NEWPORT BEACH, Calif, July 28 /PRNewswire-FirstCall/ -- Nationwide Health Properties, Inc. announced today that its Board of Directors has increased its quarterly common dividend to $0.39 per share from $0.38, which coupled with the one cent increase in January represents a year-to-date increase of over 5%. It will be paid on September 1, 2006 to shareholders of record on August 11, 2006.
"We are enjoying a very good year and wanted to share our success with our shareholders. After giving effect to this increase our payout ratio remains comfortably within our current 80% to 85% target range" said Douglas M. Pasquale, NHP's President and Chief Executive Officer. "With $630 million of quality accretive investments already announced this year and the two largest financings in the company's history recently completed, we have a lot of momentum and are bullish about our future."
In addition, NHP said that its Board of Directors declared cash dividends of $1.91925 per share on its Series A cumulative step-up REIT preferred stock and $1.9375 per share on its Series B cumulative convertible preferred stock. The Series A dividend will be paid on October 2, 2006 to stockholders of record on September 1, 2006, and the Series B dividend will be paid on October 2, 2006 to stockholders of record on September 15, 2006.
Nationwide Health Properties, Inc. is a real estate investment trust that invests in health care facilities and has investments in 487 facilities in 40 states. For more information on Nationwide Health Properties, Inc., visit the Company's website at http://www.nhp-reit.com/.
Certain information contained in this news 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. All forward-looking statements included in this news release are based on information available to us on the date hereof. These statements speak only as of the date hereof, and we assume no obligation to update such forward-looking statements for any reason or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. These statements involve risks and uncertainties that could cause actual results to differ materially from those described in the statements. These risks and uncertainties 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 by our tenants; our reliance on two operators for a significant percentage of our revenues; occupancy levels at certain facilities; our level of indebtedness; changes in the ratings of our debt securities; access to the capital markets and the cost of capital; 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; our ability to meet acquisition goals, including achieving anticipated benefits from our acquisition of the real estate holdings of Hearthstone Assisted Living, Inc.; the ability of our operators to repay deferred rent or loans in future periods; the ability of our operators to obtain and maintain adequate liability and other insurance; our ability to attract new operators 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 medium-term notes; the rights and influence of holders of our outstanding preferred stock; the repayment requirements under our bridge facility; settlement provisions contained in our forward-sale agreements; changes in or inadvertent violations of tax laws and regulations and other factors that can affect real estate investment trusts and our status as a real estate investment trust; and the risk factors described in our annual report on Form 10-K filed with the SEC on February 8, 2006 and our quarterly report on Form 10-Q filed with the SEC on May 4, 2006.
CONTACT: Abdo H. Khoury
Chief Financial and Portfolio Officer
(949) 718-4400
