SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported)
December 14, 2000
NATIONWIDE HEALTH PROPERTIES, INC.
(Exact Name of Registrant as Specified in Charter)
Maryland 1-9028 95-3997619
(State or Other (Commission (IRS Employer
Jurisdiction of File Number) Identification
Incorporation) Number)
610 Newport Center Drive, Suite 1150,
Newport Beach, CA 92660-6429
(Address of Principal Executive Offices)
Registrant's telephone number, including area code:
(949) 718-4400
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
<PAGE>
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
AND EXHIBITS
(c) Exhibits
The following exhibit is filed as part of Item 9 of
this Report on Form 8-K:
99 Press Release of Nationwide Health
Properties, Inc., issued December 8, 2000
ITEM 9. REGULATION FD DISCLOSURE
On December 8, 2000, Nationwide Health Properties, Inc.
(the "Company") issued a press release relating to the default
under two master leases by Balanced Care Corporation ("Balanced
Care"). A copy of the press release is attached to this Report
on Form 8-K as Exhibit 99. The press release stated that the
Company would receive a partial rent payment for December and
that the Company scheduled a meeting with the management of
Balanced Care on December 13, 2000 to determine the future course
of action with respect to the defaulted leases.
On December 12, 2000, the Company received a payment in
the amount of $96,775 from Balanced Care.
On the afternoon of December 13, 2000, the management
of the Company met with the Chief Executive Officer and two other
representatives of Balanced Care. Balanced Care proposed that
the Company agree to certain rent concessions under two master
leases until such time as there is improved profitability of the
facilities. The Company informed the representatives of Balanced
Care that it would not agree to any rent concessions and that it
would proceed with all available legal remedies.
No further meetings with representatives from Balanced
Care have been scheduled.
Certain information contained in this Report on Form 8-
K includes forward looking statements, which can be identified by
the use of forward looking terminology such as "may", "will",
"expect", "should" or comparable terms or the negative thereof.
These statements involve risks and uncertainties that could cause
actual results to differ materially from those described in the
statements. These risks and uncertainties include (without
limitation) the following: the effect of economic and market
conditions and changes in interest rates, government regulations,
including changes in Medicare and Medicaid payment levels,
changes in the healthcare industry, deterioration of the
operating results or financial condition, including bankruptcies,
of the Company's tenants, the ability of the Company to attract
new operators for certain facilities, the amount of any
additional investments, access to capital markets and changes in
the ratings of the Company's debt securities.
The furnishing of this information is not intended to
constitute a representation that such furnishing is required by
Regulation FD or that the information it contains is material
investor information that is not otherwise publicly available.
In addition, all of the information in the letter is presented as
of December 14, 2000, and the Company does not assume any
obligation to update such information in the future.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
NATIONWIDE HEALTH PROPERTIES, INC.
Date: December 14, 2000 By: /s/ Mark L. Desmond
---------------------------------
Name: Mark L. Desmond
Title: Senior Vice President and
Chief Financial Officer
<PAGE>
EXHIBIT INDEX
Exhibit
Number Description
99 Press Release of Nationwide Health Properties,
Inc., issued December 8, 2000
<PAGE>
EXHIBIT 99
FOR IMMEDIATE RELEASE
CONTACT: R. Bruce Andrews Mark L. Desmond
President & CEO Senior Vice President & CFO
(949) 718-4400 (949) 718-4400
NATIONWIDE DEFAULTS LESSEE
(NEWPORT BEACH, California, December 8,
2000).Nationwide Health Properties, Inc. (NYSE: NHP) announced
today that it has defaulted two master leases with Balanced Care
Corporation (NYSE: BAL) after being informed that it would only
receive a partial rent payment for December. Nationwide owns ten
assisted living facilities that are leased to Balanced Care and
represent 4% of Nationwide's portfolio. These facilities,
located in six states in the eastern United States, have all been
constructed and opened during the past 12 to 22 months. The
facilities currently have occupancy varying from 22% to 92%, with
an aggregate average occupancy of 57%.
In connection with the default of the leases, the
Company will avail itself of security deposits aggregating
$2,037,000 to make up for the reduced rentals received. The
facilities' operating results currently only cover their rent
obligation by approximately 40%. Nationwide's total monthly rent
for these facilities is $580,000. Nationwide has scheduled a
meeting with management of Balanced Care on December 13, 2000 to
determine the future course of action.
"These attractive facilities are all new, and with a
few exceptions, are located in strong markets," said R. Bruce
Andrews, President and Chief Executive Officer. "As these units
continue to fill, it is anticipated that the operating results
from these facilities will fulfill their rent obligation in
approximately a twelve-month period. Although this default
situation could adversely impact the Company's anticipated
earnings, we do not expect it to impact the Company's ability to
maintain its current dividend policy."
Nationwide Health Properties, Inc. is a real estate
investment trust that invests in health care facilities. The
Company has investments in 328 facilities in 37 states.
Certain matters discussed within this press release may
constitute "forward-looking statements" within the meaning of the
federal securities laws. Although the Company believes the
statements are based on reasonable assumptions, it can give no
assurance that its expectations will be attained. Actual results
and the timing of certain events could differ materially from
those projected in or contemplated by the forward-looking
statements due to risks and uncertainties described from time to
time in the SEC reports filed by the Company.
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