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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

an a dozen premier hospital systems. The average age of the portfolio is seven years with occupancy of approximately 94%. After giving effect to all these staged acquisitions, the portfolio is expected to generate approximately $55.5 million in NOI, representing an approximate cap rate of 6.1% based on a total purchase price of $915 million.

Financing of 2008 Acquisitions: NHP expects to finance the $485 million acquisition of the 16 properties closing in 2008 with a combination of (i) $201 million in assumed debt bearing an average interest rate of 5.9% (ii) at least $100 million in partnership units (each convertible into a share of common stock), and (iii) the remaining balance from proceeds derived from the $305 million sale of NHP's Emeritus portfolio (representing an approximate 6.1% cap rate based on 2008 in-place Emeritus rents as further described in an 8-K filed on February 11, 2008).

"As PMB's largest shareholder and having been in the MOB business for over thirty years, I am impressed by NHP's track record of growth and stability. NHP has a strong history of delivering year-over-year growth, driven by their strong customer orientation. The fact that we are receiving a significant portion of our consideration in NHP partnership units evidences our confidence in NHP," Dr. Jeffrey Rush noted.

Development Pipeline Agreement: NHP will have the exclusive right, but not the obligation, to acquire up to an additional $1 billion of MOBs from PMB over seven years at a discount to fair market value. PMB already has one million square feet in their development pipeline as a result of existing hospital relationships, representing future potential asset values of over $475 million.

The development pipeline represents a unique opportunity for NHP not only to substantially grow and enhance its portfolio with brand new buildings, but also to expand its relationships with current and future healthcare providers.

Assuming development cost
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SOURCE Nationwide Health Properties, Inc.
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