividend per share by diluted FAD per share for any given period. FAD Coverage is calculated by dividing diluted FAD per share by the common dividend per share for any given period. We believe that both of these amounts are important supplemental liquidity measures that enable investors to compare dividend security among REITs. Fixed Charges: Fixed Charges is a measure of the total interest and preferred stock dividend obligations of a company. It is calculated by adding interest expense (including capitalized interest, if any) and preferred stock dividends for any given period and is utilized in calculating the Adjusted Fixed Charge Coverage Ratio. It's usefulness is limited as, among other things, it does not include required principal payments or any other contractual obligations a company may have. Our calculation of Fixed Charges should not be considered an alternative to fixed charges as defined by Item 503(d) of Regulation S-K and it may not be comparable to Fixed Charges reported by other companies. Funds Available for Distribution ("FAD"): While net income and its related per share amounts, as defined by accounting principles generally accepted in the United States ("GAAP"), are the most appropriate earnings measures, we believe that FAD and the related per share amounts are important non-GAAP supplemental measures of operating performance. GAAP requires the use of straight-line depreciation of historical costs and implies that real estate values diminish predictably and ratably over time. However, real estate values have historically risen and fallen based on various market conditions and other factors. FFO was developed as a supplemental measure of operating performance primarily in order to exclude historical cost-based depreciation and amortization and its effects as it does not generally reflect the actual change in value of real estate over time. FAD was developed as a supplemental measure of operating performance primarily to exclude non-cash revenues and expenses that are included in FFO. FAD is defined as net income (computed in accordance with GAAP) excluding gains and losses from the sale of real estate plus real estate related depreciation and amortization, plus or minus straight-lined rent (plus cash in excess of rent or minus rent in excess of cash), plus or minus amortization of above or below market lease intangibles, plus non-cash stock based compensation, plus deferred financing cost amortization plus any impairments minus lease commissions, tenant improvements and capital improvements paid. The same adjustments are made to reflect our share of these same items from unconsolidated joint ventures. We believe that the use of FAD and the related per share amounts in conjunction with the required GAAP disclosures provides investors with a more comprehensive understanding of the operating results of a real estate investment trust ("REIT") and enables investors to compare the operating results between REITs without having to account for differences caused by different depreciation assumptions and different non-cash revenues and expenses. Additionally, FAD is used by us and widely used by industry analysts as a measure of operating performance for equity REITs. Our calculations of FAD and the related per share amounts presented herein may not be comparable to similar measures reported by other REITs that do not use the same definitions as we do for these terms. These supplemental reporting measures should not be considered as alternatives to net income (a GAAP measure) as primary indicators of our financial performance or as alternatives to cash flow from operating activities (a GAAP measure) as primary measures of our liquidity, nor are these measures necessarily indicative of sufficient cash flow to satisfy all of our liquidity requirements. Adjusted FAD: Adjusted FAD is defined as FAD excluding acquisition costs and gains and losses other than those from the sale of real estate. Funds From Operations ("FFO"): While net income and its related per share amounts, as defined by accounting principles generally accepted in the United States ("GAAP"), are the most appropriate earnings measures, we believe that FFO and the related per share amounts are important non-GAAP supplemental measures of operating performance. GAAP requires the use of straight-line depreciation of historical costs and implies that real estate values diminish predictably and ratably over time. However, real estate values have historically risen and fallen based on various market conditions and other factors. FFO was developed as a supplemental measure of operating performance primarily in order to exclude historical cost-based depreciation and amortization and its effects as it does not generally reflect the actual change in value of real estate over time. We calculate FFO in accordance with the National Association of Real Estate Investment Trusts' definition. FFO is defined as

Financial Measures Definitions (3) net income (computed in accordance with GAAP) excluding gains and losses from the sale of real estate plus real estate related depreciation and amortization. The same adjustments are made to reflect our share of these same items from unconsolidated joint ventures. We believe that the use of FFO and the related per share amounts in conjunction with the required GAAP disclosures provides investors with a more comprehensive understanding of the operating results of a real estate investment trust ("REIT") and enables investors to compare the operating results between REITs without having to account for differences caused by different depreciation assumptions. Additionally, FFO is used by us and widely used by industry analysts as a measure of operating performance for equity REITs. Our calculations of FFO and the related per share amounts presented herein may not be comparable to similar measures reported by other REITs that do not define FFO in accordance with the NAREIT definition, interpret that definition differently than we do or that do not use the same definitions as we do for such terms. These supplemental reporting measures should not be considered as alternatives to net income (a GAAP measure) as primary indicators of our financial performance or as alternatives to cash flow from operating activities (a GAAP measure) as primary measures of our liquidity, nor are these measures necessarily indicative of sufficient cash flow to satisfy all of our liquidity requirements. Adjusted FFO: Adjusted FFO is defined as FFO excluding impairments of assets, acquisition costs and gains and losses other than those from the sale of real estate. Enterprise Value: Enterprise Value is a measure of a company's value. We calculate Enterprise Value as market equity capitalization plus debt. Market equity capitalization is calculated as the sum of (1) the number of shares of common stock and limited partnership units multiplied by the closing price of our common stock on the last day of the period presented and (2) the number of shares of Series B preferred stock multiplied by the closing price of our Series B preferred stock on the last day of the period presented. Consolidated Enterprise Value includes our market equity capitalization, noncontrolling interests and consolidated debt, less cash and cash equivalents. Total Enterprise Value includes our market equity capitalization, noncontrolling interests, and consolidated debt, less cash and cash equivalents and our share of the debt of our unconsolidated joint ventures, less our share of the cash and cash equivalents of our unconsolidated joint ventures. Gross Investment: We define Gross Investment as our total investment in a property which includes land, building, improvements, equipment as well as any other identifiable assets such as lease-up intangible assets, above market tenant and ground lease intangible assets (collectively "intangible assets") included on our balance sheets and/or below market tenant and ground lease intangible liabilities included in the caption "Accounts Payable and Accrued Liabilities" on our balance sheets.

INVESTMENTS & DISPOSITIONS

1st Quarter 2010 Investments

MOB ACQUISITION | Pacific Medical Buildings - Mercy Gilbert Medical Plaza (February 2010) Location Gilbert, Arizona Gilbert, Arizona Key Stats Investment: $13.1M Price per SQFT: $211 Lease: Multi Tenant Year Built: 2007 Facility Type: MOB Rentable Square Feet: 62,075 Occupancy: 69%

MOB ACQUISITION | Pacific Medical Buildings - Pomerado Outpatient Pavilion (February 2010) Location Poway, California Poway, California Key Stats Purchase Price: $74.0M Price per SQFT: $460 Lease: Multi Tenant Year Built: 2007 Facility Type: MOB Rentable Square Feet: 160,714 Occupancy: 100%

MOB ACQUISITION | Pacific Medical Buildings - St. Joseph Medical Plaza & Parking Structure (March 2010) Location Orange, California Orange, California Key Stats Purchase Price: $63.3M Price per SQFT: $525 Lease: Multi Tenant Year Built: 2008 Facility Type: MOB Rentable Square Feet: 120,535 Occupancy: 100%

MOB ACQUISITION | Pacific Medical Buildings - Mission Medical Plaza & Parking Structure (March 2010) Location Mission Viejo, California Mission Viejo, California Key Stats Purchase Price: $69.0M Price per SQFT: $506 Lease: Multi Tenant Year Built: 2007 Facility Type: MOB Rentable Square Feet: 136,272 Occupancy: 98%

MOB ACQUISITION | Pacific Medical Buildings - Huntington Pavilion & Parking Structure (March 2010) Location Pasadena, California Pasadena, California Key Stats Investment: $66.2M Price per SQFT: $361 Lease: Multi Tenant Year Built: 2009 Facility Type: MOB Rentable Square Feet: 183,540 Occupancy: 66%

MOB ACQUISITION | THERIAC LOAN (March 2010) Location Arizona (5), California (4), Florida (13), Kentucky (1), New Jersey (1), Nevada (1), West Virginia (1) Arizona (5), California (4), Florida (13), Kentucky (1), New Jersey (1), Nevada (1), West Virginia (1) Key Stats Loan Amount: $80.1M Loan to Value: 66% Average Age: 8 years No. of Facilities: 26 Facility Type: MOB Rentable Square Feet: 286,157 Occupancy: 100%

Expected Dispositions

Projected Funding Obligations through 2012 (as of March 31, 2010)

Conditional Pacific Medical Buildings Acquisition Obligations through 2012 (as of March 31, 2010)

Triple-Net Lease Expirations and Mortgage Loans Receivable Principal Payments

PORTFOLIO OVERVIEW

Portfolio Summary

Portfolio Performance Summary

Consolidated Portfolio Overview Private Pay Medicare Medicaid Investments 74 10 16 Top 5 = 38% Top 10 = 52% Top 15 = 58% Asset Type Pay Source Locations Tenant/Operator MA (6%) CA (17%) TX (12%) (based on investment) (based on investment*) (based on revenue) WA (6%) *Investment includes all asset types Private Pay 74% Medicaid 16% Medicare 10% Skilled Assissted Other MOBs Investments 24 44 5 27 Independent and Assisted Living 44% Skilled Nursing 24% MOBs 27% Other 5% FL (6%)

Consolidated Portfolio Performance by Asset Type

Consolidated Portfolio Performance

Consolidated Non-Stabilized Portfolio Performance by Asset Type

Tenant Concentration

Geographic Performance Metrics

Geographic Performance Metrics

Portfolio Performance Summary | Asset Class Composition Trends (by Investment)

Portfolio Performance Summary | Private Pay Composition Trends (by Revenue)

Portfolio Performance Summary | Top Tenant Concentration Trends (by Revenue)

Unconsolidated JV Portfolio Performance Metrics

Medical Office Building Portfolio Performance Metrics

Medical Office Building Lease Expirations and Mortgage Loan Receivable Principal Payments

Medical Office Building Leasing Activity General Notes: 12/31/09 Leased Square Feet adjusted to include Q1 2010 acquisitions. MTM Leases included in renewals column. Leasing and Tenant Improvement Costs exclude MTM square feet.

Portfolio Performance Measures Definitions Annualized Cash Rent/NOI: The total cash rent due from our tenants is based on the trailing twelve-month period one month in arrears from the period presented. For our medical office building portfolio, NOI is equal to the actual year to date NOI for the period presented plus the forecasted NOI for the remainder of the calendar year. We use Annualized Cash Rent to calculate our EBITDARM, EBITDAR and EBITDAR - Capex coverages. Facility EBITDAR: Earnings before interest, taxes, depreciation, amortization and rent on an annualized basis. We believe EBITDAR is a good estimate of facility cash flows after payment of management fees. We use a standardized imputed management fee equal to 5% of the revenues our tenants or borrowers generate at each individual facility (Facility Revenues) which we believe represents typical management fees for our senior housing and long-term care portfolios. We receive periodic facility financial information from our tenants that we utilize to calculate EBITDAR. EBITDAR figures are based on the trailing twelve-month period one month in arrears from the period presented. All facility financial information was derived solely from information provided by our tenants and borrowers and we have not verified such information. We use EBITDAR to calculate the EBITDAR (cash flow) coverage for our portfolio. Facility EBITDAR Coverage: Annualized EBITDAR divided by Annualized Cash Rent. This ratio is a measure of a facility's ability to cover its cash rent obligations. EBITDAR Coverage of 1.0X would indicate the EBITDAR is just sufficient to pay the cash rent. The higher the coverage, the better able a facility is to meet its rent obligations. This is the mid-range coverage calculation we utilize. Facility EBITDARM: Earnings before interest, taxes, depreciation, amortization, rent and management fees based on the trailing twelve-month period one month in arrears from the period presented. We believe EBITDARM is a good estimate of facility cash flows before payment of management fees. We use a standardized imputed management fee equal to 5% of the revenues our tenants or borrowers generate at each individual facility (Facility Revenues) which we believe represents typical management fees for our senior housing and long-term care portfolios. We receive periodic facility financial information from our tenants that we utilize to calculate EBITDARM. All facility financial information was derived solely from information provided by our tenants and borrowers and we have not verified such information. We use EBITDARM to calculate the EBITDARM (cash flow before management fee) coverage for our portfolio. Facility EBITDARM Coverage: Annualized EBITDARM divided by Annualized Cash Rent. This ratio is a measure of a facility's ability to cover its cash rent obligations assuming it doesn't have to pay its management fee. EBITDARM Coverage of 1.0X would indicate the EBITDARM is just sufficient to pay the cash rent. The higher the coverage, the better able a facility is to meet its rent obligations. This is the least restrictive coverage measure we utilize. Facility EBITDAR - Capex: Earnings before interest, taxes, depreciation, amortization and rent less minimum capital expenditures (capex) based on the trailing twelve-month period one month in arrears from the period presented. We believe EBITDAR is a good estimate of facility cash flows after a reserve for minimum capital expenditures required to maintain a facility. We use a standardized imputed capital expenditure schedule in our calculations based on the type, size and age of each facility which we believe represents typical minimum capital expenditures for our senior housing and long-term care portfolios. We receive periodic facility financial information from our tenants that we utilize to calculate EBITDAR - Capex. All facility financial information was derived solely from information provided by our tenants and borrowers and we have not verified such information. We use EBITDAR - Capex to calculate the EBITDAR - Capex (cash flow after reserves for minimum capex requirements) coverage for our portfolio. Facility EBITDAR - Capex Coverage: Annualized EBITDAR - Capex divided by Annualized Cash Rent. This ratio is a measure of a facility's ability to cover its cash rent obligations after it makes the minimum capital expenditures required to maintain the facility. EBITDAR - - Capex Coverage of 1.0X would indicate the EBITDAR - Capex is just sufficient to pay the cash rent. The higher the coverage, the better able a facility is to meet its rent obligations. This is the most restrictive coverage measure we utilize. Facility Revenues: Except for medical office buildings, the revenues generated by each individual facility are based on the trailing twelve-month period one month in

Portfolio Performance Measures Definitions (2) arrears from the period presented. We receive periodic facility financial information from our tenants that we utilize to calculate Facility Revenues. All facility financial information was derived solely from information provided by our tenants and borrowers and we have not verified such information. Annualized Revenue: For medical office buildings, the revenue is equal to the actual year to date revenue for the period presented plus the forecasted revenue for the remainder of the calendar year. Gross Investment: We define Gross Investment as our total investment in a property which includes land, building, improvements, equipment as well as any other identifiable assets included in the caption Other Assets on our balance sheets. Items classified in Other Assets generally pertain to our medical office buildings and may include such things as tenant improvements, leasing commissions, above/(below) market lease value, lease in place value and other items. Monthly Revenue per Occupied Bed/Unit: For our senior housing and long-term care portfolio, monthly revenue per occupied bed or unit is derived by determining the revenue generated by each individual facility divided by the total number of actual resident days, each of which is based on the trailing twelve-month period one month in arrears from the period presented, with the resulting quotient multiplied by 30.41667. All facility performance data were derived solely from information provided by our tenants and borrowers and we have not verified such information. Occupancy: For our senior housing and long-term care portfolio, the occupancy reported is one month in arrears from the period presented and represents a facility's actual resident days (total number of beds or units occupied multiplied by the number of days in the period) divided by the total resident capacity (total number of beds or units in service for the period multiplied by the number of days in the period). For medical office buildings, facility occupancy reported is as of the period presented and represents the leased square feet divided by the total rentable square feet. All facility performance data were derived solely from information provided by our tenants, borrowers, and property managers and we have not verified such information. NOI: Net operating income ("NOI") is a non-GAAP supplemental financial measure used to evaluate the operating performance of our facilities. We define NOI for our triple-net leases segment as rent revenues. For our medical office building segment, we define NOI as revenues minus medical office building operating expenses. In some cases, revenue for medical office buildings includes expense reimbursements for common area maintenance charges. NOI excludes interest expense, non-operating expenses, amortization of deferred financing costs, depreciation and amortization expense, and discontinued operations. We present NOI as it effectively presents our portfolio on a "net" rent basis and provides relevant and useful information as it measures the operating performance at the facility level on an unleveraged basis. We use NOI to make decisions about resource allocations and to assess the property level performance of our properties. Furthermore, we believe that NOI provides investors relevant and useful information because it measures the operating performance of our real estate at the property level on an unleveraged basis. We believe that net income is the GAAP measure that is most directly comparable to NOI. However, NOI should not be considered as an alternative to net income as the primary indicator of operating performance as it excludes the items described above. Additionally, NOI as presented above may not be comparable to other REITs or companies as their definitions of NOI may differ from ours. Q-Mix: For our long-term care portfolio, Q-Mix (abbreviation for Quality-Mix) refers to the combination of a Tenant's private and medicare revenues as a percentage of total revenues. As private and medicare rates are generally higher at long-term care facilities, Tenants can oftentimes improve margins by selectively targeting medicare and private-pay residents. As such, an increase in the Q-Mix generally results in a corresponding increase in a Tenant's total revenues. Rentable Square Feet: For our medical office building portfolio, rentable square feet represents the area measured to the inside finished surface of the dominant portion of the permanent outer building walls, excluding any major vertical penetrations of the floor. An add-on or load factor is used to charge the tenant for a percentage of the common areas, so that the total rentable square footage for the building is equal to sum of each floor's rentable area.

Portfolio Performance Measures Definitions (3) Same Property (Performance): Results shown under the Same Property caption present the financial or other performance measures for only those facilities that were in our portfolio for more than twelve month at the end of all periods presented.