NEWPORT BEACH, Calif., Jan. 22 /PRNewswire/ -- Nationwide Health
Properties, Inc. (NYSE: NHP) announced today results of its operations for the
fourth quarter of 2000 and the year ending December 31, 2000.
Funds from operations, the most important measurement of a REIT's
financial performance, for 2000 was $99,632,000, or $2.16 per share on a
diluted basis, compared with $99,602,000, or $2.16 per share for 1999. Net
income available to common stockholders was $63,485,000, or $1.37 per share
compared with $63,136,000, or $1.37 per share for 1999. Included in net
income for 2000 was a gain on sale of facilities of $1,149,000, or $.02 per
share. Included in net income for 1999 was a loss on sale of facilities of
$335,000, or $.01 per share.
For the fourth quarter of 2000, funds from operations was $24,965,000, or
$.54 per share on a diluted basis, versus $25,415,000, or $.55 for the fourth
quarter of 1999. Net income available to common stockholders was $15,699,000,
or $.34 per share.
The Company also reported that on January 19, 2001, its Board of Directors
declared a common dividend of $.46 per share of common stock which will be
payable on March 9, 2001, to common stockholders of record on February 15,
2001. As a result, the current annualized common dividend will remain at
$1.84.
"Management is pleased that it was able to maintain the Company's earnings
and dividends in today's difficult long term health care environment," said R.
Bruce Andrews, President and Chief Executive Officer. "The worst of the
industry's problems appear to be behind us and certain opportunities may be
available in future periods."
The Company also reported that on January 19, 2001, its Board of Directors
declared a regular quarterly preferred dividend of $1.91925 per share of
preferred stock which will be payable on March 30, 2001 to preferred
stockholders of record on March 1, 2001.
The Company will hold an earnings conference call on Monday, January 22,
2001, at 1:00 p.m. PST. To listen to the conference call, you may call
612-332-0932. Replays will be available beginning at 5:00 p.m. PST on January
22, 2001, for one week, by calling 800-475-6701, access code no. 565707.
Nationwide Health Properties, Inc. is a real estate investment trust that
invests in health care facilities. The Company has investments in
327 facilities in 37 states.
Certain matters discussed within this press release may constitute
"forward-looking statements" within the meaning of the federal securities
laws. Although the Company believes the statements are based on reasonable
assumptions, it can give no assurance that its expectations will be attained.
Actual results and the timing of certain events could differ materially from
those projected in or contemplated by the forward-looking statements due to
risks and uncertainties described from time to time in the SEC reports filed
by the Company.
NATIONWIDE HEALTH PROPERTIES, INC.
STATEMENTS OF OPERATIONS
DECEMBER 31, 2000
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
Three Months Ended Twelve Months Ended
December 31, December 31,
2000 1999 2000 1999
Revenues:
Base rent $32,842 $31,988 $130,900 $123,926
Interest and
other income 5,379 5,883 23,182 23,377
Additional rent and
additional interest 4,655 4,289 17,314 16,562
42,876 42,160 171,396 163,865
Expenses:
Interest & amort of
deferred financing
costs 14,591 14,209 58,391 51,621
Depreciation and
non-cash charges 9,266 9,169 37,296 36,131
General and
administrative 1,401 617 5,696 4,965
25,258 23,995 101,383 92,717
Net income before
gain/loss on sale
of facilities 17,618 18,165 70,013 71,148
Gain/(loss) on sale
of facilities -- -- 1,149 (335)
Net income 17,618 18,165 71,162 70,813
Preferred stock
dividends (1,919) (1,919) (7,677) (7,677)
Net income available
to common
stockholders $15,699 $16,246 $63,485 $63,136
Depreciation and
non-cash charges 9,266 9,169 37,296 36,131
(Gain)/loss on sale
of facilities -- -- (1,149) 335
Funds From Operations
("FFO") available to
common stockholders $24,965 $25,415 $99,632 $99,602
Per share amounts:
Basic/diluted earnings
from continuing operations
available to common
stockholders $0.34 $0.35 $1.35 $1.37
Basic/diluted net
income available to
common stockholders $0.34 $0.35 $1.37 $1.37
Basic/diluted FFO $0.54 $0.55 $2.16 $2.16
Weighted average shares
outstanding 46,226 46,216 46,226 46,216
NATIONWIDE HEALTH PROPERTIES, INC.
BALANCE SHEETS
DECEMBER 31, 2000
(IN THOUSANDS)
December 31, December 31,
ASSETS 2000 1999
Investments in real estate:
Real estate properties
Land $142,721 $146,712
Buildings and improvements 1,182,410 1,146,921
Construction in progress 8,478 37,740
1,333,609 1,331,373
Less accumulated depreciation (186,206) (162,671)
1,147,403 1,168,702
Mortgage loans receivable, net 185,623 203,362
1,333,026 1,372,064
Cash and cash equivalents 6,149 16,139
Receivables 7,607 7,614
Other assets 34,225 34,239
$1,381,007 $1,430,056
LIABILITIES AND STOCKHOLDERS' EQUITY
Bank borrowings $79,000 $75,300
Senior notes due 2000-2038 627,900 657,900
Notes and bonds payable 62,857 64,048
Accounts payable and accrued liabilities 47,778 47,218
Stockholders' equity:
Preferred stock 100,000 100,000
Common stock 4,623 4,622
Capital in excess of par value 556,658 556,373
Cumulative net income 575,619 504,457
Cumulative dividends (673,428) (579,862)
Total stockholders' equity 563,472 585,590
$1,381,007 $1,430,056
STATISTICS
Book value per common share $10.03 $10.51
Common shares outstanding 46,226 46,216
NATIONWIDE HEALTH PROPERTIES, INC.
SUPPLEMENTAL ANALYST INFORMATION
DECEMBER 31, 2000
PORTFOLIO COMPOSITION
EQUITY OWNERSHIP 88%
MORTGAGE LOANS RECEIVABLE 12%
100%
ASSISTED LIVING FACILITIES 44%
SKILLED NURSING FACILITIES 41%
CONTINUING CARE RETIREMENT
COMMUNITIES 13%
OTHER 2%
100%
OWNED FACILITIES
FACILITIES INVESTMENT
ASSISTED LIVING
FACILITIES 120 $638,225,000 $66,399 PER UNIT
SKILLED NURSING
FACILITIES 147 $505,408,000 $29,971 PER BED
CONTINUING CARE
RETIREMENT COMMUNITIES 9 $159,371,000 $72,972 PER BED/UNIT
REHABILITATION HOSPITALS 2 $16,826,000 $145,052 PER BED
MORTGAGE LOANS RECEIVABLE
FACILITIES INVESTMENT
SKILLED NURSING
FACILITIES 35 $117,712,000 $24,688 PER BED
ASSISTED LIVING
FACILITIES 7 $22,564,000 $43,984 PER UNIT
CONTINUING CARE
RETIREMENT COMMUNITIES 5 $40,649,000 $42,924 PER BED/UNIT
INVESTMENT BY
OPERATOR NUMBER OF INVESTMENT PERCENT OF PERCENT OF
FACILITIES AMOUNT INVESTMENT REVENUES
ALTERRA HEALTHCARE
CORPORATION* 54 $192,686,000 13% 12%
AMERICAN RETIREMENT
CORPORATION* 12 136,883,000 9% 8%
BEVERLY ENTERPRISES,
INC.* 34 107,839,000 7% 9%
ARV ASSISTED LIVING,
INC.* 16 102,518,000 7% 8%
LIBERTY HEALTHCARE 17 83,476,000 6% 5%
LAUREATE GROUP 4 69,702,000 5% 4%
EPOCH SENIOR LIVING,
INC. 8 69,651,000 5% 4%
BALANCED CARE
CORPORATION* 10 68,712,000 5% 4%
MARINER POST-ACUTE
NETWORK* 21 67,851,000 4% 6%
SUN HEALTHCARE GROUP,
INC.* 19 65,082,000 4% 4%
LIFE CARE CENTERS OF
AMERICA, INC. 7 54,048,000 4% 3%
NATIONAL ASSISTED
LIVING LP 8 51,829,000 3% 3%
INTEGRATED HEALTH
SERVICES* 11 45,827,000 3% 4%
AMERICAN HEALTH CENTERS 12 41,559,000 3% 3%
NEW MILLENNIUM CARE 3 31,772,000 2% 2%
AMERICAN SENIOR LIVING 6 27,886,000 2% 2%
HEALTHPRIME 7 20,952,000 1% 2%
THE NEWTON GROUP, LLC 2 19,831,000 1% 1%
HARBORSIDE HEALTHCARE
CORPORATION* 4 19,592,000 1% 1%
HEALTHSOUTH CORP.* 2 16,826,000 1% 1%
OTHER - PUBLIC COMPANIES 9 22,204,000 1% 1%
OTHER 62 193,032,000 13% 13%
328 $1,509,758,000 100% 100%
* PUBLIC COMPANY
NATIONWIDE HEALTH PROPERTIES, INC.
SUPPLEMENTAL ANALYST INFORMATION
DECEMBER 31, 2000
SAME STORE
ADDITIONAL RENT/
ADDITIONAL INTEREST 1ST 2ND 3RD 4TH
QTR QTR QTR QTR
1996 $2,427,000 $2,480,000 $2,818,000 $2,916,000
1997 $2,926,000 $2,973,000 $3,260,000 $3,193,000
1998 $3,367,000 $3,777,000 $3,766,000 $3,575,000
1999 $3,936,000 $3,723,000 $4,124,000 $4,181,000
2000 $4,212,000 $4,224,000 $4,222,000 $4,655,000
TOTAL RENT COVERAGE
ASSISTED LIVING FACILITIES 1.74
SKILLED NURSING FACILITIES 1.51
CONTINUING CARE RETIREMENT
COMMUNITIES 1.71
REHABILITATION HOSPITALS 3.23
OCCUPANCY
ASSISTED LIVING FACILITIES 91%
SKILLED NURSING FACILITIES 87%
CONTINUING CARE RETIREMENT
COMMUNITIES 92%
REHABILITATION HOSPITALS 68%
PERCENT PRIVATE PAY AND MEDICARE
ASSISTED LIVING FACILITIES 100%
SKILLED NURSING FACILITIES 29%
REHABILITATION HOSPITALS 94%
SECURITY DEPOSITS
BANK LETTERS OF CREDIT $24,361,000
CASH DEPOSITS $22,214,000
DISCOUNTS ON
MORTGAGE LOANS $1,812,000
CURRENT CAPITALIZATION
REVOLVING BANK LINE
OF CREDIT $79,000,000 5%
SENIOR DEBT $690,757,000 46%
EQUITY (UNDEPRECIATED
BOOK BASIS) $749,678,000 49%
CURRENT YEAR INVESTMENTS
EQUITY $44,979,000 100%
5 ASSISTED LIVING
FACILITIES 426 UNITS $44,979,000 100%
CURRENT QUARTER INVESTMENTS
EQUITY $--
ASSISTED LIVING FACILITIES $--
NATIONWIDE HEALTH PROPERTIES, INC.
SUPPLEMENTAL ANALYST INFORMATION
DECEMBER 31, 2000
LONG-TERM DEBT MATURITIES
YEAR AMOUNT
Q1 2001 $20,000,000
Q2 2001 --
Q3 2001 40,150,000
Q4 2001 18,000,000
Q1 2002 15,000,000
Q2 2002 10,000,000
Q3 2002 25,000,000
Q4 2002 --
2003 66,000,000
2004 67,750,000
2005 18,000,000
2006 63,500,000
2007 85,000,000
2008 10,000,000
2009 50,000,000
THEREAFTER 139,500,000
$627,900,000
LEASE EXPIRATIONS
MINIMUM NUMBER OF
YEAR RENT FACILITIES
2001 $2,924,000 6
2002 3,746,000 7
2003 481,000 1
2004 6,809,000 26
2005 10,997,000 22
2006 13,420,000 32
2007 16,115,000 24
2008 4,063,000 8
2009 18,469,000 47
2010 20,689,000 54
THEREAFTER 34,368,000 48
$132,081,000 275
MORTGAGE LOAN RECEIVABLE PRINCIPAL PAYMENTS
PRINCIPAL NUMBER OF
YEAR PAYMENTS FACILITIES
2001 $7,896,000 2
2002 2,774,000 --
2003 7,360,000 3
2004 7,280,000 --
2005 6,134,000 5
2006 11,735,000 4
2007 14,045,000 3
2008 9,519,000 3
2009 26,677,000 4
2010 2,841,000 --
THEREAFTER 94,759,000 23
$191,020,000 47
SOURCE Nationwide Health Properties, Inc.
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CONTACT:
R. Bruce Andrews, President & CEO, or Mark L.
Desmond, Senior Vice President & CFO, of Nationwide Health
Properties, Inc., 949-718-4400
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