Nationwide Health Properties, NEWPORT BEACH

Nature of Business: Owns health care facilities throughout the United States and leases them to health care operators.

Total Employees: 6

In Orange County: 6

Stock Listing in The Times: On NYSE as “NatHP”

Ticker Symbol: “NHP”

Friday’s Stock Close: $27.13

Change: Up $0.50

Analyst Review: “Nationwide is a very attractive company. Health care REITs--Real Estate Investment Trusts--are going to be an important vehicle in the ‘90s. It is an efficient form of owning real estate. Nationwide owns the property and leases to health care operators--meaning Nationwide owns the buildings and takes the depreciation, while the operators pay for the taxes, upkeep and maintenance. It is a well-managed company. I give Bruce Andrews a lot of the credit. He has done a great job cleaning up the balance sheet and diversifying its portfolio. The stock has a yield of 8% and annual dividend growth of 7%--you’re talking about a 15% return. This is an excellent investment for people looking for a higher yield vehicle.”

--Catherine C. Creswell, analyst, Alex. Brown & Sons Inc., Baltimore

REVENUE AND PROFITS

(Dollar amounts in millions)

1987 1988 1989 1990 1991 Sales $30.9 $34.7 $35.3 $31.5 $36.4 Profit $12.8 $10.8 $11.6 $17.1 $18.1

Corporate Outlook: “In this day and age of low interest rates and low CD yields, anyone who buys our stock has a chance to get an 8% yield, and with our increasing dividend payments, that’s a good return. Our goal is to continue to improve our cash flow from operations by maintaining our base and acquiring in the neighborhood of $100 million worth of properties a year. That will provide us with a cash flow that will allow us to keep paying a growing dividend.”

--R. Bruce Andrews, president/CEO

5-YEAR SUMMARY: RETURN ON STOCKHOLDER INVESTMENT

Fiscal year ending Dec. 31 Dec. 31 Dec. 31 Dec. 31 1987 1988 1989 1990 52-Week High $26.38 $20.38 $15.50 $18.00 52-Week Low $16.50 $9.75 $10.25 $13.75 Book Value $18.27 $17.80 $18.47 $17.19 Price per Share $18.63 $11.75 $13.63 $17.00 Net Earnings (Loss) per Share $1.57 $1.32 $1.42 $1.56 Price-to-Earnings Ratio 12:1 9:1 10:1 11:1 Avg. Return to Investor 9% 7% 8% 9%

Fiscal year ending Dec. 31 1991 52-Week High $26.88 52-Week Low $18.38 Book Value $17.09 Price per Share $26.75 Net Earnings (Loss) per Share $1.41 Price-to-Earnings Ratio 19:1 Avg. Return to Investor 8%

Source: Nationwide Health Properties Inc.

Write Nationwide Health: 4675 MacArthur Court, Suite 510, Newport Beach, Calif., 92660. (714) 251-1211