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Nationwide Health Properties and Pacific Medical Buildings Join Forces in up to $2 Billion, Multi-Year Transaction
Date:2/25/2008

l office sector. The multi-year structure greatly facilitates our near and long-term earnings and dividend growth goals and diversification strategy," said Douglas M. Pasquale, NHP's President and Chief Executive Officer.

Mr. Pasquale stated he is very pleased to announce that Dr. Jeffrey Rush, PMB's Chairman and largest shareholder, is expected to join NHP's board of directors after the closing of the first tranche of this transaction in 2008.

"These transactions are accretive to NHP and should initially add approximately $0.01 to $0.02 to FFO per share in 2008 and are included in our 2008 guidance. The addition of these high quality MOBs provide great strategic value and diversification with our investment mix moving toward 50% senior housing, 30% medical office buildings and 20% long-term care facilities," noted Abdo Khoury, NHP's Chief Financial and Portfolio officer.

Acquisition Portfolio: In the fourth quarter of 2007, NHP, in association with PMB, acquired a portfolio comprising seven medical office buildings located in the state of Washington for $120 million. Subsequently, NHP has entered into agreements with PMB to acquire 18 buildings, and is finalizing negotiations to acquire three more. Altogether, NHP expects to acquire 21 additional Class A medical office buildings, including 16 in 2008 for a purchase price of $485 million, three in 2009 for $180 million (each of which is currently 90% or greater pre-leased) and two in 2010 for $130 million, subject to occupancy being stabilized at 95%. Upon completion, this multi-staged transaction will add over two million square feet of medical office space to NHP's portfolio, approximately 90% of which is situated on hospital campuses and 55% is located in California. In addition, approximately 70% of the portfolio's expected stabilized NOI will be derived from properties situated in high barrier-to-entry markets. Overall, this $915 million Class A portfolio provides NHP with access to more th
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SOURCE Nationwide Health Properties, Inc.
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