NATIONWIDNAT HLTH 
By NEWPORT BEACH, Calif., Feb. 17 /PRNewswire-FirstCall/ -- Nationwide Health Properties, Inc. (NYSE: NHP) today announced results of operations for the fourth quarter and the year ended December 31, 2009. Contemporaneously with this press release, the Company filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2009 with the Securities and Exchange Commission.
"We began 2009 with the capital markets under extreme duress and the recession gripping the U.S. economy. During that difficult period, NHP's primary goals were to fortify its already strong balance sheet and further enhance its liquidity position. These goals were clearly accomplished as evidenced by upgrades to our investment grade rating, leverage-related statistics among the very best for investment grade REITs and over $1 billion of available capital," commented Douglas M. Pasquale, NHP's Chairman and Chief Executive Officer. "For 2010, our strong financial position combined with improvements in the capital markets and the economy has shifted our attention to growth. In February, we acquired two PMB properties for $90 million and improved our multi-year development agreement with them. We expect to close on another five PMB properties before the end of the first quarter" Mr. Pasquale added.
FOURTH QUARTER 2009 RESULTS OF OPERATIONS
The following table presents selected unaudited financial information for the fourth quarter and the year ended December 31, 2009 as compared to the same period of 2008:
SELECTED FINANCIAL DATA
($ in thousands, except per share amounts)
Three Months Ended December 31,
-------------------------------
2009 2008 $ Change % Change
---- ---- -------- --------
Revenue $98,631 $95,894 $2,737 2.9%
Income from Continuing Operations $29,675 $31,136 $(1,461) -4.7%
Net Income Attributable to NHP Common
Stockholders $30,895 $31,964 $(1,069) -3.3%
Net Income Attributable to NHP Common
Stockholders Per Diluted Share $0.27 $0.31 $(0.04) -12.9%
Diluted FFO $61,821 $64,002 $(2,181) -3.4%
Adjusted Diluted FFO $62,651 $59,361 $3,290 5.5%
Diluted FFO Per Share $0.53 $0.60 $(0.07) -11.7%
Adjusted Diluted FFO Per Share $0.53 $0.56 $(0.03) -5.4%
Diluted FAD $61,481 $63,195 $(1,714) -2.7%
Adjusted Diluted FAD $62,311 $58,554 $3,757 6.4%
Diluted FAD Per Share $0.52 $0.59 $(0.07) -11.9%
Adjusted Diluted FAD Per Share $0.53 $0.55 $(0.02) -3.6%
Year Ended December 31,
-----------------------
2009 2008 $ Change % Change
---- ---- -------- --------
Revenue $390,512 $368,319 $22,193 6.0%
Income from Continuing Operations $125,194 $106,761 $18,433 17.3%
Net Income Attributable to NHP Common
Stockholders $143,040 $260,501 $(117,461) -45.1%
Net Income Attributable to NHP Common
Stockholders Per Diluted Share $1.31 $2.63 $(1.32) -50.2%
Diluted FFO $253,357 $236,514 $16,843 7.1%
Adjusted Diluted FFO $249,291 $231,873 $17,418 7.5%
Diluted FFO Per Share $2.27 $2.29 $(0.02) -0.9%
Adjusted Diluted FFO Per Share $2.23 $2.24 $(0.01) -0.4%
Diluted FAD $251,956 $230,968 $20,988 9.1%
Adjusted Diluted FAD $247,890 $226,327 $21,563 9.5%
Diluted FAD Per Share $2.25 $2.23 $0.02 0.9%
Adjusted Diluted FAD Per Share $2.22 $2.19 $0.03 1.4%
NON-GAAP FINANCIAL MEASURES
Diluted Funds From Operations ("FFO") and Diluted Funds Available for Distribution ("FAD") are non-GAAP measures that we believe are important to understanding our operations. We believe diluted FFO is an important supplemental measure of operating performance because it excludes the effects of depreciation and amortization and gains (losses) from sales of facilities (both of which are based on historical costs and which may be of limited relevance in evaluating current performance). We believe diluted FAD is an important supplemental measure of operating performance because, like diluted FFO, it excludes the effects of depreciation and amortization and gains (losses) from sales of facilities (both of which are based on historical costs and which may be of limited relevance in evaluating current performance). It also excludes straight-lined rent and other non-cash items that have become more significant for us and our competitors over the last several years. We believe that net income is the most directly comparable GAAP measure to diluted FFO and diluted FAD. Reconciliations between net income and diluted FFO and net income and diluted FAD are included in the accompanying financial data. For guidance, we have also included in the accompanying financial data reconciliations between net income per share and diluted FFO and diluted FAD per share. We have also included adjusted diluted FFO and adjusted diluted FAD amounts which exclude acquisition costs and the recognition of gains on debt extinguishments in 2009.
FOURTH QUARTER 2009 INVESTMENT ACTIVITY
During the fourth quarter of 2009, we sold three facilities for $7.3 million in gross proceeds and we invested approximately $16 million in revenue producing capital expenditures at a blended yield of 8.2% on our existing triple net portfolio.
Pacific Medical Buildings Update
In February of 2010, we acquired the Poway, CA medical office building for $74.0 million and a 71% interest in a joint venture which owns a medical office building in Gilbert, AZ for $6.3 million. Additionally, we committed to loan the joint venture $8.8 million.
We have also signed the amended and restated pipeline agreement whereby Pacific Medical Buildings will be responsible for development and NHP will be responsible for project financing for approved development projects. Other modifications to the development agreement provide NHP with improved terms, including preferred returns, a reduced promote interest to PMB and pricing determined at the time of acquisition rather than at the pre-development stage.
We anticipate acquiring majority interests in joint ventures that own the Mission, Orange, and Pasadena, CA assets and the 55.05% interest in the two San Bernardino, CA assets that we do not already own by the end of the first quarter 2010.
FOURTH QUARTER 2009 FINANCING TRANSACTIONS
During the fourth quarter of 2009, we issued 2.3 million shares of our common stock through our at-the-market equity offering program at an average price of $33.27 per share, resulting in net proceeds of approximately $76.2 million. From January 1, 2010 to February 16, 2010, we issued 635,000 shares of our common stock through our at-the-market equity offering program at an average price of $35.03 per share, resulting in net proceeds of approximately $22.0 million.
On October 1, 2009, we retired $2.6 million of senior notes with an interest rate of 6.90% that were put to us.
During the fourth quarter of 2009, shareholders of our Series B convertible preferred stock converted 235,540 preferred shares into 1,061,195 shares of our common stock. Subsequent to year end, 512,727 shares of Series B preferred stock converted into 2,314,944 shares of our common stock and we redeemed the remaining 917 shares of our Series B convertible preferred stock.
2010 GUIDANCE
Our adjusted diluted FFO guidance per share range is from $2.05 to $2.09 and our adjusted diluted FAD guidance per share range is from $2.01 to $2.05. Our guidance includes shares issued under our at-the-market equity offering program through February 16, 2010 and the Pacific Medical Buildings transactions and excludes any other acquisitions, investments, impairments or capital transactions occurring in 2010. Additionally, certain costs associated with acquisitions which were previously capitalized are now required to be expensed. While our guidance does not assume any acquisitions other than the transactions with Pacific Medical Buildings, we will incur certain costs that will be expensed for any acquisitions we may make and those costs could be material.
Reconciliation of 2009 Adjusted Diluted FFO to 2010 Adjusted Diluted FFO
High Guidance
High Guidance
-------------
Amount Per Share
------ ---------
2009 adjusted diluted FFO $249,291 $2.23
Internal triple net portfolio growth (1) 5,147 0.05
Internal medical office building portfolio growth
(2) (900) (0.01)
Reduction in straight-line rent (3) (1,900) (0.02)
Leakage and reserves (4) (8,750) (0.08)
PMB acquisition (5) 9,900 0.09
Share issuances (6) N/A (0.17)
----- -----
2010 adjusted diluted FFO - high guidance $252,788 $2.09
======== =====
(1) Primarily reflects our annual rent escalators
(2) Reflects reduction in non-recurring revenue items and renewal/lease-
up expectations for 2010
(3) Reflects the adjustment to rental revenue on our triple net portfolio
as cash rents received are greater in 2010 than in 2009 and therefore
the straight line rent adjustment is lower
(4) In addition to the ordinary course leakage set forth in our
accompanying Supplemental Information Package, reflects reserves for
expected lower rent payments compared to 2009 on three unrelated
triple net leased facilities
(5) Expected 2010 FFO contribution from the PMB transaction described in
this earnings release
(6) Dilution resulting from issuance to February 16, 2010 of shares of
common stock
CONFERENCE CALL INFORMATION
We have scheduled a conference call and webcast on Thursday, February 18, 2010 at 8:30 a.m. Pacific Time (11:30 a.m. Eastern Time) to discuss these results. The conference call is accessible by dialing 866-271-6130 and referencing conference ID number 46478175 or by logging on to our website at http://www.nhp-reit.com. The international dial-in number is 617-213-8894. The earnings release and any additional financial information that may be discussed on the conference call and webcast will also be available at the same location on our website. A digitized replay of the conference call will be available from 11:30 a.m. Pacific Time (2:30 p.m. Eastern Time) that day until 9:00 p.m. Pacific Time (Midnight Eastern Time) on March 18, 2010. Callers can access the replay by dialing 888-286-8010 or 617-801-6888 and entering conference ID number 31632000. Webcast replays will also be available on our website for at least 12 months following the conference call. Our supplemental information package for the quarter and the year ended December 31, 2009 is available on our website, free of charge, at http://www.nhp-reit.com by selecting "Investor Relations" followed by "Financial Information" and is included in our Current Report on Form 8-K filed February 17, 2010 with the SEC also containing this release. Shareholders may receive free of charge a complete set of our audited financial statements upon request.
ABOUT NATIONWIDE HEALTH PROPERTIES, INC.
Nationwide Health Properties, Inc. is a real estate investment trust (REIT) that invests primarily in healthcare real estate in the United States. As of December 31, 2009, the Company's portfolio of properties, including mortgage loans and properties owned by unconsolidated joint ventures, totaled 576 properties among the following segments: 279 senior housing facilities, 197 skilled nursing facilities, 82 medical office buildings, 11 continuing care retirement communities and 7 specialty hospitals. For more information on Nationwide Health Properties, Inc., visit our website at http://www.nhp-reit.com.
FORWARD LOOKING STATEMENTS
Certain information contained in this release includes forward-looking statements. Forward-looking statements include statements regarding our expectations, beliefs, intentions, plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements which are not statements of historical facts. These statements may be identified, without limitation, by the use of forward-looking terminology such as "may," "will," "anticipates," "expects," "believes," "intends," "should" or comparable terms or the negative thereof. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those described in the statements. Risks and uncertainties associated with our business include (without limitation) the following: deterioration in the operating results or financial condition, including bankruptcies, of our tenants; non-payment or late payment of rent, interest or loan principal amounts by our tenants; our reliance on two tenants for a significant percentage of our revenue; occupancy levels at certain facilities; our level of indebtedness; changes in the ratings of our debt securities; maintaining compliance with our debt covenants; access to the capital markets and the cost and availability of capital; the effect of proposed healthcare reform legislation or government regulations, including changes in the reimbursement levels under the Medicare and Medicaid programs; the general distress of the healthcare industry; increasing competition in our business sector; the effect of economic and market conditions and changes in interest rates; the amount and yield of any additional investments; risks associated with acquisitions, including our ability to identify and complete favorable transactions, delays or failures in obtaining third party consents or approvals, the failure to achieve perceived benefits, unexpected costs or liabilities and potential litigation; the ability of our tenants to pay contractual rent and/or interest escalations in future periods; the ability of our tenants to obtain and maintain adequate liability and other insurance; our ability to attract new tenants for certain facilities; our ability to sell certain facilities for their book value; our ability to retain key personnel; potential liability under environmental laws; the possibility that we could be required to repurchase some of our senior notes; changes in or inadvertent violations of tax laws and regulations and other factors that can affect our status as a real estate investment trust; and other factors discussed from time to time in our news releases, public statements and/or filings with the Securities and Exchange Commission, especially the "Risk Factors" sections of our Annual and Quarterly Reports on Forms 10-K and 10-Q. Forward-looking information is provided by us pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of these factors. We disclaim any intent or obligation to update these forward-looking statements.
Contact:
--------
Abdo H. Khoury
Chief Financial and Portfolio Officer
Nationwide Health Properties, Inc.
(949) 718-4400
***Financial Tables to Follow***
NATIONWIDE HEALTH PROPERTIES, INC.
CONSOLIDATED INCOME STATEMENTS
(In thousands, except per share data)
Three Months Ended Year Ended
December 31, December 31,
--------------- -------------
2009 2008 2009 2008
---- ---- ---- ----
(Unaudited)
Revenue:
Triple-net lease rent $74,427 $72,115 $295,757 $283,052
Medical office building
operating rent 17,510 17,229 68,319 60,287
------ ------ ------ ------
91,937 89,344 364,076 343,339
Interest and other income 6,694 6,550 26,436 24,980
----- ----- ------ ------
98,631 95,894 390,512 368,319
Expenses:
Interest and amortization
of deferred financing
costs 23,091 25,492 93,630 101,045
Depreciation and
amortization 31,804 30,624 124,264 116,375
General and administrative 6,928 6,513 27,353 26,051
Acquisition costs 830 - 830 -
Medical office building
operating expenses 7,704 7,849 28,906 26,631
----- ----- ------ ------
70,357 70,478 274,983 270,102
------ ------ ------- -------
Operating income 28,274 25,416 115,529 98,217
Income from
unconsolidated joint
ventures 1,401 1,079 5,101 3,903
Gain on debt
extinguishment, net - 4,641 4,564 4,641
--- ----- ----- -----
Income from continuing
operations 29,675 31,136 125,194 106,761
Discontinued operations
Gains on sale of
facilities, net 2,756 1,552 23,908 154,995
(Loss) income from
discontinued operations (57) 704 (44) 6,251
--- --- --- -----
2,699 2,256 23,864 161,246
----- ----- ------ -------
Net income 32,374 33,392 149,058 268,007
Net (income) loss
attributable to
noncontrolling interests (484) 24 (668) 131
---- -- ---- ---
Net income attributable to
NHP 31,890 33,416 148,390 268,138
Preferred stock dividends (995) (1,452) (5,350) (7,637)
---- ------ ------ ------
Income available to NHP
common stockholders $30,895 $31,964 $143,040 $260,501
======= ======= ======== ========
Basic earnings per share (EPS):
Income from continuing
operations attributable
to NHP common
stockholders $0.25 $0.30 $1.11 $1.01
Discontinued operations
attributable to NHP
common stockholders 0.02 0.02 0.23 1.66
---- ---- ---- ----
Net income attributable
to NHP common
stockholders $0.27 $0.32 $1.34 $2.67
===== ===== ===== =====
Diluted EPS:
Income from continuing
operations attributable
to NHP common
stockholders $0.25 $0.29 $1.09 $1.00
Discontinued operations
attributable to NHP
common stockholders 0.02 0.02 0.22 1.63
---- ---- ---- ----
Net income attributable
to NHP common
stockholders $0.27 $0.31 $1.31 $2.63
===== ===== ===== =====
Weighted average shares
outstanding for EPS:
Basic 112,575 100,353 106,329 97,246
======= ======= ======= ======
Diluted 115,009 102,404 108,547 98,763
======= ======= ======= ======
NATIONWIDE HEALTH PROPERTIES, INC.
RECONCILIATIONS OF NET INCOME TO NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data)
(Unaudited)
Reconciliation of Net Income to Adjusted Diluted FFO
Three Months Ended Year Ended
December 31, December 31,
--------------- -------------
2009 2008 2009 2008
---- ---- ---- ----
Net income $32,374 $33,392 $149,058 $268,007
Preferred stock dividends (995) (1,452) (5,350) (7,637)
Net (income) loss attributable to
noncontrolling interests (484) 24 (668) 131
Real estate related depreciation
and amortization 31,415 30,837 123,666 118,603
Depreciation in income from
unconsolidated joint ventures 1,272 1,301 5,209 4,768
Gains on sale of facilities, net (2,756) (1,552) (23,908) (154,995)
------ ------ ------- --------
FFO available to NHP common
stockholders 60,826 62,550 248,007 228,877
Series B preferred dividend add-
back 995 1,452 5,350 7,637
--- ----- ----- -----
Diluted FFO 61,821 64,002 253,357 236,514
Acquisition costs 830 - 830 -
Gain on extinguishment of debt,
net - (4,641) (4,564) (4,641)
Gain on extinguishment of debt,
net from unconsolidated joint
venture - - (332) -
--- --- ---- ---
Adjusted diluted FFO $62,651 $59,361 $249,291 $231,873
======= ======= ======== ========
Weighted average shares outstanding
for diluted FFO:
Diluted weighted average shares
outstanding (1) 115,116 102,455 108,621 98,855
Series B preferred stock
conversion add-back if not
already converted 2,517 3,896 3,154 4,526
----- ----- ----- -----
Fully diluted weighted average
shares outstanding 117,633 106,351 111,775 103,381
======= ======= ======= =======
Diluted FFO per share $0.53 $0.60 $2.27 $2.29
===== ===== ===== =====
Adjusted diluted FFO per share $0.53 $0.56 $2.23 $2.24
===== ===== ===== =====
Dividends declared per common share $0.44 $0.44 $1.76 $1.76
===== ===== ===== =====
Adjusted diluted FFO payout ratio 83% 79% 79% 79%
=== === === ===
Adjusted diluted FFO coverage 1.20 1.27 1.27 1.27
==== ==== ==== ====
(1) Diluted weighted average shares outstanding includes the effect of all
participating and non-participating share-based payment awards which
for us consists of stock options and other share-based payment awards
if the effect is dilutive. The dilutive effect of all share-based
payment awards is calculated using the treasury stock method.
Additionally, our redeemable OP units are included as if converted to
common stock on a one-for-one basis.
NATIONWIDE HEALTH PROPERTIES, INC.
RECONCILIATIONS OF NET INCOME TO NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data)
(Unaudited)
Reconciliation of Net Income to Adjusted Diluted FAD
Three Months Ended Year Ended
December 31, December 31,
--------------- -------------
2009 2008 2009 2008
---- ---- ---- ----
Net income $32,374 $33,392 $149,058 $268,007
Preferred stock dividends (995) (1,452) (5,350) (7,637)
Net (income) loss attributable to
noncontrolling interests (484) 24 (668) 131
Real estate related depreciation
and amortization 31,415 30,837 123,666 118,603
Gains on sale of facilities, net (2,756) (1,552) (23,908) (154,995)
Straight-line rent (1,509) (2,388) (6,275) (10,263)
Amortization of intangible assets
and liabilities (157) (148) (564) (559)
Non-cash stock-based compensation
expense 1,780 1,528 7,007 5,800
Deferred finance cost amortization 765 908 3,101 3,173
Lease commissions and tenant and
capital improvements (1,257) (716) (4,733) (3,715)
Unconsolidated joint ventures:
Real estate related
depreciation and amortization 1,272 1,301 5,209 4,768
Straight-line rent 17 (12) (26) (66)
Amortization of intangible
assets and liabilities - - 5 -
Deferred finance cost
amortization 21 21 84 84
--- --- --- ---
FAD available to NHP common
stockholders 60,486 61,743 246,606 223,331
Series B preferred dividends 995 1,452 5,350 7,637
--- ----- ----- -----
Diluted FAD 61,481 63,195 251,956 230,968
Acquisition costs 830 - 830 -
Gain on extinguishment of debt,
net - (4,641) (4,564) (4,641)
Gain on extinguishment of debt,
net from unconsolidated joint
venture - - (332) -
--- --- ---- ---
Adjusted diluted FAD $62,311 $58,554 $247,890 $226,327
======= ======= ======== ========
Weighted average shares outstanding
for diluted FAD:
Diluted weighted average shares
outstanding (1) 115,116 102,455 108,621 98,855
Series B preferred stock add-back
if not already converted 2,517 3,896 3,154 4,526
----- ----- ----- -----
Fully diluted weighted average
shares outstanding 117,633 106,351 111,775 103,381
======= ======= ======= =======
Diluted FAD per share $0.52 $0.59 $2.25 $2.23
===== ===== ===== =====
Adjusted diluted FAD per share $0.53 $0.55 $2.22 $2.19
===== ===== ===== =====
Dividends declared per common share $0.44 $0.44 $1.76 $1.76
===== ===== ===== =====
Adjusted diluted FAD payout ratio 83% 80% 79% 80%
=== === === ===
Adjusted diluted FAD coverage 1.20 1.25 1.26 1.24
==== ==== ==== ====
(1) Diluted weighted average shares outstanding includes the effect of all
participating and non-participating share-based payment awards which
for us consists of stock options and other share-based payment awards
if the effect is dilutive. The dilutive effect of all share-based
payment awards is calculated using the treasury stock method.
Additionally, our redeemable OP units are included as if converted to
common stock on a one-for-one basis.
NATIONWIDE HEALTH PROPERTIES, INC.
RECONCILIATION OF NET INCOME TO NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data)
2010 Guidance Reconciliation of Net Income to Adjusted
Diluted FFO and FAD Per Share
Year Ended
December 31, 2010
------------------
Guidance
--------
Low High
--- ----
Net income $152,007 $157,007
Preferred stock dividends (10) (10)
Real estate related depreciation and
amortization 116,652 116,652
Depreciation in income from
unconsolidated joint ventures 4,692 4,692
Net income attributable to
noncontrolling interests (3,695) (3,695)
Gains on sales of facilities, net (22,268) (22,268)
------- -------
FFO available to common stockholders 247,378 252,378
Series B preferred dividends 10 10
--- ---
Diluted FFO 247,388 252,388
Acquisition costs 400 400
--- ---
Adjusted Diluted FFO 247,788 252,788
Straight-line rent (4,074) (4,074)
Amortization of intangible assets and
liabilities (285) (285)
Non-cash stock-based compensation
expense 7,026 7,026
Deferred finance cost amortization 3,075 3,075
Lease commissions and tenant and
capital improvements (11,012) (11,012)
Unconsolidated Joint Ventures:
Straight-lined rent (5) (5)
Deferred finance cost amortization 84 84
--- ---
Adjusted Diluted FAD $242,597 $247,597
======== ========
Diluted FFO per share $2.04 $2.09
===== =====
Adjusted Diluted FFO per share $2.05 $2.09
===== =====
Adjusted Diluted FAD per share $2.01 $2.05
===== =====
Weighted average shares outstanding:
Diluted weighted average shares
outstanding 118,869 118,869
NHP/PMB OP units 2,107 2,107
----- -----
Total 120,976 120,976
======= =======
NATIONWIDE HEALTH PROPERTIES, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
December 31, December 31,
2009 2008
---- ----
Assets
Investments in real estate:
Land $318,457 $320,394
Buildings and improvements 3,088,183 3,079,819
--------- ---------
3,406,640 3,400,213
Less accumulated depreciation (585,294) (490,112)
-------- --------
2,821,346 2,910,101
Mortgage loans receivable, net 110,613 112,399
Mortgage loan receivable from related
party 47,500 47,500
Investments in unconsolidated joint
ventures 51,924 54,299
------ ------
Net real estate related investments 3,031,383 3,124,299
Cash and cash equivalents 382,278 82,250
Receivables, net 6,605 6,066
Asset held for sale - 4,542
Intangible assets 93,657 109,434
Other assets 133,152 131,534
------- -------
Total assets $3,647,075 $3,458,125
========== ==========
Liabilities and Equity
Unsecured senior credit facility $- $-
Senior notes 991,633 1,056,233
Notes and bonds payable 431,456 435,199
Accounts payable and accrued liabilities 132,915 144,566
------- -------
Total liabilities 1,556,004 1,635,998
Redeemable OP unitholder interests 57,335 56,778
Equity:
NHP stockholders' equity
Series B convertible preferred stock 51,364 74,918
Common stock 11,432 10,228
Capital in excess of par value 2,128,843 1,786,193
Cumulative net income 1,705,279 1,556,889
Accumulated other comprehensive (loss)
income (823) 1,846
Cumulative dividends (1,862,996) (1,669,407)
---------- ----------
Total NHP stockholders' equity 2,033,099 1,760,667
Noncontrolling interests 637 4,682
--- -----
Total equity 2,033,736 1,765,349
--------- ---------
Total liabilities and equity $3,647,075 $3,458,125
========== ==========
SOURCE Nationwide Health Properties, Inc.
