Nationwide Health Properties reported a strong first quarter, reflecting $60 million in new investments and internal growth from its existing portfolio of properties.
The Newport Beach, Calif.-based real estate investment trust said funds from operations, a key financial indicator in the REIT industry, rose nearly 16% to $19.3 million in the three months ended March 31.
Net income for the quarter increased almost 17% to $14.7 million, or 35 cents per share, from $12.6 million, or 32 cents per share, in the year-ago period. Revenues rose 15% to $26.3 million.
NHP has investments in 243 nursing homes, assisted-living facilities and rehabilitation hospitals in 30 states.