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NATIONWIDE HEALTH PROPERTIES INC. ANNOUNCES 28 PERCENT INCREASE IN YEAR-END OPERATING EARNINGS PER SHARE

 NEWPORT BEACH, Calif., Jan. 25 /PRNewswire/ -- Nationwide Health Properties Inc. (NYSE: NHP) announced today the results of its operations for the year and the fourth quarter of 1992.
 For the quarter, net income increased to $9,084,000, or $.55 per share, compared with $5,669,000, or $.43 per share, for the fourth quarter a year ago, a per share increase of 28 percent. Revenues for the quarter increased 36 percent to $14,262,000, compared with the fourth quarter of last year.
 For the year ended Dec. 31, 1992, income before extraordinary items increased 19 percent to $2 per share. Revenues for the full year 1992 increased 37 percent to $49,945,000, compared with 1991. As previously reported, during the first quarter of 1991 the company incurred an extraordinary charge of $3,460,000, or $.27 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.
 Cash flow available from operations for 1992 increased to $39,097,000, or $2.63 per share, compared with $29,303,000, or $2.28 per share in 1991. Cash flow available from operations for the quarter increased 17 percent to $.70 per share, compared with $.60 per share in the fourth quarter of 1991.
 "The company's strong growth in cash flow available from operations during 1992 is a direct result of the increasing rentals on existing properties and the quality and level of acquisitions by the company in the past three years. This rate of cash flow growth has allowed for the increased rate of dividend increases during 1992 while maintaining a conservative payout ratio of 85 percent for the year," said R. Bruce Andrews, president and chief executive officer.
 Nationwide Health Properties Inc. is a real estate investment trust that invests in health care facilities. The company has investments in 155 facilities in 28 states.
 NATIONWIDE HEALTH PROPERTIES INC.
 Results of Operations
 (In thousands, except per share amounts)
 Three Months Ended Year Ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 Revenues $14,262 $10,524 $49,945 $36,378
 Income before
 extraordinary
 items $9,084 $5,669 $29,681 $21,541
 Extraordinary
 charge $0 $0 $0 $3,460
 Net income $9,084 $5,669 $29,681 $18,081
 Per share amounts
 income before
 extraordinary
 items $0.55 $0.43 $2.00 $1.68
 Extraordinary
 charge $0.00 $0.00 $0.00 $0.27
 Net income $0.55 $0.43 $2.00 $1.41
 Weighted average
 shares
 outstanding 16,506 13,234 14,867 12,837
 -0- 1/25/93
 /CONTACT: R. Bruce Andrews, president & CEO, or Mark L. Desmond, VP and treasurer of Nationwide Health Properties, 714-251-1211/
 (NHP)


CO: Nationwide Health Properties Inc. ST: California IN: HEA SU: ERN

JL-MS -- LA024 -- 8507 01/25/93 12:36 EST
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Publication:PR Newswire
Date:Jan 25, 1993
Words:476
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