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

February 13, 2007

Date of Report (Date of earliest event reported)

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:

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

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

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

¨ 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 February 13, 2007, we issued a press release, which sets forth our results of operations for the quarter and year ended December 31, 2006. A copy of the press release is attached hereto as Exhibit 99.1 and is 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 February 13, 2007

SIGNATURES

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: February 13, 2007	By:	/s/ Abdo H. Khoury
		Abdo H. Khoury
		Senior Vice President and Chief Financial & Portfolio Officer

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

CONTACT:	Abdo H. Khoury Chief Financial and Portfolio Officer
	(949) 718-4400

NHP REPORTS 2006 EARNINGS UP $0.09 PER SHARE, $1 BILLION OF INVESTMENTS & 2007 GUIDANCE

(NEWPORT BEACH, California, February 13, 2007)… Nationwide Health Properties, Inc. (NYSE:NHP) today announced fourth quarter and full year 2006 operating results and investment activity and guidance for 2007.

“We are very pleased with both our financial performance and the $1 billion of accretive investments we closed in 2006,” commented Douglas M. Pasquale, NHP’s President and Chief Executive Officer. “We begin 2007 on an optimistic note, with our recently announced $0.08 annual dividend increase, our new $475 million joint venture in place, over $550 million available on our credit facility and several potentially attractive investment opportunities,” Mr. Pasquale added.

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2006 FOURTH QUARTER RESULTS

The following tables present selected financial results for the fourth quarter of 2006 and the year ended December 31, 2006 as compared to 2005:

SELECTED FINANCIAL RESULTS

($ in thousands, except per share amounts)

Three Months Ended December 31
Item	2006		2005		Change
Revenues	$	73,440	$	51,660	$	21,780	42.2	%
Net Income	$	102,757	$	23,883	$	78,874	330.3	%
Diluted Income from Continuing Operations Available to Common Stockholders Per Share	$	0.21	$	0.19	$	0.02	10.5	%
Diluted Income Available to Common Stockholders Per Share	$	1.16	$	0.30	$	0.86	286.7	%
Diluted FFO	$	43,590	$	32,030	$	11,560	36.1	%
Diluted FFO Before Extinguishments	$	43,590	$	34,009	$	9,581	28.2	%
Diluted FFO Per Share	$	0.48	$	0.44	$	0.04	9.1	%
Diluted FFO Per Share Before Impairments and Extinguishments	$	0.48	$	0.47	$	0.01	2.1	%
Year Ended December 31
Item	2006		2005		Change
Revenues	$	261,676	$	195,957	$	65,719	33.5	%
Net Income	$	185,577	$	69,941	$	115,636	165.3	%
Diluted Income from Continuing Operations Available to Common Stockholders Per Share	$	0.78	$	0.58	$	0.20	34.5	%
Diluted Income Available to Common Stockholders Per Share	$	2.19	$	0.79	$	1.40	177.2	%
Diluted FFO	$	159,587	$	113,450	$	46,137	40.7	%
Diluted FFO Before Impairments and Extinguishments	$	159,670	$	132,851	$	26,819	20.2	%
Diluted FFO Per Share	$	1.93	$	1.56	$	0.37	23.7	%
Diluted FFO Per Share Before Impairments and Extinguishments	$	1.93	$	1.84	$	0.09	4.9	%

Funds From Operations (FFO)

FFO is a non-GAAP measure that NHP believes is important to an understanding of its operations. A reconciliation between net income, the most directly comparable GAAP financial measure, and FFO is included in the accompanying financial data. We believe FFO is an important supplemental measure of operating performance because it excludes the effects of depreciation 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).

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The results for the year ended December 31, 2006 include impairments totaling $83,000. The results for the three months ended December 31, 2005 include impairments totaling $1,979,000. The results for the year ended December 31, 2005 include impairments totaling $10,041,000, extinguishments (loss on extinguishment of debt and preferred stock redemption charge) totaling $9,360,000 and a separation charge of $585,000.

NEW INVESTMENTS

The following table summarizes our 2006 investment activity:

2006 INVESTMENT ACTIVITY

Type	Amount ($million)		Unit Price (000s)		Under- written Cap Rate		Initial Yield		Annual Rent Increases		Underwritten Rent Coverage
											DARM	DAR (1)
SENIOR HOUSING
CLOSED Q1 through Q3	$	503	$	134	9.3	%	8.1	%	3.0	%	1.3x	1.1x
CLOSED Q4	$	228	$	112	10.1	%	8.2	%	3.0	%	1.4x	1.3x
TOTAL SENIOR HOUSING	$	731	$	124/unit	9.6	%	8.2	%	3.0	%	1.3x	1.2x
MEDICAL OFFICE BUILDINGS(2)
TOTAL MEDICAL OFFICE	$	56	$	74/sq.ft.	9.3	%	8.5	%	n/a		n/a	n/a
LONG-TERM CARE
CLOSED Q1 through Q3 (3)	$	204	$	77	12.2	%	8.8	%	2.1	%	1.9x	1.4x
CLOSED Q4	$	7	$	38	14.2	%	9.6	%	2.3	%	1.8x	1.4x
TOTAL LONG-TERM CARE	$	211	$	76/bed	12.3	%	8.8	%	2.1	%	1.9x	1.4x
CAPITAL IMPROVEMENTS
YEAR TO DATE	$	14		—	—		—		—		—	—
GRAND TOTALS
TOTAL INVESTMENTS (4)	$	1,012			10.2	%	8.3	%	2.8	%

(1) After 5% management fee.

(2) Medical Office Building joint venture.

(3) Includes $171 million Wingate investment announced in 2005.

(4) Total percentages shown are only for Senior Housing and Long-Term Care combined.

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“Nearly all of our 2006 investments are with new, growth oriented customers, all of whom have expressed a desire to grow with NHP with varying commitments for a portion of their future financings. These commitments currently total several hundred million dollars,” noted Donald D. Bradley, Senior Vice President and Chief Investment Officer. “With most of these investments we have been able to use our extensive healthcare operating backgrounds to partner with management teams to enable them to benefit further from the excellent operating platforms they have developed, thereby successfully turning potential auction exit strategies into privately negotiated transactions,” he continued.

“In addition, we have completed $74 million of investments to date in the first quarter of 2007 and have at least another $275 million of continuing care retirement communities, high-end skilled nursing facilities and medical office buildings in the closing queue that have a high probability of closing over the next several months,” he added.

The following table summarizes our first quarter 2007 investment activity to date:

2007 INVESTMENT ACTIVITY

	Amount ($million)		Unit Price (000s)		Under- written Cap Rate		Initial Yield		Annual Rent Increases		Underwritten Rent Coverage
											DARM	DAR (1)
SENIOR HOUSING
CLOSED	$	59	$	116	9.8	%	8.5	%	2.9	%	1.3x	1.1x
LONG-TERM CARE
CLOSED	$	15	$	77/bed	11.4	%	9.8	%	2.2	%	1.9x	1.4x
GRAND TOTALS
TOTAL CLOSED	$	74			10.1	%	8.7	%	2.8	%

(1) After 5% management fee.

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2006 FINANCING TRANSACTIONS

On December 15, 2006 we extended the term of our $700 million revolving senior unsecured credit facility for an additional four years with an option on our part for an additional year. In connection with the extension, we reduced the facility pricing and, for purposes of calculating various debt covenants, segregated our portfolio by asset type and reduced the corresponding capitalization rates. Certain covenants and other terms in the facility were also amended to reflect current market conditions and provide more flexibility.

Earlier in 2006, we issued $350 million of 6.5% senior unsecured notes maturing on July 15, 2011 and closed on an offering totaling 10.4 million shares that resulted in net proceeds of approximately $211 million after underwriters’ discounts and expenses. We also issued approximately 7.2 million shares through our controlled equity offering program resulting in net proceeds of approximately $180 million.

2007 GUIDANCE

Our full year 2007 guidance range for FFO before impairments, acquisitions and capital transactions is from $1.98 to $2.03 per share. A reconciliation between net income per share and FFO per share for the guidance range is included in the accompanying financial data.

Although we expect to continue making accretive acquisitions in 2007, this guidance incorporates no results from acquisitions that have not already been closed, nor does it incorporate the impact of any future impairments that might arise or any future

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capital transactions with the exception of approximately $60 million of stock issuances under our Dividend Reinvestment Plan and continuous equity offering program during 2007. This guidance assumes asset sales, mortgage loan receivable prepayments and other leakage during 2007 as described in the supplementary analyst information section of this press release.

CONFERENCE CALL INFORMATION

The Company has scheduled a conference call and webcast on Wednesday, February 14, 2007 at 8:00 a.m. Pacific time in order to present the Company’s performance and operating results for the quarter and year ended December 31, 2006. The conference call is accessible by dialing (877) 356-5705 and referencing conference ID number 8178796 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 at the same location on our website. A digitized replay of the conference call will be available from 9:30 a.m. Pacific time that day until 8:59 p.m. Pacific time on Wednesday, February 28, 2007. Callers can access the replay by dialing (800) 642-1687 or (706) 645-9291 and entering conference ID number 8563232. 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 has investments in 487 facilities in 42 states. For more information on Nationwide Health Properties, Inc., visit our website at www.nhp-reit.com.

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###

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: deterioration in the operating results or financial condition, including bankruptcies, of our tenants; non-payment or late payment of rent by our tenants; our reliance on two operators for a significant percentage of our revenues; occupancy levels at certain facilities; our level of indebtedness; 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; 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; our ability to meet acquisition goals; 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; our ability to retain key personnel; potential liability under environmental laws; the possibility that we could be required to repurchase some of our medium-term notes; the rights and influence of holders of our outstanding preferred stock; the repayment requirements under our bridge facility; settlement provisions contained in our forward-sale agreements; changes in or inadvertent violations of tax laws and regulations and other factors that can affect real estate investment trusts and our status as a real estate investment trust; and the risk factors described in our most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q filed with the SEC.

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NATIONWIDE HEALTH PROPERTIES, INC.

STATEMENTS OF OPERATIONS

DECEMBER 31, 2006

(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2006			2005			2006			2005
Revenues:
Rental income
Triple net lease rent	$	67,119		$	48,684		$	238,488		$	185,517
Medical office building rent		2,798			—			9,700			—
		69,917			48,684			248,188			185,517
Interest and other income		3,523			2,976			13,488			10,440
		73,440			51,660			261,676			195,957
Expenses:
Interest & amortization of deferred financing costs		24,486			17,525			89,979			67,018
Depreciation and amortization		21,574			13,473			74,806			50,782
General and administrative		3,838			3,813			15,656			14,278
Medical office building operating expenses		2,247			—			6,142			—
Impairment of assets		—			—			—			310
Loss on extinguishment of debt		—			—			—			8,565
		52,145			34,811			186,583			140,953
Income before unconsolidated entity and minority interest		21,295			16,849			75,093			55,004
Income from unconsolidated joint venture		—			—			—			689
Minority interest in net loss of consolidated joint venture		135			—			421			—
Income from continuing operations		21,430			16,849			75,514			55,693
Discontinued operations
Gain on sale of facilities, net		79,283			4,821			96,791			4,908
Income from discontinued operations		2,044			2,213			13,272			9,340
		81,327			7,034			110,063			14,248
Net income		102,757			23,883			185,577			69,941
Preferred stock dividends		(3,791	)		(3,791	)		(15,163	)		(15,622	)
Preferred stock redemption charges		—			—			—			(795	)
Income available to common stockholders	$	98,966		$	20,092		$	170,414		$	53,524
Per share amounts available to common stockholders:
Basic
Income from continuing operations	$	0.21		$	0.19		$	0.78		$	0.59
Discontinued operations		0.95			0.11			1.42			0.21
Income	$	1.16		$	0.30		$	2.20		$	0.80
Weighted average shares outstanding		84,995			67,641			77,489			67,311
Diluted
Income from continuing operations	$	0.21		$	0.19		$	0.78		$	0.58
Discontinued operations		0.95			0.11			1.41			0.21
Income	$	1.16		$	0.30		$	2.19		$	0.79
Weighted average shares outstanding		85,499			67,765			77,879			67,446

NATIONWIDE HEALTH PROPERTIES, INC.

RECONCILIATION OF NET INCOME TO FUNDS FROM OPERATIONS

DECEMBER 31, 2006

(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2006			2005			2006			2005
Net income	$	102,757		$	23,883		$	185,577		$	69,941
Preferred stock dividends		(3,791	)		(3,791	)		(15,163	)		(15,622	)
Preferred stock redemption charge		—			—			—			(795	)
Real estate related depreciation and amortization		21,845			14,697			77,714			56,670
Depreciation in income from joint venture		—			—			—			246
Gain on sale of facilities		(79,283	)		(4,821	)		(96,791	)		(4,908	)
Gain on sale of facility from joint venture		—			—			—			(330	)
Funds From Operations (“FFO”) available to common stockholders (1)		41,528			29,968			151,337			105,202
Series B preferred dividend add-back		2,062			2,062			8,250			8,248
Diluted FFO		43,590			32,030			159,587			113,450
Impairments		—			1,979			83			10,041
Loss on extinguishment of debt		—			—			—			8,565
Preferred stock redemption charge		—			—			—			795
Diluted FFO before impairments and extinguishment	$	43,590		$	34,009		$	159,670		$	132,851
Diluted weighted average shares outstanding		85,499			67,765			77,879			67,446
Series B preferred stock add-back		4,693			4,681			4,688			4,681
Fully diluted weighted average shares outstanding		90,192			72,446			82,567			72,127
Diluted per share amounts:
FFO	$	0.48		$	0.44		$	1.93		$	1.56
FFO before impairments and extinguishment	$	0.48		$	0.47		$	1.93		$	1.84
Cash rent in excess of (less than) revenue recorded	$	(395	)	$	338		$	(786	)	$	1,233

(1) We believe that funds from operations is an important supplemental measure of operating performance because it excludes the effect of depreciation and gains (losses) from sales of facilities (both 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 calculate funds from operations in accordance with the National Association of Real Estate Investment Trusts’ definition. 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, 2006

(IN THOUSANDS)

	December 31, 2006			December 31, 2005
ASSETS
Investments in real estate:
Real estate properties
Land	$	267,303		$	207,563
Buildings and improvements		2,581,484			1,835,183
		2,848,787			2,042,746
Less accumulated depreciation		(372,201	)		(344,224	)
		2,476,586			1,698,522
Mortgage loans receivable, net		106,929			87,553
		2,583,515			1,786,075
Cash and cash equivalents		14,695			10,005
Receivables, net		7,787			5,741
Assets held for sale		9,484			9,198
Other assets		89,333			56,201
	$	2,704,814		$	1,867,220
LIABILITIES AND STOCKHOLDERS’ EQUITY
Credit facility	$	139,000		$	224,000
Senior notes due 2007 - 2038		887,500			570,225
Notes and bonds payable		355,411			236,278
Accounts payable and accrued liabilities		77,829			55,685
Total liabilities		1,459,740			1,086,188
Minority interest		1,265			—
Stockholders’ equity:
Series A preferred stock		90,049			90,049
Series B convertible preferred stock		106,450			106,450
Common stock		8,624			6,781
Capital in excess of par value		1,298,703			889,008
Cumulative net income		1,064,293			878,716
Other comprehensive income		1,231			—
Cumulative dividends		(1,325,541	)		(1,189,972	)
Total stockholders’ equity		1,243,809			781,032
	$	2,704,814		$	1,867,220

NATIONWIDE HEALTH PROPERTIES, INC.

SUPPLEMENTAL ANALYST INFORMATION

DECEMBER 31, 2006

PORTFOLIO COMPOSITION

EQUITY OWNERSHIP	96%
MORTGAGE LOANS RECEIVABLE	4%
	100%
ASSISTED AND INDEPENDENT LIVING FACILITIES	63%
SKILLED NURSING FACILITIES	30%
CONTINUING CARE RETIREMENT COMMUNITIES	4%
SPECIALTY HOSPITALS	2%
MEDICAL OFFICE BUILDINGS	1%
	100%

OWNED FACILITIES

	FACILITIES	INVESTMENT		INVESTMENT PER BED/UNIT SQ FT			BEDS/UNITS/ SQ FT
ASSISTED & IND LIVING FACILITIES	239	$	1,812,627,000	$	93,000		19,492
SKILLED NURSING FACILITIES	182		844,490,000	$	40,000		21,251
CONTINUING CARE RETIREMENT COM.	6		83,819,000	$	71,000		1,177
SPECIALTY HOSPITALS	7		68,031,000	$	225,000		303
MEDICAL OFFICE BUILDINGS	21		39,820,000	$	75	*	759,283
	455	$	2,848,787,000

* Medical office building cost per square foot reflects total purchase price including amounts classified as other assets

MORTGAGE LOANS RECEIVABLE

	FACILITIES	LOAN VALUE		LOAN VALUE PER BED/UNIT		BEDS/UNITS
SKILLED NURSING FACILITIES	12	$	49,770,000	$	27,000	1,867
ASSISTED & IND LIVING FACILITIES	6		37,520,000	$	75,000	502
CONTINUING CARE RETIREMENT COM.	1		19,639,000	$	46,000	428
	19	$	106,929,000

	FACILITIES	INVESTMENT
ASSETS HELD FOR SALE	6	$	9,484,000

PORTFOLIO STATISTICS

	2006	2005
RENT COVERAGE
EBITDARM
ASSISTED AND INDEPENDENT LIVING FACILITIES	1.4x	1.4x
SKILLED NURSING FACILITIES	2.1x	2.4x
CONTINUING CARE RETIREMENT COMMUNITIES	1.4x	1.5x
EBITDAR
ASSISTED AND INDEPENDENT LIVING FACILITIES	1.2x	1.2x
SKILLED NURSING FACILITIES	1.5x	1.7x
CONTINUING CARE RETIREMENT COMMUNITIES	1.1x	1.2x
EBITDAR MINUS CAPEX
ASSISTED AND INDEPENDENT LIVING FACILITIES	1.1x	1.1x
SKILLED NURSING FACILITIES	1.4x	1.6x
CONTINUING CARE RETIREMENT COMMUNITIES	1.0x	1.1x

NATIONWIDE HEALTH PROPERTIES, INC.

SUPPLEMENTAL ANALYST INFORMATION

DECEMBER 31, 2006

	2006		2005
OCCUPANCY
ASSISTED AND INDEPENDENT LIVING FACILITIES	88	%	88	%
SKILLED NURSING FACILITIES	82	%	80	%
CONTINUING CARE RETIREMENT COMMUNITIES	86	%	89	%
TENANT PRIVATE PAY AND MEDICARE REVENUES
ASSISTED AND INDEPENDENT LIVING FACILITIES	100	%	100	%
SKILLED NURSING FACILITIES	41	%	43	%
CONTINUING CARE RETIREMENT COMMUNITIES	72	%	71	%
TOTAL PORTFOLIO	62	%	62	%
NHP RENT BY PAYMENT SOURCE
MEDICAID	23	%	22	%
MEDICARE	12	%	14	%
PRIVATE AND OTHER	65	%	64	%
AVERAGE AGE OF FACILITY IN YEARS
ASSISTED AND INDEPENDENT LIVING FACILITIES	10		10
SKILLED NURSING FACILITIES	28		30
CONTINUING CARE RETIREMENT COMMUNITIES	27		27
AVERAGE REMAINING LEASE TERM IN YEARS
ASSISTED AND INDEPENDENT LIVING FACILITIES	14		13
SKILLED NURSING FACILITIES	9		8
CONTINUING CARE RETIREMENT COMMUNITIES	11		11

INVESTMENT BY OPERATOR

(excluding six assets held for sale and medical office buildings)

	NUMBER OF FACILITIES	INVESTMENT AMOUNT		PERCENT OF INVESTMENT		PERCENT OF REVENUES
BROOKDALE SENIOR LIVING, INC.*	98	$	492,842,000	17	%	21	%
HEARTHSTONE SENIOR SERVICES, L.P.	32		431,072,000	15	%	15	%
WINGATE HEALTHCARE, INC.	18		221,399,000	8	%	7	%
EMERITUS CORPORATION*	23		179,467,000	6	%	7	%
ATRIA SENIOR LIVING GROUP	17		124,583,000	4	%	8	%
LAUREATE GROUP	9		118,946,000	4	%	4	%
CARILLON ASSISTED LIVING	9		105,847,000	4	%	3	%
BEVERLY ENTERPRISES, INC.	28		100,113,000	3	%	5	%
COMPLETE CARE SERVICES, INC.	37		87,951,000	3	%	4	%
EPOCH SENIOR LIVING, INC.	8		81,067,000	3	%	3	%
SENIOR SERVICES OF AMERICA	12		74,709,000	2	%	2	%
NEXION HEALTH MANAGEMENT, INC.	18		55,275,000	2	%	3	%
PRIMROSE RETIREMENT ASSOCIATES	8		55,003,000	2	%	2	%
HEALTH SYSTEMS, INC.	12		48,974,000	2	%	2	%
HEALTHSOUTH CORPORATION*	2		45,645,000	1	%	2	%
OTHER - PUBLIC COMPANIES	14		56,975,000	2	%	3	%
OTHER	108		636,028,000	22	%	9	%
	453	$	2,915,896,000	100	%	100	%

* PUBLIC COMPANY

NATIONWIDE HEALTH PROPERTIES, INC.

SUPPLEMENTAL ANALYST INFORMATION

DECEMBER 31, 2006

TOP FIVE STATES INVESTMENT AND REVENUE

(excluding six assets held for sale and medical office buildings)

	NUMBER OF FACILITIES	INVESTMENT AMOUNT		PERCENT OF INVESTMENT		PERCENT OF REVENUES		MEDICAID AS A PERCENTAGE OF REVENUES
TEXAS	100	$	527,458,000		18%	20%		8%
MASSACHUSETTS	30	$	294,404,000		10%	10%		5%
FLORIDA	28	$	187,463,000		6%	6%		2%
CALIFORNIA	24	$	181,171,000		6%	10%		1%
WISCONSIN	23	$	164,494,000		6%	5%		1%
SECURITY DEPOSITS
BANK LETTERS OF CREDIT				$	55,620,000
CASH DEPOSITS					19,673,000
				$	75,293,000
CURRENT CAPITALIZATION
CREDIT FACILITY				$	139,000,000	5	%
SENIOR DEBT					1,242,911,000	41	%
EQUITY (UNDEPRECIATED BOOK BASIS)					1,616,010,000	54	%
				$	2,997,921,000

DEBT COMPOSITION

	AMOUNT		WEIGHTED RATE
FIXED RATE	$	1,182,545,000	6.6	%
FLOATING RATE SECURED	$	60,366,000	5.4	%
FLOATING RATE CREDIT FACILITY	$	139,000,000	8.25	% Prime/6.18% LIBOR

	FACILITIES	INVESTMENT		INVESTMENT PER BED/UNIT/ SQ FT.		BEDS/UNITS/ SQ FT.
CURRENT QUARTER INVESTMENTS
REAL ESTATE
ASSISTED & IND LIVING FACILITIES	24	$	228,000,000	$	112,000	2,039
SKILLED NURSING FACILITIES	1		7,000,000		38,000	184
CAPITAL EXPENDITURES	—		4,000,000
	25	$	239,000,000

NATIONWIDE HEALTH PROPERTIES, INC.

SUPPLEMENTAL ANALYST INFORMATION

DECEMBER 31, 2006

	FACILITIES	INVESTMENT		INVESTMENT PER BED/UNIT/ SQ FT.		BEDS/UNITS/ SQ FT.
CURRENT YEAR INVESTMENTS
REAL ESTATE
ASSISTED & IND LIVING FACILITIES	64	$	731,000,000	$	124,000	5,897
SKILLED NURSING FACILITIES	20		208,000,000	$	76,000	2,754
JV MEDICAL OFFICE BUILDINGS	21		56,000,000	$	74	759,283
CAPITAL EXPENDITURES	—		14,000,000
	105	$	1,009,000,000
MORTGAGE LOANS
SKILLED NURSING FACILITIES	1	$	3,000,000	$	30,000	100
TOTAL		$	1,012,000,000
TOTAL EXCLUDING WINGATE (ANNOUNCED IN 2005)		$	838,000,000

SENIOR NOTE MATURITIES

YEAR	AMOUNT			WEIGHTED RATE
Q1 2007		5,000,000		7.4	%
Q2 2007		12,000,000		7.3	%
Q4 2007		55,000,000	(1)	6.9	%
Q1 2008		10,000,000		6.7	%
Q3 2008		40,000,000	(2)	6.6	%
Q4 2008		33,500,000	(3)	7.6	%
2009		32,000,000		7.8	%
2011		350,000,000		6.5	%
2012		100,000,000		8.3	%
2015		250,000,000		6.0	%
	$	887,500,000		6.7	%

(1) Notes putable October of 2007, ‘09, ‘12, ‘17, ‘27 with a final maturity in 2037.

(2) Notes putable July of 2008, ‘13, ‘18, ‘23, ‘28 with a final maturity in 2038.

(3) Notes putable November of 2008, ‘13, ‘18, ‘23 with a final maturity in 2028.

NOTES AND BONDS PAYABLE MATURITIES

YEAR	AMOUNT		WEIGHTED RATE
2007	$	660,000	6.6	%
2008		2,000,000	6.6	%
2009		38,371,000	6.6	%
2010		75,228,000	6.0	%
2011		5,572,000	7.7	%
2012		33,556,000	7.6	%
2013		49,575,000	6.0	%
2015		17,675,000	5.8	%
THEREAFTER		132,774,000	5.9	%
	$	355,411,000	6.2	%

NATIONWIDE HEALTH PROPERTIES, INC.

SUPPLEMENTAL ANALYST INFORMATION

DECEMBER 31, 2006

LEASE EXPIRATIONS (excluding held for sale and medical office building portfolio)

YEAR	MINIMUM RENT		NUMBER OF FACILITIES
2007		4,597,000	8
2008		2,497,000	5
2009		3,611,000	7
2010		12,364,000	24
2011		6,744,000	20
2012		17,212,000	22
2013		16,218,000	29
2014		21,097,000	25
2015		5,465,000	4
2016		25,274,000	44
THEREAFTER		149,811,000	246
	$	264,890,000	434

MORTGAGE LOAN RECEIVABLE PRINCIPAL PAYMENTS

YEAR	PRINCIPAL PAYMENTS		NUMBER OF FACILITIES
2007		1,430,000	—
2008		10,979,000	5
2009		33,780,000	5
2010		900,000	—
2011		975,000	—
2012		1,060,000	—
2013		10,239,000	—
2014		1,259,000	—
2015		3,639,000	1
2016		10,427,000	2
THEREAFTER		41,634,000	6
	$	116,322,000	19

RECONCILIATION OF 2007 NET INCOME GUIDANCE TO 2007 DILUTED FFO GUIDANCE

	LOW			HIGH
NET INCOME	$	1.77		$	1.82
LESS: PREFERRED DIVIDENDS		(0.06	)		(0.06	)
REAL ESTATE RELATED DEPRECIATION AND AMORTIZATION		1.02			1.02
LESS: GAINS ON SALE		(0.65	)		(0.65	)
DILUTION FROM CONVERTIBLE PREFERRED STOCK		(0.10	)		(0.10	)
DILUTED FUNDS FROM OPERATIONS	$	1.98		$	2.03

NATIONWIDE HEALTH PROPERTIES, INC.

SUPPLEMENTAL ANALYST INFORMATION

DECEMBER 31, 2006

2006 ACTUAL REVENUE LEAKAGE

	2006 REVENUE	FULL YEAR REVENUE	PROCEEDS	GAIN	YIELD
Purchase Options	1,790,000	4,405,000	45,641,000	17,596,000	10.8	%
Loan Payoffs	797,000	2,187,000	17,547,000	—	12.5	%
Asset Recycling	1,160,000	1,707,000	10,150,000	1,807,000	10.8	%
Lease Restructurings/Renewals	1,305,000	2,169,000	—	—	6.2	%
Total Certain	5,052,000	10,468,000	73,338,000	19,403,000

2007 EXPECTED REVENUE LEAKAGE

	2007 REVENUE	FULL YEAR REVENUE	PROCEEDS	GAIN	YIELD
Certain
Purchase Options	560,000	1,313,000	14,040,000	803,000	6.4	%
Loan Payoffs	542,000	2,145,000	18,786,000	9,902,000	17.3	%
Total Certain	1,102,000	3,458,000	32,826,000	10,705,000
High Probability
Purchase Options	1,719,000	2,615,000	23,393,000	3,419,000	9.8	%
Loan Payoffs	771,000	1,349,000	11,215,000	—	12.0	%
Asset Recycling	948,000	1,264,000	14,000,000	4,118,000	10.4	%
Total High	3,438,000	5,228,000	48,608,000	7,537,000
Total Projected 2007	4,540,000	8,686,000	81,434,000	18,242,000