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WIKI ANALYSIS
Nationwide Health Properties, Inc. (NHP) is a real estate investment trust (REIT) that invests in healthcare facilities. The firm's primary focus is to own and lease senior housing, and to assist living facilities to various healthcare operators. Nationwide Health is structured as a triple-net lease healthcare REIT, which includes base rent (a regular income in the form of rent payments), pre-set thresholds (much like retail percentage rent clauses), and financing options (in the form of mortgage loans). Currently, the company generates about 92.5% of its revenue from leases and 7.5% from mortgage loans. The base rent and pre-set threshold agreements help eliminate operational risks, which lie instead with the lessee. The lessee also benefits by obtaining operational control and a larger share in profits without investments. Nationwide leases space to some of the most prominent healthcare companies.
NHP's largest tenants (as of September 30, 2007) are Brookdale Senior Living (17.6% of cash rent), Hearthstone Senior Services (11.1%), Emeritus Corp (7.4%), Wingate Healthcare (6.4%) and Atria Senior Living Group (6.2%). At the end of the 3rd quarter of 2007, Nationwide had investments in 536 facilities in 43 states. NHP's portfolio consists of assisted and independent living properties (51% of portfolio), skilled nursing facilities (36%), medical office buildings (5%), unconsolidated Joint-Venture (JV) facilities (4%), and other (4%). The company has interests in 29 facilities via mortgage loan receivables totaling $130.6 million of investment.
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