EXHIBIT 99.1

FOR IMMEDIATE RELEASE

CONTACT:	R. Bruce Andrews	Mark L. Desmond
	President & CEO	Senior Vice President & CFO
	(949) 718-4400	(949) 718-4400

NHP REPORTS 2003 RESULTS

(NEWPORT BEACH, California, January 30, 2004) … Nationwide Health Properties, Inc. (NYSE:NHP) announced today results of its operations for the fourth quarter of 2003 and the year ended December 31, 2003.

Revenues for the fourth quarter of 2003 were $41,458,000 versus $39,590,000 a year ago and income available to common stockholders was $9,843,000 ($0.17 per share) compared to $5,313,000 ($0.11 per share) for the fourth quarter of 2002. Included in fourth quarter 2003 income was a loss on sale of $3,169,000 ($0.05 per share). Included in fourth quarter 2002 income was a loss on sale of $507,000 ($0.01 per share) and a provision for the impairment of certain assets of $5,946,000 ($0.12 per share). Funds from operations (FFO) was $24,210,000 ($0.41 per diluted share) compared with $22,385,000 ($0.46 per diluted share) for the fourth quarter of 2002. (FFO is a non-GAAP measure that the Company believes is important to an understanding of its operations; a reconciliation between FFO and net income, the most directly comparable GAAP financial measure, is included in the accompanying financial data.)

Revenues for the year ended December 31, 2003, were $162,102,000 versus $151,301,000 a year ago and income available to common stockholders was $45,765,000

($0.82 per share) compared to $28,877,000 ($0.59 per share) for the year ended December 31, 2002. Included in income for 2003 was a loss on sale of $2,725,000 ($0.05 per share) and a provision for the impairment of certain assets of $645,000 ($0.01 per share). Included in income for 2002 was a gain on sale of $2,603,000 ($0.05 per share) and a provision for the impairment of certain assets of $23,300,000 ($0.48 per share). For the year ended December 31, 2003 diluted FFO per share was $1.68 versus $1.80 for the year ended December 31, 2002.

“Earnings are in line with management’s expectations,” said R. Bruce Andrews, President & Chief Executive Officer. “We believe that the Company is now positioned financially to take advantage of its current investment opportunities to continue increasing earnings during 2004.”

The Company has scheduled a conference call and webcast later today at 10:00 a.m. Pacific time in order to present the Company’s performance and operating results for the quarter and year ended December 31, 2003. The conference call is accessible by dialing (877) 356-5705 or by logging on to our website at www.nhp-reit.com. The earnings release and any additional financial information that may be discussed on the conference call will also be available on our website. A digitized replay of the conference call will be available from 4:30 p.m. Pacific time today until midnight Friday, February 20, 2004. Callers can access the replay be dialing (800) 642-1687 or (706) 645-9291 and entering conference ID number 4979657. Webcast replays will also be available on our website for at least 12 months following the conference call.

Nationwide Health Properties, Inc. is a real estate investment trust that invests in senior housing and long-term care facilities. The Company and its joint venture have

investments in 380 facilities in 38 states. For more information on Nationwide Health Properties, Inc., visit our website at

www.nhp-reit.com.

###

Certain information contained in this news 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. All forward-looking statements included in this news release are based on information available to us on the date hereof. These statements speak only as of the date hereof, and we assume no obligation to update such forward-looking statements for any reason or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. These statements involve risks and uncertainties that could cause actual results to differ materially from those described in the statements. These risks and uncertainties include (without limitation) the following: continued deterioration of the operating results or financial condition, including bankruptcies, of our tenants; occupancy levels at certain facilities; changes in the ratings of our debt securities; access to the capital markets and the cost of capital; government regulations, including changes in the reimbursement levels under the Medicare and Medicaid programs; the general distress of the healthcare industry; the effect of economic and market conditions and changes in interest rates; the amount and yield of any additional investments; the ability of our operators to repay deferred rent or loans in future periods; the ability of our operators to obtain and maintain adequate liability and other insurance; our ability to attract new operators for certain facilities; our ability to sell certain facilities for their book value; changes in tax laws and regulations affecting real estate investment trusts; and the risk factors described in Item 5 of our current report on Form 8-K filed with the SEC on January 21, 2004.

NATIONWIDE HEALTH PROPERTIES, INC.

STATEMENTS OF OPERATIONS

DECEMBER 31, 2003

(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2003			2002			2003			2002
Revenues:
Rental income	$	37,911		$	36,281		$	148,665		$	137,046
Interest and other income		3,547			3,309			13,437			14,255
		41,458			39,590			162,102			151,301
Expenses:
Interest & amortization of deferred financing costs		13,191			15,109			56,519			54,987
Depreciation and amortization		10,896			10,092			42,728			36,013
General and administrative		2,887			2,094			8,821			7,786
Impairment of assets		—			—			—			12,472
		26,974			27,295			108,068			111,258
Income before unconsolidated entities		14,484			12,295			54,034			40,043
Income from unconsolidated joint venture		473			462			1,928			1,187
Income from continuing operations		14,957			12,757			55,962			41,230
Discontinued operations
Gain/(loss) on sale of facilities		(3,169	)		(507	)		(2,725	)		2,603
Income/(loss) from discontinued operations		(26	)		(5,018	)		205			(7,279	)
		(3,195	)		(5,525	)		(2,520	)		(4,676	)
Net income		11,762			7,232			53,442			36,554
Preferred stock dividends		(1,919	)		(1,919	)		(7,677	)		(7,677	)
Income available to common stockholders	$	9,843		$	5,313		$	45,765		$	28,877
Adjustments for funds from operations:
Depreciation and amortization		10,896			10,092			42,728			36,013
Depreciation in income from joint venture		189			187			751			493
Depreciation in discontinued operations		113			340			759			1,809
(Gain)/loss on sale of facilities		3,169			507			2,725			(2,603	)
Impairment of assets in discontinued operations		—			5,946			645			10,828
Impairment of assets		—			—			—			12,472
Funds From Operations (“FFO”) available to common stockholders(1)	$	24,210		$	22,385		$	93,373		$	87,889
Basic/diluted per share amounts available to common stockholders:
Income from continuing operations	$	0.22		$	0.22		$	0.87		$	0.69
Net income	$	0.17		$	0.11		$	0.82		$	0.59
Funds from operations(1)	$	0.41		$	0.46		$	1.68		$	1.80
Weighted average shares outstanding		58,937			49,168			55,654			48,869

(1) We believe that funds from operations is an important supplemental measure of operating performance because it excludes the effect of depreciation, impairment of assets and gains (losses) from sales of facilities (all of which are based on historical costs which may be of limited relevance in evaluating current performance). Additionally, funds from operations is widely used by industry analysts as a measure of operating performance for equity REITs. We therefore disclose funds from operations, although it is a measurement that is not defined by accounting principles generally accepted in the United States. We define funds from operations as income before extraordinary items adjusted for certain non-cash items, primarily real estate depreciation and impairment of assets, less gains/losses on sales of facilities. Our measure may not be comparable to similarly titled measures used by other REITs. Consequently, our funds from operations may not provide a meaningful measure of our performance as compared to that of other REITs. Funds from operations does not represent cash generated from operating activities as defined by accounting principles generally accepted in the United States (funds from operations does not include changes in operating assets and liabilities) and, therefore, should not be considered as an alternative to net income as the primary indicator of operating performance or to cash flow as a measure of liquidity.

NATIONWIDE HEALTH PROPERTIES, INC.

BALANCE SHEETS

DECEMBER 31, 2003

(IN THOUSANDS)

ASSETS	December 31, 2003			December 31, 2002
Investments in real estate:
Real estate properties
Land	$	153,002		$	154,563
Buildings and improvements		1,316,163			1,299,625
		1,469,165			1,454,188
Less accumulated depreciation		(259,406	)		(224,400	)
		1,209,759			1,229,788
Mortgage loans receivable, net		93,386			99,292
Investment in unconsolidated joint venture		14,824			16,115
		1,317,969			1,345,195
Cash and cash equivalents		10,726			8,387
Receivables		5,661			4,429
Assets held for sale		3,511			9,682
Other assets		46,688			42,240
	$	1,384,555		$	1,409,933
LIABILITIES AND STOCKHOLDERS’ EQUITY
Bank borrowings	$	63,000		$	107,000
Senior notes due 2004 – 2038		540,750			614,750
Notes and bonds payable		133,775			111,303
Accounts payable and accrued liabilities		44,623			47,740
Stockholders’ equity:
Preferred stock		100,000			100,000
Common stock		5,897			4,916
Capital in excess of par value		725,260			610,173
Cumulative net income		733,953			680,511
Cumulative dividends		(962,703	)		(866,460	)
Total stockholders’ equity		602,407			529,140
	$	1,384,555		$	1,409,933

NATIONWIDE HEALTH PROPERTIES, INC.

SUPPLEMENTAL ANALYST INFORMATION

DECEMBER 31, 2003

PORTFOLIO COMPOSITION
EQUITY OWNERSHIP			94	%
MORTGAGE LOANS RECEIVABLE			6	%
			100	%
ASSISTED LIVING FACILITIES			48	%
SKILLED NURSING FACILITIES			38	%
CONTINUING CARE RETIREMENT COMMUNITIES			13	%
OTHER			1	%
			100	%
OWNED FACILITIES
	FACILITIES		INVESTMENT
ASSISTED LIVING FACILITIES	129	$	735,764,000		$	71,274		PER UNIT
SKILLED NURSING FACILITIES	154	$	528,570,000		$	29,678		PER BED
CONTINUING CARE RETIREMENT COM.	11	$	187,760,000		$	64,213		PER BED/UNIT
REHABILITATION HOSPITAL	1	$	10,710,000		$	178,500		PER BED
LONG-TERM ACUTE CARE HOSPITAL	1	$	6,361,000		$	113,589		PER BED
MORTGAGE LOANS RECEIVABLE
	FACILITIES		INVESTMENT
SKILLED NURSING FACILITIES	25	$	68,943,000		$	22,197		PER BED
ASSISTED LIVING FACILITIES	2	$	11,450,000		$	54,009		PER UNIT
CONTINUING CARE RETIREMENT COM.	1	$	12,993,000		$	52,391		PER BED/UNIT
		2003			2002			2001
TOTAL RENT COVERAGE—MATURE FACILITIES
ASSISTED LIVING FACILITIES			1.3			1.4		1.7
SKILLED NURSING FACILITIES			1.7			1.7		1.6
CONTINUING CARE RETIREMENT COMMUNITIES			1.6			1.5		1.7
OCCUPANCY—MATURE FACILITIES
ASSISTED LIVING FACILITIES			88	%		88	%	89	%
SKILLED NURSING FACILITIES			82	%		84	%	87	%
CONTINUING CARE RETIREMENT COMMUNITIES			89	%		90	%	92	%
PERCENT PRIVATE PAY AND MEDICARE
ASSISTED LIVING FACILITIES			100	%		100	%	100	%
SKILLED NURSING FACILITIES			31	%		29	%	28	%

Page 1 of 4

NATIONWIDE HEALTH PROPERTIES, INC.

SUPPLEMENTAL ANALYST INFORMATION

DECEMBER 31, 2003

INVESTMENT BY OPERATOR
(excluding assets held for sale)	NUMBER OF FACILITIES		INVESTMENT AMOUNT		PERCENT OF INVESTMENT	PERCENT OF REVENUES
ALTERRA HEALTHCARE CORPORATION	54	$	193,879,000		12%	13%
AMERICAN RETIREMENT CORPORATION*	16		186,242,000		12%	12%
ATRIA SENIOR LIVING GROUP	17		124,583,000		8%	12%
BEVERLY ENTERPRISES, INC.*	29		97,159,000		6%	8%
LAUREATE GROUP	4		69,702,000		5%	4%
COMPLETE CARE SERVICES	33		66,246,000		4%	5%
SENIOR SERVICES OF AMERICA	9		60,413,000		4%	1%
AMERICAN SENIOR LIVING	10		58,888,000		4%	4%
EPOCH SENIOR LIVING, INC.	6		53,354,000		3%	3%
NEXION HEALTH MANAGEMENT, INC.	20		52,962,000		3%	4%
LIBERTY HEALTHCARE	13		49,549,000		3%	3%
LIFE CARE CENTERS OF AMERICA, INC.	6		46,705,000		3%	3%
THE NEWTON GROUP, LLC	4		42,400,000		3%	2%
TRANS HEALTHCARE, INC.	7		30,456,000		2%	2%
AMERICAN HEALTH CENTERS	6		22,495,000		2%	2%
OTHER—PUBLIC COMPANIES	21		81,457,000		5%	5%
OTHER	69		326,061,000		21%	17%
	324	$	1,562,551,000		100%	100%
* PUBLIC COMPANY
SECURITY DEPOSITS
BANK LETTERS OF CREDIT		$	31,235,000
CASH DEPOSITS		$	16,639,000
CURRENT CAPITALIZATION
REVOLVING BANK LINE OF CREDIT		$	63,000,000		4%
SENIOR DEBT		$	674,525,000		42%
EQUITY (UNDEPRECIATED BOOK BASIS)		$	861,813,000		54%
CURRENT YEAR ACQUISITIONS
2    SKILLED NURSING FACILITIES			242 BEDS	$	9,077,000
1    ASSISTED LIVING FACILITIES			74 UNITS		4,586,000
				$	13,663,000

Page 2 of 4

NATIONWIDE HEALTH PROPERTIES, INC.

SUPPLEMENTAL ANALYST INFORMATION

DECEMBER 31, 2003

MEDIUM TERM NOTE MATURITIES

YEAR	AMOUNT
Q1 2004		23,750,000
Q3 2004		44,000,000
Q4 2004		55,000,000	(1)
Q1 2005		18,000,000
Q4 2006		63,500,000
2007		85,000,000
2008		98,500,000	(2), (3)
2009		50,000,000
2010		—
2011		—
2012		100,000,000
2013		—
THEREAFTER		3,000,000
	$	540,750,000

(1) Includes $55,000,000 of 6.9% MTNs putable October of 2004, '07, '09, '12, '17, '27 with a final maturity in 2037.

(2) Includes $40,000,000 of 6.59% MTNs putable July of 2008, '13, '18, '23, '28 with a final maturity in 2038.

(3) Includes $33,500,000 of 7.6% MTNs putable November of 2008, '13, '18, '23 with a final maturity in 2028.

LEASE EXPIRATIONS

YEAR	MINIMUM RENT		NUMBER OF FACILITIES
2004	$	911,000	2
2005		943,000	1
2006		17,008,000	39
2007		5,851,000	13
2008		3,059,000	7
2009		2,923,000	5
2010		14,298,000	26
2011		5,093,000	16
2012		17,259,000	23
2013		14,201,000	24
THEREAFTER		62,212,000	137
	$	143,758,000	293

Page 3 of 4

NATIONWIDE HEALTH PROPERTIES, INC.

SUPPLEMENTAL ANALYST INFORMATION

DECEMBER 31, 2003

MORTGAGE LOAN RECEIVABLE PRINCIPAL PAYMENTS

YEAR	PRINCIPAL PAYMENTS		NUMBER OF FACILITIES
2004		7,708,000	2
2005		5,734,000	7
2006		10,045,000	4
2007		19,086,000	3
2008		5,559,000	1
2009		862,000	—
2010		1,008,000	—
2011		6,735,000	2
2012		1,226,000	—
2013		1,354,000	—
THEREAFTER		36,406,000	9
	$	95,723,000	28

JOINT VENTURE INFORMATION FOR THE PERIOD ENDED DECEMBER 31, 2003 (dollars in thousands)

NHP has a 25% interest in a joint venture that owns 49 assisted living facilities operated by Alterra. In addition to its share of the income, NHP receives a management fee of 2.5% of the joint venture revenues. This fee is included in general and administrative expense below.

INCOME STATEMENTS

		Three Months Ended December 31, 2003		Twelve Months Ended December 31, 2003
Rental income	$	3,693	$	14,771
Expenses:
Interest and amortization of deferred financing costs		1,216		4,835
Depreciation and amortization		755		3,004
General and administrative		199		697
		2,170		8,536
Net income	$	1,523	$	6,235

BALANCE SHEET

ASSETS				LIABILITIES AND EQUITY
Investments in real estate:				Notes and bonds payable	$	60,790
Land	$	13,410		Accounts payable and accr. liab.		3,891
Buildings and improvements		108,453
		121,863		Equity:
Less accumulated depreciation		(4,948	)	Capital Contributions		65,501
		116,915		Distributions		(16,300	)
Cash and cash equivalents		5,761		Cumulative net income		10,094
Other assets		1,300		Total equity		59,295
	$	123,976			$	123,976

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