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NATIONWIDE HEALTH PROPERTIES INC. ANNOUNCES 10 PERCENT INCREASE IN FIRST QUARTER EARNINGS PER SHARE

 NATIONWIDE HEALTH PROPERTIES INC. ANNOUNCES 10 PERCENT INCREASE
 IN FIRST QUARTER EARNINGS PER SHARE
 NEWPORT BEACH, Calif., April 9 /PRNewswire/ -- Nationwide Health Properties Inc. (NYSE: NHP) announced today the results of its operations for the first quarter of 1992.
 Income before extraordinary items increased to $5,857,000 or $.44 per share, compared with $4,646,000 or $.40 per share for the first quarter a year ago, a per share increase of 10 percent. Revenues for the quarter increased 36 percent to $10,919,000, compared with the first quarter of last year.
 During the first quarter last year, the company incurred an extraordinary charge of $3,460,000 or $.30 per share, representing the write-off of unamortized deferred financing costs and fees in connection with the prepayment of a substantial portion of the company's secured debt. After the extraordinary charge, net income for the first quarter of 1991 was $.10 per share.
 Cash flow available from operations for the quarter increased 11 percent to $.61 per share, compared with $.55 per share in the first quarter of 1990.
 "The operating results benefited from acquisitions completed in 1991 and growing additional rents, and provide the basis for the company's policy of providing shareholders with dividends increasing every quarter," said R. Bruce Andrews, president and chief executive officer. "The first quarter dividend of $.54 per share was an increase of 8 percent over the previous year's quarter and amounted to 88 percent of the company's cash flow for the quarter."
 Nationwide Health Properties Inc. is a real estate investment trust that invests in health care facilities. The company owns 112 facilities in 26 states.
 NATIONWIDE HEALTH PROPERTIES INC.
 Results of Operations
 (In thousands except per share amounts)
 Three Months Ended
 March 31,
 1992 1991
 Revenues $10,919 $8,053
 Income before
 extraordinary items $5,857 $4,646
 Extraordinary charge $0 $3,460
 Net income $5,857 $1,186
 Per share amounts
 Income before
 extraordinary items $.44 $.40
 Extraordinary charge $0 $.30
 Net income $.44 $.10
 Weighted average shares
 outstanding 13,268 11,649
 -0- 4/9/92
 /CONTACT: R. Bruce Andrews, president & CEO, or Mark L. Desmond, VP & treasurer, of Nationwide Health Properties, 714-251-1211/
 (NHP) CO: Nationwide Health Properties Inc. ST: California IN: HEA SU: ERN


JL-AL -- LA004 -- 6586 04/09/92 08:45 EDT
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Publication:PR Newswire
Date:Apr 9, 1992
Words:385
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