Form 8-K

Supplemental information package for the quarter ended March 31, 2008.

March 31, 2008

Supplemental Information

EXHIBIT 99.2

March 31, 2008—

Disclaimer

Certain information contained in this presentation 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

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 the PMB

transaction

include

(without

limitation)

the

following:

delay

failure to

obtain

third

party

consents;

the

exclusion

certain

properties

(which

may

include

properties

described

herein)

from

the

transaction;

the

failure

achieve

the

perceived

advantages

from

the

transaction;

larger

than

expected

unexpected

costs

associated

with

the

transaction;

unexpected

liabilities

resulting

from

the

transaction;

potential

litigation

associated

with

the

transaction;

and

the

retention

key

personnel

after

the

transaction.

Other

risks

and

uncertainties

associated

with

our

business,

many

which will apply to the assets acquired in the PMB transaction, 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

certain

facilities;

our

level

indebtedness;

changes

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

meet

acquisition

goals;

the

ability

our

operators

repay

deferred

rent

loans

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; 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

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

our

Annual

and

Quarterly Reports on Forms 10-K and 10-Q.

Forward-looking information is provided by NHP pursuant to the safe

harbor established under the Private Securities Litigation Reform Act

1995

and

should

evaluated

the

context

these

factors.

disclaim any intent or obligation to update these forward-looking

statements.

March 31, 2008—

Contents

Reconciliation of 2008 Net Income Guidance to Diluted FFO and Diluted FAD Guidance

Forward

Capital

Commitments:

Acquisition

Obligations,

Capital

Expenditures

Expansions

Portfolio Performance Measures Definitions

Medical Office Building Portfolio Performance Metrics

Unconsolidated JV Portfolio Performance Metrics

Geographic Benchmarks

Tenant Benchmarks

Consolidated Portfolio Performance Metrics—Same Store and Total

Portfolio Summary

Financial Measures Definitions

PORTFOLIO OVERVIEW_____________________________________________________________________

1st

Quarter 2008 Investments

INVESTMENTS & DISPOSITIONS________________________________________________________________

Lease Expirations and Mortgage Loans Receivable Principal Payments

Expected Dispositions

Unconsolidated Joint Venture Financial Statements

Interest and Fixed Charge Coverage

Debt Maturities and Debt Composition

Capitalization

Consolidated Balance Sheets

Reconciliation of Net Income to Funds Available for Distribution (FAD)

Reconciliation of Net Income to Funds From Operations (FFO)

Consolidated Statement of Operations

FINANCIAL RESULTS_________________________________________________________________________

COMPANY FACT SHEET______________________________________________________________________

March 31, 2008—

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

Moody’s, Standard & Poors

and Fitch.

Nationwide Health Properties, Inc. (NHP), incorporated October 1985, is a

publicly

traded

real

estate

investment

trust

(REIT)

that

invests

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

leases

multiple

tenants

the

case

medical

office buildings.

REIT

specializing

healthcare

real

estate,

NHP

provides

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.

$3.9 billion in healthcare real estate

571 properties in 43 states

259

Assisted and Independent Living

181

Skilled Nursing

57 Medical Office Buildings

Other

23 Assets Held For Sale

34 Unconsolidated JV Facilities

Over 80 multi-facility operators

Market Facts

Enterprise Value

$5.0 billion

Closing Price

$33.75

Market Capitalization

$3.2 billion

Dividend & Yield

$1.76 (5.2%)

52 week range

$22.63 –

$36.99

Shares Outstanding

96.2 million

Company Profile

Investor Highlights

Our Portfolio

(7%)

(4%)

(9%)

(15%)

Credit Ratings

S&P BBB-

Moody’s Baa3 (positive outlook)

Fitch BBB-

(positive outlook)

as of March 31, 2008

March 31, 2008—

FINANCIAL RESULTS

March 31, 2008—

Consolidated Statement of Operations

In thousands, except per share data

2008

2007

Revenues:

Triple-net lease rent

$ 70,516

$ 62,911

Medical office building operating rent

10,930

2,763

81,446

65,674

Interest and other income

5,267

4,271

86,713

69,945

Expenses:

Interest and amortization of deferred financing costs

24,738

22,743

Depreciation and amortization

27,550

19,813

General and administrative

6,498

5,617

Medical office building operating expenses

4,864

1,414

63,650

49,587

Income before minority interests and unconsolidated joint venture

23,063

20,358

Minority interests in net loss (income) of consolidated joint ventures

(17)

Income from unconsolidated joint venture

1,053

218

Income from continuing operations

24,125

20,559

Discontinued operations:

Gain on sale of facilities, net

10,866

Income from discontinued operations

2,464

5,423

13,330

5,489

Net income

37,455

26,048

Preferred stock dividends

(2,062)

(3,791)

Income available to common stockholders

35,393

22,257

Basic earnings per share (EPS):

Income from continuing operations

$ 0.23

$ 0.19

Discontinued operations

0.14

0.06

Income available to common stockholders

$ 0.37

$ 0.25

Diluted EPS:

Income from continuing operations

$ 0.23

$ 0.19

Discontinued operations

0.14

0.06

Income

$ 0.37

$ 0.25

Weighted average shares outstanding for EPS:

Basic

95,274

88,188

Diluted

95,783

88,676

Three Months Ended March 31,

March 31, 2008—

Reconciliation of Net Income to Funds From Operations (FFO)

See Financial Measures Definitions

2008

2007

Net income to FFO

Net income

37,455

26,048

Preferred stock dividends

(2,062)

(3,791)

Real estate related depreciation and amortization

28,589

22,294

Depreciation in income from unconsolidated joint venture

1,115

164

Gains on sale of facilities

(10,866)

(66)

FFO available to common stockholders

54,231

44,649

Series B preferred dividend add-back

2,062

Diluted FFO

56,293

46,711

Weighted average shares outstanding for FFO

Diluted weighted average shares outstanding

95,783

88,676

Series B preferred stock add-back

4,728

4,698

Fully diluted weighted average shares outstanding

100,511

93,374

Diluted per share amounts:

FFO

0.56

0.50

Dividends declared per common share

0.44

0.41

FFO payout ratio

79%

82%

FFO Coverage

1.27

1.22

In thousands, except per share data

Three Months Ended March 31,

March 31, 2008—

Reconciliation of Net Income to Funds Available for Distribution

(FAD)

See Financial Measures Definitions

2008

2007

Net income to FAD:

Net income

37,455

26,048

Preferred stock dividends

(2,062)

(3,791)

Real estate related depreciation and amortization

28,589

22,294

Gains on sale of facilities

(10,866)

(66)

Straight-lined rent

(2,837)

(937)

Amortization of above and below market lease intangibles

124

Non-cash stock-based compensation expense

1,331

1,020

Deferred finance cost amortization

747

687

Lease commissions and tenant and capital improvements

(847)

(613)

NHP's share of FAD reconciling items from unconsolidated joint venture

Real estate related depreciation and amortization

1,115

164

Deferred finance cost amortization

FAD available to common stockholders

52,768

44,844

Series B preferred dividend add-back

2,062

Diluted FAD

54,830

46,906

Weighted average shares outstanding for FAD

Weighted average shares outstanding

95,783

88,676

Series B preferred stock add-back

4,728

4,698

Fully diluted weighted average shares outstanding

100,511

93,374

Diluted per share amounts:

FAD

0.55

0.50

Dividends declared per common share

0.44

0.41

FAD payout ratio

80%

82%

FAD Coverage

1.25

1.22

In thousands, except per share data

Three Months Ended March 31,

March 31, 2008—

Reconciliation of 2008 Net Income Guidance to Diluted FFO and Diluted FAD Guidance

See Financial Measures Definitions

All amounts on a per share basis

Low

High

Net Income Guidance

$ 2.72

$ 2.77

Real estate related depreciation and amortization

1.14

Less: gains on sale

(1.66)

Dilution from convertible preferred stock

(0.02)

Diluted FFO Guidance

2.18

2.23

Straight-lined rent

(0.11)

Non-cash stock-based compensation expense

0.05

Deferred finance cost amortization

0.03

Lease commissions and tenant and capital improvements

(0.05)

(0.06)

Diluted FAD Guidance

$ 2.10

$ 2.14

March 31, 2008—

Consolidated Balance Sheets

March 31,

December 31,

2008

2007

Assets

Real estate related investments:

Land

286,771

301,100

Buildings and improvements

2,747,883

2,896,876

3,034,654

3,197,976

Less accumulated depreciation

(416,364)

(410,865)

Net real estate

2,618,290

2,787,111

Mortgage loans receivable, net

112,591

121,694

Investment in unconsolidated joint venture

50,417

52,637

Net real estate related investments

2,781,298

2,961,442

Cash and cash equivalents

30,117

19,407

Receivables, net

3,164

3,808

Assets held for sale

168,550

Other assets

200,186

159,696

Total assets

3,183,315

3,144,353

Liabilities and Stockholders' Equity

Credit facility

56,000

41,000

Senior notes due 2008 - 2038

1,156,500

1,166,500

Notes and bonds payable

334,269

340,150

Accounts payable and accrued liabilities

115,432

107,844

Total liabilities

1,662,201

1,655,494

Minority interest

5,720

6,166

Stockholders' equity:

Series B convertible preferred stock

106,435

106,445

Common stock

9,615

9,481

Capital in excess of par value

1,604,746

1,565,249

Cumulative net income

1,326,206

1,288,751

Accumulated other comprehensive income

2,442

2,561

Cumulative dividends

(1,534,050)

(1,489,794)

Total stockholders' equity

1,515,394

1,482,693

Total liabilities and stockholders' equity

3,183,315

3,144,353

In thousands

March 31, 2008—

Capitalization

Debt

Credit facility

56,000

$ 41,000

Senior notes

1,156,500

1,166,500

Notes and bonds

334,269

340,150

Consolidated debt

1,546,769

1,547,650

NHP's

share of unconsolidated debt

81,483

79,234

Total debt

1,628,252

1,626,884

Book Capitalization

Consolidated debt

1,546,769

1,547,650

Minority interest

5,720

6,166

Total stockholders' equity

1,515,394

1,482,693

Consolidated book capitalization

3,067,883

3,036,509

Accumulated depreciation and amortization

416,364

410,865

Consolidated undepreciated

book capitalization

3,484,247

3,447,374

NHP's

share of unconsolidated debt

81,483

79,234

NHP's

share of unconsolidated depreciation and amortization

2,818

1,703

Total undepreciated

book capitalization

3,568,548

3,528,311

Market capitalization

Price

Common stock

96,154

33.75

3,245,191

94,806

31.37

2,974,057

Series B preferred stock

1,064

150.00

159,653

1,064

140.00

149,023

Consolidated market equity capitalization

3,404,844

3,123,080

Consolidated debt

1,546,769

1,547,650

Consolidated market capitalization

4,951,613

4,670,730

NHP's

share of unconsolidated debt

81,483

79,234

Total market capitalization

5,033,096

4,749,964

Leverage Ratios

Consolidated debt to consolidated undepreciated

book capitalization

44.4%

44.9%

Total debt to total undepreciated

book capitalization

45.6%

46.1%

Consolidated debt to consolidated market capitalization

31.2%

33.1%

Total debt to total market capitalization

32.4%

34.3%

December 31, 2007

In thousands, except stock prices and ratios

March 31, 2008

March 31, 2008—

Capitalization (2)

Undepreciated

Book Basis

Enterprise

Value

54% Equity

46% Debt

68% Equity

32% Debt

75%

Unsecured

25%

Secured

93%

Fixed

Variable

Debt Composition

March 31, 2008—

Debt Maturities and Debt Composition

Principal

Rate

Principal

Rate

Principal

Rate

Principal

Rate

Principal

Rate

Principal

Rate

Q2 2008

288

6.4%

288

6.4%

Q3 2008

40,000

(1)

6.6%

40,000

6.6%

40,000

6.6%

Q4 2008

33,500

(2)

7.6%

33,500

7.6%

33,500

7.6%

2009

87,000

(3)

7.8%

39,010

6.6%

126,010

7.4%

126,010

7.4%

2010

56,000

3.9%

73,336

6.0%

129,336

5.1%

129,336

5.1%

2011

350,000

6.5%

5,283

7.7%

355,283

6.5%

355,283

6.5%

2012

96,000

8.3%

36,272

7.3%

132,272

8.0%

14,000

6.0%

146,272

7.8%

2013

300,000

6.3%

67,508 *

6.3%*

367,508

6.3%

367,508

6.3%

2014

8,346

5.9%

8,346

5.9%

25,616

5.8%

33,962

5.8%

2015

250,000

6.0%

18,917

6.0%

268,917

6.0%

34,027

5.9%

302,944

6.0%

2016

2017

106

5.0%

106

5.0%

106

5.0%

2018

7,800

6.1%

7,800

6.1%

7,800

6.1%

Thereafter

77,691

4.9%

77,691

4.9%

7,552

6.9%

85,243

5.1%

Total

56,000

3.9%

1,156,500

6.6%

334,269

6.0%

1,546,769

6.4%

81,483

6.0%

1,628,252

6.4%

Weighted average

maturity in years

2.7

4.3

8.3

5.1

7.6

5.2

* Includes $17,108 of debt at a weighted rate of 7.6% in 2010 and $26,305 of debt at a weighted rate of 6.8% in 2013 that was repaid in connection with the April 2, 2008 Emeritus sale

Principal

Rate

% of Total

Principal

Rate

% of Total

Fixed rate debt

Senior notes

1,156,500

6.6%

71.0%

$ 1,166,500

6.6%

71.7%

Notes and bonds

272,054

6.3%

16.7%

277,930

6.3%

17.1%

NHP's

share of unconsolidated debt

81,483

6.0%

5.0%

79,234

6.0%

4.9%

Total fixed rate debt

1,510,037

6.5%

92.7%

1,523,664

6.5%

93.7%

Variable rate debt

Credit facility

56,000

3.9%

3.4%

41,000

5.5%

2.5%

Notes and bonds

62,215

5.2%

3.8%

62,220

5.7%

3.8%

Total variable rate debt

118,215

4.6%

7.3%

103,220

5.6%

6.3%

Total debt

1,628,252

6.4%

1,626,884

6.5%

(1) Notes putable

July of 2008, 2013, 2018, 2023 and 2028 with a final maturity in 2038

(2) Notes putable

November of 2008, 2013, 2018 and 2023 with a final maturity in 2028

(3) Includes $55 million of notes putable

October

of 2009, 2012, 2017 and 2027 with a final maturity in 2037

Period

March 31, 2008

December 31, 2007

Debt Composition

NHP's

Share of

Unconsolidated Debt

Consolidated Debt

In thousands

Debt Maturities

Total Debt

Senior Notes

Notes and Bonds

Credit Facility

March 31, 2008—

Interest and Fixed Charge Coverage

See Financial Measures Definitions

2008

2007

Reconciliation of Net Income to EBITDA:

Net income

37,455

26,048

Interest and amortization of deferred financing costs in continuing operations

24,738

22,743

Interest and amortization of deferred financing costs in discontinued operations

998

1,079

Depreciation and amortization in continuing operations

27,550

19,813

Depreciation and amortization in discontinued operations

1,164

2,588

Consolidated EBITDA

91,905

72,271

NHP's

share of EBITDA reconciling items from unconsolidated joint venture:

Interest and amortization of deferred financing costs

1,214

---

Depreciation and amortization

1,115

164

Total EBITDA

94,234

72,435

Gains on sale of facilities

(10,866)

(66)

Adjusted Total EBITDA

83,368

72,369

Adjusted Consolidated EBITDA

81,039

72,205

Interest Expense

Consolidated interest expense (including discontinued operations)

24,989

23,135

NHP's

share of interest expense from unconsolidated joint venture

1,195

Total interest expense

26,184

23,135

Fixed Charges:

Consolidated interest expense (including discontinued operations)

24,989

23,135

Preferred stock dividends

2,062

3,791

Consolidated fixed charges

27,051

26,926

NHP's

share of interest expense from unconsolidated joint venture

1,195

Total fixed charges

28,246

26,926

Consolidated Adjusted Interest Coverage Ratio

3.24

3.12

Total Adjusted Interest Coverage Ratio

3.18

3.13

Consolidated Adjusted Fixed Charge Coverage Ratio

3.00

2.68

Total Adjusted Fixed Charge Coverage Ratio

2.95

2.69

In thousands

Three Months Ended March 31,

March 31, 2008—

Unconsolidated Joint Venture Financial Statements

In thousands

Three Months Ended

March 31, 2008

December 31, 2007

March 31, 2008

March 31, 2007

Assets

Revenues

Land

35,042

Rent

11,228

1,176

Buildings and improvements

498,079

496,188

Interest and other income

Gross real estate

533,121

531,230

Total revenues

11,254

1,178

Accumulated depreciation

(11,271)

(6,811)

Net real estate

521,850

524,419

Expenses

Cash

3,318

3,689

Interest and amortization of deferred finance costs

4,854

Receivables

Depreciation and amortization

4,460

655

Other assets

5,255

2,825

General and administrative*

1,557

Total assets

530,428

530,933

Total expenses

10,871

727

Liabilities and equity

Net income

383

451

Notes payable

325,933

316,935

Accounts payable and accrued liabilities

8,057

3,461

NHP Income and FFO from Joint Venture

Total liabilities

333,990

320,396

Share of net income -

25%

113

Management fee*

957

105

Equity contributions

220,761

215,970

Income from joint venture

1,053

218

Retained earnings

2,144

1,761

Share of depreciation -

25%

1,115

164

Distributions

(21,279)

(7,194)

FFO from joint venture

2,168

382

Other comprehensive

income

(5,188)

Total equity

196,438

210,537

* NHP's

management fee is included in the joint venture's general and administrative expense

Total liabilities and equity

530,428

530,933

NHP's

investment in joint venture

50,417

52,637

Income Statement

Balance Sheet

March 31, 2008—

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

most

useful

liquidity

measure

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

makes

net

income

the

most

directly

comparable

GAAP

measure.

such,

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

cash

flows

from

operations

defined

GAAP

and

should not 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

evaluating

the

credit

ratings

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

considered

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

evaluating

the

credit

ratings

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

considered as an alternative to either of those measures. Our calculation of

EBITDA may not be comparable to similar measures reported by other

companies.

March 31, 2008—

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

per

amounts

defined

generally

accepted

accounting

principles

("GAAP")

are

the

most

appropriate

earnings

measures, we believe that FAD and its related per share amounts are

important

supplemental

measures

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

real

estate

plus

real

estate

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 finance 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 its related

per share amounts and FFO and its 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 widely used by industry analysts as a

measure

operating

performance

for

equity

REITs.

FAD

does

not

represent

cash flow from operating activities or net income as defined by GAAP and,

therefore should not be considered as an alternative to cash flow as a

measure of liquidity or net income as the primary indicator of operating

performance. Our calculations of FAD may not be comparable to FAD

reported by other REITs or analysts that define it differently than we do.

Funds from Operations (“FFO”):

While

net

income

and

its

per

amounts

defined

generally

accepted

accounting

principles

("GAAP")

are

the

most

appropriate

earnings

measures, we believe that FFO and its related per share amounts are

important

supplemental

measures

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 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 gains and losses from the sale of real estate and

real estate related depreciation and amortization from unconsolidated joint

ventures. We believe that the use of FFO and its related per share amounts

in conjunction with the required GAAP disclosures provides investors with a

March 31, 2008—

Financial Measures Definitions (3)

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 widely used by

industry analysts as a measure of operating performance for equity REITs.

FFO does not represent cash flow from operating activities or net income as

defined by GAAP and, therefore should not be considered as an alternative to

cash

flow

measure

liquidity

net

income

the

primary

indicator

operating performance. Our calculations of FFO may not be comparable to

FFO reported by other REITs that do not define the term in accordance with

the NAREIT definition or that interpret that definition differently than we do.

Gross Investment:

define

Gross

Investment

our

total

investment

property

which

includes land, building, improvements, equipment as well as any other

identifiable

assets

included

the

caption

Other

Assets

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.

Normalized FAD:

Normalized FAD excludes from FAD any material one-time items reflected in

the financial statements for a given period.

Normalized FFO:

The NAREIT definition of FFO doesn’t exclude impairments of assets. We

believe that impairments are equivalent to losses on sale that are taken early

due to the current requirements of GAAP, therefore we generally present

Normalized

FFO,

which

excludes

impairments,

for

any

period

where

our

net

income includes an impairment. We also exclude any material one-time

items reflected in the financial statements for a given period.

March 31, 2008—

INVESTMENTS & DISPOSITIONS

March 31, 2008—

1 Quarter 2008 Investments

Gross investment in thousands

Building

Investment

Number of

Square

Average

Gross

Per Bed/Unit

Initial

Facilities

Beds/Units

Feet

Age

Investment

Square Foot

Yield

Owned Facilities

Assisted and independent living facilities

215

22,000

102,000

9.3%

Skilled nursing facilities

0.0%

Continuing care retirement communities

0.0%

Total senior housing and long-term care

215

22,000

102,000

9.3%

Medical office buildings

28,157

2,000

7.4%

Total acquisitions

215

28,157

24,000

9.1%

Capital expenditures

9,000

Total investments

215

28,157

33,000

Loans

Assisted and independent living facilities

0.0%

Skilled nursing facilities

0.0%

Total senior housing and long-term care

0.0%

Other loans

30,000

7.3%

Total loans

30,000

7.3%

Total Consolidated

Assisted and independent living facilities

215

22,000

102,000

9.3%

Skilled nursing facilities

0.0%

Continuing care retirement communities

0.0%

Total senior housing and long-term care

215

22,000

102,000

9.3%

Other loans

30,000

7.3%

Medical office buildings

28,157

2,000

7.4%

Total acquisitions

215

28,157

54,000

8.1%

Capital expenditures

9,000

Total investments

215

28,157

63,000

Unconsolidated Joint Venture

Assisted and independent living facilities

0.0%

Skilled nursing facilities

0.0%

Total acquisitions

0.0%

Capital expenditures

2,000

Total investments

2,000

Total Investments

Assisted and independent living facilities

215

22,000

102,000

9.3%

Skilled nursing facilities

0.0%

Continuing care retirement communities

0.0%

Total senior housing and long-term care

215

22,000

102,000

9.3%

Medical office buildings

28,157

2,000

7.4%

Total real estate acquisitions

215

28,157

24,000

9.1%

Total loans

30,000

7.3%

Total acquisitions

215

28,157

54,000

8.1%

Capital expenditures

11,000

Total investments

215

28,157

65,000

March 31, 2008—

ALF ACQUISITION | Wisconsin Portfolio (January 2008)

Purchase Price: $13M

Price per Unit: $98

Lease: Triple-Net, NHP

Ownership: 100% NHP

Average Age: 8 years

No. of Facilities: 10

Facility Type: ALF

EBITDARM coverage: 1.7x

Occupancy: 92%

Key Stats

Wisconsin

Portfolio Location

March 31, 2008—

ALF

ACQUISITION

Southern Wisconsin Portfolio (February 2008)

Purchase Price: $9M

Price per unit: $108

Lease: Triple-Net, NHP

Ownership: 100% NHP

Average Age: 10 years

No. of Facilities: 4

Facility Type: ALF

EBITDARM Coverage: 1.4x

Occupancy: 96%

Key Stats

Southern Wisconsin

Portfolio Location

March 31, 2008—

Expected Dispositions

Investment

Actual

Full Year

Gross

Required at 8.5%

% Financing

Revenue

Proceeds

Gain

Assumed Yield

From Proceeds

For the First Quarter 2008

Purchase options

1,488,000

1,525,000

18,500,000

11,066,000

17,941,000

103%

Loan payoffs

954,000

1,023,000

9,035,000

89,000

12,035,000

75%

2,442,000

2,548,000

27,535,000

11,155,000

29,976,000

92%

Projected for the Remainder of 2008

Certain

[A]

Purchase options

812,000

1,658,000

13,869,000

7,276,000

19,506,000

71%

Strategic asset sales

13,601,000

18,148,000

305,000,000

134,583,000

213,341,000

143%

Total certain

14,413,000

19,806,000

318,869,000

141,859,000

232,847,000

137%

High

[B]

Purchase options

931,000

2,026,000

20,250,000

7,276,000

23,835,000

85%

Loan payoffs*

1,198,000

2,684,000

23,080,000

9,902,000

31,576,000

73%

Asset recycling

239,000

1,400,000

2,812,000

50%

Lease restructuring

212,000

365,000

4,294,000

Total high

2,341,000

5,314,000

44,730,000

17,178,000

62,517,000

72%

Total Actual & Projected 2008

Total actual

2,442,000

2,548,000

27,535,000

11,155,000

29,976,000

92%

Total certain

14,413,000

19,806,000

318,869,000

141,859,000

232,847,000

137%

Total high

2,341,000

5,314,000

44,730,000

17,178,000

62,517,000

72%

19,196,000

27,668,000

391,134,000

170,192,000

325,340,000

120%

*The gain on the loan payoff represents the gain deferred at the

time we financed the sale of the facilities

[A]

Projected

dispositions

categorized

"Certain"

represent

items

where

NHP

received

written

notice

from

the

tenant

entered

into

agreements

the

facilities

[B]

Projected

dispositions

categorized

"High"

represent

items

where

NHP

estimates

high

probability

disposition

based

analysis

facility

performance,

the tenant's financial condition and current financing options available

March 31, 2008—

Forward Capital Commitments | Acquisition Obligations, Capital Expenditures & Expansions

Operator/Manager

Est. Take Down

Beds/Units/SQFT

Property Type

Amount ($000s)

Est. NOI ($000s)

Initial Yield

[A]

PMB -

Santa Clarita, CA

Apr 2008

78,164

MOB

$ 35,394

$ 2,236

6.3%

[A]

PMB -

Lynwood, CA

Apr 2008

54,246

MOB

19,224

$ 1,208

6.3%

[A]

PMB -

Castro Valley, CA

Apr 2008

19,070

MOB

7,742

$ 487

6.3%

[A]

PMB -

Burbank, CA

Apr 2008

69,620

MOB

34,921

$ 2,113

6.1%

[A]

PMB -

San Gabriel, CA

Apr 2008

58,249

MOB

21,534

$ 1,353

6.3%

[A]

PMB -

Torrance, CA

Apr 2008

58,634

MOB

13,823

$ 836

6.1%

[B]

PMB -

Henderson, NV

May 2008

84,666

MOB

26,713

$ 1,736

6.5%

Nexion

Lancaster, TX

Jun 2008

120

SNF

6,360

$ 620

9.8%

Southwest LTC -

Marshall, TX

Jun 2008

125

SNF

6,400

$ 656

10.3%

PMB -

Hillsboro, OR

Jun 2008

104,856

MOB

32,979

$ 2,073

6.3%

PMB -

Poway, CA

Jun 2008

172,000

MOB

90,495

$ 5,264

5.8%

PMB -

Chula Vista, CA

Nov 2008

67,000

MOB

22,738

$ 1,429

6.3%

PMB -

Mission Viejo, CA

Dec 2008

136,732

MOB

96,380

$ 5,606

5.8%

PMB -

Reno, NV (1)

Dec 2008

60,953

MOB

16,808

$ 1,056

6.3%

PMB -

Reno, NV (2)

Dec 2008

91,937

MOB

21,884

$ 1,375

6.3%

PMB -

Honolulu, HI

Dec 2008

92,650

MOB

28,281

$ 1,975

7.0%

2008 Total

$ 481,676

$ 30,024

6.2%

PMB -

Burbank, CA

Jul 2009

93,772

MOB

60,432

$ 3,399

5.6%

PMB -

Orange, CA

Jul 2009

125,970

MOB

88,570

$ 5,035

5.7%

PMB -

Pasadena, CA

Jan 2010

183,652

MOB

105,480

$ 6,093

5.8%

PMB -

Gilbert, AZ

Jun 2010

63,973

MOB

24,555

$ 1,463

6.0%

Willowcreek

Hillsboro, OR

Jun 2014

230

ALF

59,000

$ 4,720

8.0%

Remaining Total

$ 338,037

$ 20,710

6.1%

$ 819,712

$ 50,734

6.2%

Original

Amount Funded

Remaining

Additional

Avg. Yield on

Commitment

To Date

Commitment

NOI

Funded Amount

NHP Consolidated

173,953

35,521

$ 138,432

$ 3,126

8.8%

Unconsolidated Joint Venture

23,917

1,716

$ 22,201

$ 146

8.5%

Combined

Expansion,

Renovation

Capex

Total

$ 197,870

$ 37,237

$ 160,633

$ 3,272

8.8%

NHP Consolidated Acquisition Obligations

NHP Consolidated Total Acquisition Obligations

Expansion, Renovation & Capital Expenditures

[A] First tranche of Pacific Medical Buildings transaction closed on April 1, 2008

[B] Pacific Medical Buildings MOB transaction closed on May 1, 2008

March 31, 2008—

Lease

Expirations

and

Mortgage

Loans Receivable Principal Payments

Dollars in thousands

Minimum

Number of

Minimum

Number of

Minimum

Number of

Minimum

Number of

Minimum

Percent

Number of

Year

Rent

Facilities

Rent

Facilities

Rent

Facilities

Rent

Facilities

Rent

of Total

Facilities

2008

1,379

1,168

2,547

2009

343

4,091

4,434

2010

4,575

8,322

12,897

2011

8,681

2012

7,586

3,255

2,062

12,903

2013

11,499

2,418

363

14,280

2014

8,346

1,077

4,872

14,295

2015

1,756

3,627

4,952

10,335

2016

10,614

15,724

2,505

28,843

10%

2017

2,510

5,029

7,539

Thereafter

122,217

205

28,852

4,103

4,083

159,255

58%

261

170,825

273

82,244

162

11,400

11,540

276,009

100%

458

* The above amounts include $16,149 of rent on the 23 Emeritus facilities sold on April 2, 2008

Minimum

Number of

Minimum

Number of

Minimum

Number of

Minimum

Percent

Number of

Principal

Percent

Number of

Year

Rent

Facilities

Rent

Facilities

Rent

Facilities

Rent

of Total

Facilities

Payments

of Total

Facilities

2008

29,058

21%

2009

39,597

29%

2010

14,745

11%

2011

658

2012

5,643

13%

715

2013

9,277

2014

842

2015

3,036

2016

1,262

9,758

2017

578

Thereafter

13,316

20,928

2,480

36,724

84%

27,579

20%

20,221

20,928

2,480

43,629

100%

135,843

100%

Assisted and Independent

Consolidated

Skilled Nursing

Total JV

Continuing Care

Mortgage Loans Receivable

Consolidated Lease Expirations

Assisted and Independent

Unconsolidated JV Lease Expirations

Skilled Nursing

Continuing Care

Consolidated Triple-Net

Other Triple Net

March 31, 2008—

PORTFOLIO OVERVIEW

March 31, 2008—

Portfolio Summary

Gross investment, NOI and security deposits in thousands

Building

Investment

Percentage of

Percentage

Number of

Square

Gross

Per Bed/Unit/

Investment

of NOI by

Facilities

Beds/Units

Feet

Investment

Square Foot

by Category

NOI

Category

Owned Facilities

Assisted and independent living facilities

250

17,694

1,682,715

95,000

50%

42,478

52%

Skilled nursing facilities

162

18,190

847,486

47,000

25%

22,026

27%

Continuing care retirement communities

1,952

124,265

64,000

3,007

Specialty hospitals

303

70,585

233,000

1,968

Total senior housing and long-term care

429

38,139

2,725,051

71,000

81%

69,479

85%

Triple-net medical office buildings

266,483

55,396

208

1,037

Total triple-net

435

38,139

266,483

2,780,447

82%

70,516

86%

Multi-tenant medical office buildings

2,142,693

331,646

155

10%

6,066

Total owned

486

38,139

2,409,176

3,112,093

92%

76,582

94%

Mortgage Loans Receivable

Assisted and independent living facilities

668

47,555

71,000

1,434

Skilled nursing facilities

2,675

55,909

21,000

1,995

Continuing care retirement communities

180

9,127

51,000

187

Total mortgage loans receivable

3,523

112,591

32,000

3,616

Other Income

1,651

Assets Held for Sale

1,634

185,879

Total Consolidated Portfolio

537

43,296

2,409,176

3,410,563

100%

81,849

100%

Consolidated Portfolio by Type

Assisted and independent living facilities

259

18,362

1,730,270

94,000

51%

43,912

54%

Skilled nursing facilities

181

20,865

903,395

43,000

27%

24,021

29%

Continuing care retirement communities

2,132

133,392

63,000

3,194

Specialty hospitals

303

70,585

233,000

1,968

Total senior housing and long-term care

457

41,662

2,837,642

68,000

84%

73,095

89%

Medical office buildings

2,409,176

387,042

161

11%

7,103

Total owned and mortgage loans receivable

514

41,662

2,409,176

3,224,684

95%

80,198

98%

Other Income

1,651

Assets held for sale

1,634

185,879

Total consolidated

537

43,296

2,409,176

3,410,563

100%

81,849

100%

Unconsolidated JV Ownership

Assisted and independent living facilities

1,806

250,726

139,000

47%

5,323

47%

Skilled nursing facilities

1,884

252,735

134,000

47%

5,283

47%

Continuing care retirement communities

148

29,660

200,000

622

Total JV owned

3,838

533,121

139,000

100%

11,228

100%

Other Income

Total JV

11,254

100%

Total Portfolio

571

47,134

2,409,176

3,943,684

93,103

* Multi-tenant medical office building gross investment includes

77,439

of amounts classified as other assets

Triple-Net Leased Security Information

Owned

Mortgages

Total

Owned

Mortgages

Total

Owned

Bank letters of credit

53,599

2,228

55,827

9,900

Master Leases

84%

100%

Cash deposits

21,854

850

22,704

Property Tax

70%

46%

69%

74%

75,453

3,078

78,531

9,981

Cap Ex

48%

14%

46%

59%

Consolidated

Percentage with Impounds

Security Deposits

Consolidated

March 31, 2008—

Portfolio Performance Summary

Gross investment and annualized cash rent in thousands

Number of

Average

Gross

Annualized

Current

EBITDARM

Facilities

Age

Investment

Cash Rent/NOI

Yield

Occupancy

Coverage

Owned Facilities

Assisted and independent living facilities

250

1,682,715

160,663

9.5%

84.9%

1.28x

Skilled nursing facilities

162

847,486

89,307

10.5%

83.6%

1.95x

Continuing care retirement communities

124,265

12,071

9.7%

84.6%

1.59x

Specialty hospitals

70,585

7,858

11.1%

81.1%

2.38x

Total senior housing and long-term care

429

2,725,051

269,898

9.9%

84.2%

1.55x

Triple-net medical office buildings

55,396

4,150

7.5%

91.1%

Total triple-net

435

2,780,447

274,048

9.9%

Multi-tenant medical office buildings

331,646

24,455

7.4%

90.7%

Total owned

486

3,112,093

298,503

9.6%

Mortgage Loans Receivable

Assisted and independent living facilities

47,555

5,380

11.3%

94.2%

1.46x

Skilled nursing facilities

55,909

7,590

13.6%

85.1%

2.23x

Continuing care retirement communities

9,127

728

8.0%

96.5%

3.29x

Total mortgage loans receivable

112,591

13,698

12.2%

87.0%

1.98x

Assets Held for Sale

185,879

18,148

9.8%

91.0%

1.46x

Total NHP

Consolidated Portfolio

537

3,410,563

330,348

9.7%

84.0%

1.57x

Consolidated Portfolio by Type

Assisted and independent living facilities

259

1,730,270

166,043

9.6%

85.0%

1.28x

Skilled nursing facilities

181

903,395

96,897

10.7%

83.7%

1.97x

Continuing care retirement communities

133,392

12,799

9.6%

85.6%

1.68x

Specialty hospitals

70,585

7,858

11.1%

81.1%

2.38x

Total senior housing and long-term care

457

2,837,642

283,596

10.0%

84.4%

1.57x

Medical Office Buildings

387,042

28,605

7.4%

90.3%

Assets held for sale

185,879

18,148

9.8%

91.0%

1.46x

Total consolidated

537

3,410,563

330,348

9.7%

Unconsolidated JV Ownership

Assisted and independent living facilities

250,726

21,091

8.4%

89.0%

1.23x

Skilled nursing facilities

252,735

21,008

8.3%

91.4%

1.77x

Continuing care retirement communities

29,660

2,480

8.4%

91.6%

1.59x

Total JV owned

533,121

44,578

8.4%

90.2%

1.51x

Total Portfolio

571

3,943,684

374,927

9.5%

84.3%

1.56x

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

March 31, 2008—

Portfolio Performance Summary (2)

Independent

and

Assisted Living

Private Pay

71%

Medicaid

19%

Medicare

10%

Top 5 = 41%

Top 10 = 57%

Top 15 = 66%

Asset Type

Pay Source

Locations

Tenant/Operator

56%

Skilled Nursing

27%

Other

MOBs

11%

(7%)

(4%)

(9%)

(15%)

[A] Assumes sale of Emeritus portfolio on April 2, 2008

[A]

March 31, 2008—

Portfolio Performance Summary | Asset Class Composition Trends

62%

61%

62%

63%

56%

30%

29%

28%

27%

11%

4Q06

1Q07

2Q07

3Q07

4Q07

1Q08

ALF

SNF

MOB

Other

March 31, 2008—

Portfolio Performance Summary | Private Pay Composition Trends

65%

68%

71%

23%

21%

18%

19%

12%

11%

10%

4Q06

1Q07

2Q07

3Q07

4Q07

1Q08

Private

Medicaid

Medicare

March 31, 2008—

50%

48%

49%

46%

41%

4Q06

1Q07

2Q07

3Q07

4Q07

1Q08

Top 5

Top 10

Top 15

Portfolio Performance Summary | Top Tenant Concentration Trends

67%

65%

64%

61%

57%

76%

75%

73%

71%

69%

66%

March 31, 2008—

Consolidated Portfolio Performance by Asset Type (excluding MOBs)

* Excludes Emeritus portfolio assets sold on April 2, 2008

MAR 2008

DEC 2007

Q/Q Chg

MAR 2007

Y/Y Chg

MAR 2008

DEC 2007

MAR 2007

Assisted and independent living

Annualized Facility Revenue ($000s)

515,602

508,324

1.4%

484,865

6.3%

593,719

579,710

505,735

Occupancy

85.6%

87.2%

-1.6%

86.7%

-1.2%

85.0%

86.9%

87.4%

Monthly revenue per occupied bed/unit

3,394

3,065

10.7%

3,153

7.6%

3,393

2,678

2,602

Annualized Facility EBITDARM ($000s)

191,094

188,510

1.4%

181,785

5.1%

212,825

210,027

189,905

Facility EBITDARM %

37.1%

0.0%

37.5%

-0.4%

35.8%

36.2%

37.6%

NHP Annualized Cash Rent ($000s)

145,212

143,737

1.0%

140,316

3.5%

166,043

163,662

146,311

Facility EBITDARM coverage

1.32x

1.31x

0.3%

1.30x

1.6%

1.28x

1.30x

Facility EBITDAR coverage

1.14x

1.13x

0.3%

1.12x

1.4%

1.10x

1.11x

1.13x

Facility EBITDAR - Capex coverage

1.08x

1.07x

0.1%

1.06x

1.4%

1.04x

1.06x

Skilled nursing facilities

Annualized Facility Revenues ($000s)

973,153

961,099

1.3%

946,034

2.9%

1,185,186

1,146,494

965,314

Occupancy

83.1%

0.0%

82.1%

1.0%

83.7%

83.5%

81.6%

Monthly revenue per occupied bed/unit

6,166

5,682

8.5%

6,053

1.9%

6,397

5,638

6,035

Q-Mix (Private + Medicare)

43.9%

42.8%

1.1%

41.0%

3.0%

43.7%

41.9%

40.3%

Annualized Facility EBITDARM ($000s)

157,194

154,383

1.8%

148,504

5.9%

191,343

185,513

151,588

Facility EBITDARM %

16.2%

16.1%

0.1%

15.7%

0.5%

16.1%

16.2%

15.7%

NHP Annualized Cash Rent ($000s)

80,824

80,465

0.4%

79,564

1.6%

96,897

96,256

80,848

Facility EBITDARM coverage

1.94x

1.92x

1.4%

1.87x

4.2%

1.97x

1.93x

1.87x

Facility EBITDAR coverage

1.34x

1.32x

1.6%

1.27x

5.6%

1.36x

1.33x

1.28x

Facility EBITDAR - Capex coverage

1.25x

1.23x

1.7%

1.18x

6.1%

1.27x

1.24x

1.18x

SAME PROPERTY (PERFORMANCE)

TOTAL

March 31, 2008—

Consolidated Portfolio Performance (excluding MOBs )

MAR 2008

DEC 2007

Q/Q Chg

MAR 2007

Y/Y Chg

MAR 2008

DEC 2007

MAR 2007

NHP Consolidated Portfolio

(excluding MOBs)

Annualized Facility Revenue ($000s)

1,631,999

1,610,112

1.4%

1,565,467

4.2%

1,957,167

1,901,592

1,605,617

Occupancy

84.4%

85.1%

-0.7%

84.4%

0.0%

84.4%

85.2%

75.8%

Monthly revenue per occupied bed/unit

5,010

4,577

9.5%

4,805

4.3%

5,104

4,279

4,321

Annualized Facility EBITDARM ($000s)

382,334

376,485

1.6%

361,910

5.6%

444,406

434,960

373,114

Facility EBITDARM %

23.4%

0.0%

23.1%

0.3%

22.7%

22.9%

23.2%

Total NHP Annualized Cash Rent ($000s)

242,584

241,337

0.5%

235,006

3.2%

283,596

280,619

242,281

NHP Rent (Payor

Mix)

Private

69.2%

71.7%

-2.5%

68.3%

0.9%

68.3%

70.8%

68.8%

Medicare

10.8%

9.9%

0.9%

11.0%

-0.2%

11.1%

10.2%

10.8%

Medicaid

19.9%

18.3%

1.6%

20.6%

-0.7%

20.4%

18.8%

20.3%

Other

0.2%

0.0%

0.2%

0.0%

0.2%

0.1%

Total NHP Annualized Cash Rent

100.0%

Facility EBITDARM coverage

1.58x

1.56x

0.7%

1.54x

2.4%

1.57x

1.55x

1.54x

Facility EBITDAR coverage

1.24x

1.23x

0.7%

1.21x

2.8%

1.22x

1.21x

Facility EBITDAR -

Capex

coverage

1.17x

1.16x

0.6%

1.13x

2.9%

1.15x

1.14x

Total

Portfolio

Facility

Payor

Mix

MAR 2008

DEC 2007

MAR 2007

MAR 2008

DEC 2007

MAR 2007

MAR 2008

DEC 2007

MAR 2007

Private

99.0%

98.9%

16.5%

14.7%

49.1%

50.8%

53.3%

Medicare

0.1%

0.3%

27.1%

27.6%

17.7%

18.3%

19.2%

Medicaid

0.8%

0.9%

0.8%

55.8%

57.2%

32.8%

30.5%

27.2%

Other

0.0%

0.5%

0.6%

0.5%

0.4%

0.3%

Total Tenant Revenue

100.0%

Q-Mix (Private + Medicare)

99.1%

99.2%

43.7%

43.6%

42.3%

66.8%

69.1%

72.5%

Excludes

assets

held

for

sale,

medical

office

buildings

and

assets

ALF/ILF

SNF

Total

SAME PROPERTY (PERFORMANCE)

TOTAL

March 31, 2008—

Tenant Concentration

Gross investment and annualized cash rent in thousands

Number of

Beds/Units

Gross

Percent by

Annualized

Percent by

Average

Remaining

EBITDARM

Tenant Concentration

Facilities

Inservice

Investment

Cash Rent/NOI

Cash Rent

Age

Term

Coverage

Brookdale

Senior Living

[A]

5,619

464,195

14.4%

50,795

16.3%

14.4

1.49x

Hearthstone Senior Services

3,122

431,297

13.4%

35,774

11.5%

13.3

1.19x

Wingate Healthcare

2,516

240,103

7.5%

20,532

6.6%

11.7

1.70x

Senior Services of America

1,298

118,967

3.7%

10,736

3.4%

13.3

1.33x

Laureate Group

1,526

118,946

3.7%

9,893

3.2%

4.8

1.52x

Top 5

173

14,081

1,373,508

42.6%

127,730

40.9%

13.3

1.43x

Carillon Assisted Living

928

105,847

3.3%

8,676

2.8%

13.8

1.31x

Beverly Enterprises

3,112

103,414

3.2%

14,469

4.6%

6.2

2.12x

Atria Senior Living

1,906

92,259

2.9%

14,907

4.8%

12.2

1.18x

Magnolia Health Systems

1,505

76,773

2.4%

6,342

2.0%

18.8

1.88x

Emeritus Corporation

[A]

533

70,177

2.2%

6,187

2.0%

8.6

1.15x

Top 10

246

22,065

1,821,978

56.5%

178,311

57.1%

12.7

1.46x

Nexion

Health Management

2,019

56,220

1.7%

7,447

2.4%

4.6

2.00x

Primrose Retirement Associates

429

55,016

1.7%

4,436

1.4%

13.8

1.11x

Epic Group

892

52,364

1.6%

4,423

1.4%

8.1

2.06x

Trans Healthcare

1,062

46,676

1.5%

5,497

1.8%

2.0

0.74x

HEALTHSOUTH

[A]

120

45,645

1.4%

4,948

1.6%

5.9

1.13x

Top 15

288

26,587

2,077,899

64.4%

205,063

65.7%

11.9

1.46x

Other -

Senior Housing and

Long-Term Care Tenants

169

15,224

759,743

23.6%

78,533

25.2%

10.7

1.85x

Medical Office Buildings

387,042

12.0%

28,605

9.2%

Total

514

41,811

3,224,684

100.0%

312,201

100.0%

11.5

1.57x

Assets Held For Sale

1,634

185,879

18,148

Total NHP Consolidated Portfolio

537

43,445

3,410,563

330,348

* Performance metrics exclude assets held for sale and JV assets

[A] Public company tenant

March 31, 2008—

Geographic Performance Metrics

Gross investment and annualized cash rent in thousands

Number of

Medicaid as

Number of

Beds/Units

Gross

Percent by

Annualized

Percent by

Percent of

Facilities

Inservice

Investment

Cash Rent

[A]

Texas

10,917

451,532

15.9%

42,863

15.1%

3.6%

Massachusetts

2,535

214,485

7.6%

18,689

6.6%

2.3%

Wisconsin

2,757

210,472

7.4%

18,844

6.6%

1.2%

Washington

1,465

203,344

7.2%

11,422

4.0%

0.7%

California

2,603

183,130

6.5%

26,184

9.2%

1.3%

Top 5

168

20,277

1,262,963

44.5%

118,002

41.6%

9.1%

Tennessee

1,972

159,942

5.6%

13,001

4.6%

1.3%

Florida

2,425

153,857

5.4%

13,244

4.7%

1.6%

Ohio

1,673

129,202

4.6%

12,133

4.3%

1.2%

North Carolina

1,120

111,135

3.9%

9,372

3.3%

0.5%

Indiana

1,829

110,290

3.9%

9,616

3.4%

0.8%

Top 10

268

29,296

1,927,389

67.9%

175,368

61.8%

14.6%

Michigan

1,023

106,054

3.7%

9,848

3.5%

0.0%

New York

846

101,437

3.6%

9,773

3.5%

0.9%

Missouri

1,131

97,551

3.4%

5,382

1.9%

0.5%

Minnesota

889

63,951

2.3%

5,634

2.0%

0.8%

Arizona

704

60,805

2.1%

7,357

2.6%

0.3%

Top 15

328

33,889

2,357,186

83.1%

213,361

75.2%

17.0%

Other States

106

6,288

480,456

16.9%

70,236

24.8%

1.8%

Total

457

41,811

2,837,642

100.0%

283,596

100.0%

18.7%

Medical Office Buildings

387,042

28,605

Assets Held For Sale

185,879

18,148

Total NHP Consolidated Portfolio

537

3,410,563

330,348

* Performance metrics exclude assets held for sale, medical office buildings and JV assets

[A]

Medicaid as a percent of cash rent represents an estimate of the portion of NHP's

total senior housing and long-term care portfolio total

rental income derived from the underlying Medicaid reimbursement of our tenants and borrowers (Medicaid income of our tenant divided by

total income of our tenant multiplied by the rent or interest paid to NHP)

March 31, 2008—

Geographic Performance Metrics

Gross investment and annualized cash rent in thousands

Number of

Revenue

Number of

Beds/Units

Gross

Annualized

EBITDARM

per occupied

Average

Remaining

% SNF by

Facilities

Inservice

Investment

Cash Rent

Coverage

bed/unit

Age

Term

Cash Rent

Texas

10,917

451,532

42,863

1.69x

2,730

8.7

24.9%

Massachusetts

2,535

214,485

18,689

1.78x

7,533

11.3

81.6%

Wisconsin

2,757

210,472

18,844

1.50x

3,364

10.3

17.0%

Washington

1,465

203,344

11,422

2.09x

5,178

16.6

36.4%

California

2,603

183,130

26,184

1.26x

5,617

10.7

16.8%

Top 5

168

20,277

1,262,963

118,002

1.62x

4,088

11.5

31.9%

Tennessee

1,972

159,942

13,001

1.32x

4,099

9.3

23.8%

Florida

2,425

153,857

13,244

1.90x

5,211

10.3

20.7%

Ohio

1,673

129,202

12,133

1.10x

4,971

8.1

24.7%

North Carolina

1,120

111,135

9,372

1.47x

3,461

13.2

3.7%

Indiana

1,829

110,290

9,616

1.53x

4,417

16.7

65.2%

Top 10

268

29,296

1,927,389

175,368

1.57x

4,227

11.5

30.3%

Michigan

1,023

106,054

9,848

1.66x

6,646

12.2

5.1%

New York

846

101,437

9,773

1.35x

7,035

10.2

50.7%

Missouri

1,131

97,551

5,382

1.86x

4,790

6.6

98.5%

Minnesota

889

63,951

5,634

1.34x

4,425

10.9

40.9%

Arizona

704

60,805

7,357

1.25x

8,150

8.8

6.7%

Top 15

328

33,889

2,357,186

213,361

1.55x

3,272

10.9

31.3%

Other States

129

7,922

480,456

70,236

1.70x

5,002

8.6

22.1%

Total

457

41,811

2,837,642

283,596

1.57x

4,632

29.0%

Medical Office Buildings

387,042

28,605

Assets Held For Sale

185,879

18,148

Total NHP Consolidated Portfolio

537

3,410,563

330,348

* Performance metrics exclude assets held for sale, medical office buildings and JV assets

Note:

Lease

terms

for

NHP

facilties

generally

are

between

ten

and

fifteen

years

with

renewal

options,

exercised,

that

add

ten

fifteen

additional

years.

general,

NHP

receives

contractual

rent

escalators

the

range

1.5%

2.5%

for

skilled

nursing

assets

and

2.0%

3.0%

for

assisted

living

assets

March 31, 2008—

Unconsolidated JV Portfolio Performance Metrics

Assisted and

Skilled

Total

Independent Living

Nursing

Portfolio

MAR 2008

Unconsolidated JV Portfolio

Annualized Facility Revenue ($000s)

72,827

153,754

239,810

Occupancy

89.0%

91.4%

90.2%

Monthly revenue per occupied bed/unit

4,076

9,011

6,579

Q-Mix (Private + Medicare)

90.2%

52.3%

66.4%

Annualized Facility EBITDARM ($000s)

25,974

37,240

67,162

Facility EBITDARM %

35.7%

24.2%

28.0%

Total JV Annualized Cash Rent ($000s)

21,091

21,008

44,578

JV Rent (Payor

Mix)

Private

96.6%

32.0%

64.8%

Medicare

1.9%

27.4%

15.4%

Medicaid

1.5%

40.6%

19.9%

Other

0.0%

Total JV Annualized Cash Rent

100.0%

Facility EBITDARM coverage

1.23x

1.77x

1.51x

Facility EBITDAR coverage

1.06x

1.41x

1.24x

Facility EBITDAR -

Capex

coverage

1.01x

1.38x

1.20x

March 31, 2008—

Medical Office Building Portfolio Performance Metrics

Gross investment dollars in thousands

Gross

Number of

Gross

Investment

Percent

Average

Rentable

Ownership

Facilities

Investment

per SQFT

On Campus

Age

SQFT

Current Year

Prior Year

Change

BROE I -

90%

57,176

60.0%

750,440

85.8%

81.0%

4.8%

BROE II -

95%

94,070

168

100.0%

558,707

91.9%

McShane

95%

48,479

120

57.1%

404,227

88.0%

NHP Multi-Tenant -

100%

131,921

309

50.0%

426,966

97.7%

NHP Triple-Net -

100%

55,396

208

16.7%

265,784

91.1%

Total MOB Portfolio

387,042

161

64.9%

2,406,124

90.3%

Current Year

Prior Year

% Change

Current Year

Prior Year

% Change

Current Year

Prior Year

Change

BROE I -

90%

11,052

11,069

-0.2%

5,650

5,170

9.3%

51.1%

46.7%

4.4%

BROE II -

95%

11,895

6,475

54.4%

McShane

95%

6,797

4,192

61.7%

NHP Multi-Tenant -

100%

12,252

8,138

66.4%

NHP Triple-Net -

100%

4,150

Total MOB Portfolio

46,146

28,605

58.2%

Gross

Building

Number of

Gross

Percent by

Investment

Square

Percent by

MOBs

by state

Facilities

Investment

per SQFT

Feet

Square Feet

Washington

118,364

30.6%

323

366,483

15.2%

Illinois

64,597

16.7%

169

383,058

15.9%

Missouri

48,479

12.5%

120

404,227

16.8%

Louisiana

36,627

9.5%

384,588

16.0%

Texas

32,059

8.3%

110

291,100

12.1%

Top 5

300,126

77.5%

164

1,829,456

76.0%

South Carolina

17,469

4.5%

159

109,704

4.6%

Alabama

16,713

4.3%

273

61,219

2.5%

Indiana

15,718

4.1%

282

55,814

2.3%

Ohio

11,376

2.9%

170

66,776

2.8%

Georgia

9,803

2.5%

123,294

5.1%

Top 10

371,205

95.9%

165

2,246,263

93.4%

Florida

6,076

1.6%

163

37,266

1.6%

Virginia

5,233

1.4%

65,315

2.7%

Tennessee

4,528

1.2%

57,280

2.4%

Medical Office Buildings

387,042

100.0%

161

2,406,124

100.0%

Annualized Revenue

Annualized Cash Rent/NOI

Operating Margin

Occupancy

March 31, 2008—

Portfolio Performance Measures Definitions

Annualized Cash Rent/NOI:

The most recent monthly total cash rent due from our tenants as of the end of

the current reporting period multiplied by twelve. For our multi-tenant medical

office building portfolio, NOI rather than cash rent is annualized. 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. All facility financial information was

derived solely from information provided by our tenants and borrowers and we

have

not

verified

such

information.

use

EBITDAR

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

facility

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 on an annualized basis. 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

Annualized

Cash

Rent.

This

ratio

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) calculated on an annualized basis.

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

utilize

calculate

EBITDAR

Capex.

All

facility

financial

information

was derived solely from information provided by our tenants and borrowers

and

have

not

verified

such

information.

use

EBITDAR

Capex

calculate

the

EBITDAR

–

Capex

(cash

flow

after

reserves

for

minimum

capex

requirements) coverage for our portfolio.

Facility

EBITDAR

Capex

Coverage:

Annualized

EBITDAR

Capex

divided

Annualized

Cash

Rent.

This

ratio

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

1.0X

would

indicate

the

EBITDAR

Capex

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:

The revenues generated by each individual facility on an annualized basis.

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.

March 31, 2008—

Portfolio Performance Measures Definitions (2)

Gross Investment:

define

Gross

Investment

our

total

investment

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 monthly revenue generated

by each individual facility divided by the total number of actual resident days

for a 30-day month. 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, occupancy 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

represents the leased square feet divided by the total rentable square feet. In

all cases (senior housing, long-term care and medical office buildings), the

reporting period represents the month prior to quarter end. All facility

performance data were derived solely from information provided by our

tenants and borrowers and we have not verified such information.

NOI:

We define net operating income (NOI) for our senior housing and long-term

care portfolio as rent revenues since our leases are triple-net. For our medical

office building portfolio, we define NOI as revenues minus medical office

building operating expenses. In some cases, revenue for medical office

buildings include expense reimbursements to common area maintenance

(CAM) charges. Our senior housing and long-term care portfolio generates

“triple-net”

rent for us, which means we receive the rent and the tenant pays all

operating expenses, property taxes and other expenses of each facility as well

as required capital expenditures and maintenance costs. We present NOI as it

effectively presents our entire portfolio on a “net”

rent basis. NOI may then be

used to calculate effective yields and to evaluate facility performance.

Q-Mix:

For our long-term care portfolio, Q-Mix (abbreviation for Quality-Mix) refers to

the

combination

Tenant’s

private

and

medicare

revenues

percentage

total

revenues.

private

and

medicare

rates

are

generally

higher at long-term care facilities, Tenants can oftentimes improve margins

selectively

targeting

medicare

and

private-pay

residents.

such,

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.

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.


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


	NATIONWIDE HEALTH PROPERTIES, INC.

Date: May 8, 2008	By:	/s/ ABDO H. KHOURY
		Abdo H. Khoury
		Executive Vice President and Chief Financial & Portfolio Officer


Type	Amount *(millions)*		Unit Price *(thousands)*		Cap Rate		Initial Yield		CPI Ups		DARM Cover
Senior Housing	$	22	$	102	12.7	%	9.3	%	3.0	%	1.6x
Medical Office	$	2	$	71/sf	7.4	%	7.4	%
Total	$	24
Loans	$	30					7.25	%
Grand Total	$	54


Exhibit Number		Description

99.1		Press release dated May 8, 2008.

99.2		Supplemental information package for the quarter ended March 31, 2008.


	Three Months Ended March 31,
Item	2008		2007		Change
Revenues	$	86,713	$	69,945	$	16,768	24.0	%
Income from Continuing Operations	$	24,125	$	20,559	$	3,566	17.3	%
Net Income	$	37,455	$	26,048	$	11,407	43.8	%
Diluted Income Available to Common Stockholders Per Share	$	0.37	$	0.25	$	0.12	48.0	%
Diluted FFO	$	56,293	$	46,711	$	9,582	20.5	%
Diluted FFO Per Share	$	0.56	$	0.50	$	0.06	12.0	%
Diluted FAD Per Share	$	0.55	$	0.50	$	0.05	10.0	%


	Low			High
Net income	$	2.72		$	2.77
Real estate related depreciation and amortization		1.14			1.14
Less: gains on sale		(1.66	)		(1.66	)
Dilution from convertible preferred stock		(0.02	)		(0.02	)

Diluted FFO guidance	$	2.18		$	2.23

Straight-lined rent		(0.11	)		(0.11	)
Non-cash stock-based compensation expense		0.05			0.05
Deferred finance cost amortization		0.03			0.03
Lease commissions and tenant and capital improvements		(0.05	)		(0.06	)

Diluted FAD guidance	$	2.10		$	2.14


	March 31, 2008			December 31, 2007
Assets
Real estate related investments:
Land	$	286,771		$	301,100
Buildings and improvements		2,747,883			2,896,876

		3,034,654			3,197,976
Less accumulated depreciation		(416,364	)		(410,865	)

Net real estate		2,618,290			2,787,111
Mortgage loans receivable, net		112,591			121,694
Investment in unconsolidated joint venture		50,417			52,637

Net real estate related investments		2,781,298			2,961,442
Cash and cash equivalents		30,117			19,407
Receivables, net		3,164			3,808
Assets held for sale		168,550			—
Other assets		200,186			159,696

Total assets	$	3,183,315		$	3,144,353

Liabilities and Stockholders’ Equity
Credit facility	$	56,000		$	41,000
Senior notes due 2008 - 2038		1,156,500			1,166,500
Notes and bonds payable		334,269			340,150
Accounts payable and accrued liabilities		115,432			107,844

Total liabilities		1,662,201			1,655,494
Minority interests		5,720			6,166
Stockholders’ equity:
Series B convertible preferred stock		106,435			106,445
Common stock		9,615			9,481
Capital in excess of par value		1,604,746			1,565,249
Cumulative net income		1,326,206			1,288,751
Accumulated other comprehensive income		2,442			2,561
Cumulative dividends		(1,534,050	)		(1,489,794	)

Total stockholders’ equity		1,515,394			1,482,693

Total liabilities and stockholders’ equity	$	3,183,315		$	3,144,353