Nationwide Health Properties Inc. (NHP) filed Quarterly Report for the period ended 2009-09-30.
Nationwide Health PropertiesInc.is a real estate investment trust which invests primarily in health care related facilities and provides financing to health care providers. The Company anticipates providing lease or mortgage financing for health care facilities to qualified operators and acquiring additional health care related facilitiesincluding long-term health care facilitiesassisted living facilitiesacute care hospitals and medical office buildings. Nationwide Health Properties Inc. has a market cap of $3.54 billion; its shares were traded at around $32.95 with a P/E ratio of 14.71 and P/S ratio of 9.54. The dividend yield of Nationwide Health Properties Inc. stocks is 5.34%. Nationwide Health Properties Inc. had an annual average earning growth of 5% over the past 5 years.
Highlight of Business Operations:
Interest and amortization of deferred financing costs decreased $5.0 million, or 7%, in 2009 as compared to 2008. The decrease was primarily due to the repayment of $110.3 million of senior notes during 2008 and $62.0 million during 2009 and the repayment of the outstanding balance on our Credit Facility during 2008 using a portion of the net proceeds from the issuance of common stock and the sale of 23 assisted and independent living facilities to Emeritus, the tenant of the facilities, offset in part by the assumption of $120.8 million of secured debt during 2008 and the addition of $35.8 million and $6.9 million of secured debt in 2008 and 2009, respectively.
During 2009, we retired $30.0 million of senior notes due in February 2013 for $25.4 million, resulting in a net gain of $4.6 million which is reflected as gain on debt extinguishment, net on our income statements.
ASC 360 requires the operating results of any assets with their own identifiable cash flows that are disposed of or held for sale and in which we have no continuing interest be removed from income from continuing operations and reported as discontinued operations. The operating results for any such assets for any prior periods presented must also be reclassified as discontinued operations. If we have a continuing investment, as in the sales to our unconsolidated joint venture with a state pension fund investor, the operating results remain in continuing operations. Discontinued operations income decreased $137.8 million in 2009 as compared to 2008. Discontinued operations income of $21.3 million for 2009 was comprised of gains on sale of $21.2 million, rental income of $0.2 million and interest and other income of $19,000, offset in part by depreciation and amortization of $0.1 million. Discontinued operations income of $159.1 million for 2008 was comprised of gains on sale of $153.4 million and rental income of $8.4 million, offset in part by depreciation and amortization expense of $1.8 million and interest expense of $1.0 million. We expect to have future sales of facilities or reclassifications of facilities to assets held for sale, and the related income or loss would be included in discontinued operations unless the facilities were transferred to an entity in which we maintain an interest.
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