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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

s of $1.0 billion, NHP would anticipate generating up to $160 million pursuant to the discount component of the arrangement over the next 7 years. The assumptions and calculations outlining the potential value in this development agreement are provided in the supplemental information presentation attached as an exhibit to this announcement and on NHP's website (http://www.nhp-reit.com).

"MOBs represent one of the largest segments of healthcare real estate, and owning them enables NHP to catch the front of the baby boomer wave. As with long-term care and senior housing, we view the services provided in MOBs as primarily need driven and, therefore, recession resistant. With the PMB transaction, NHP will realize enhanced value resulting from our unique arrangement on future developments," commented Don Bradley, NHP's Chief Investment Officer.

"This is a true partnership that will promote our growth and enhance our relationship with our hospital clients. Our relationship with NHP provides us with ready capital that will help us expand our development and property management activities and help our hospital clients monetize their real estate assets," stated Mark Toothacre, PMB's President.

Bob Rosenthal, PMB's Executive Chairman and Company founder said, "We spent almost a year conducting a national search and selected Nationwide Health Properties. We chose NHP because its commitment to quality coincides with PMB's philosophy. As a long-term holder of healthcare real estate, NHP's strategic focus is on tenant retention and property improvement."

Management Company Agreement: NHP will add property management to its MOB platform through joint-ownership and joint-control of PMB Real Estate Services LLC (PMBRES), PMB's well-regarded property management service provider. NHP will acquire a 50% stake in PMBRES for a base purchase price of $1 million plus possible additional payments based on PMBRES
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SOURCE Nationwide Health Properties, Inc.
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