<PAGE> 1
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): April 20, 1998
AMERICAN HEALTH PROPERTIES, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 1-9381 95-4084878
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
6400 SOUTH FIDDLER'S GREEN CIRCLE, SUITE 1800
ENGLEWOOD, COLORADO 80111
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (303) 796-9793
<PAGE> 2
Item 5. Other Events.
On April 20, 1998, the Company announced its results for the three
month period ended March 31, 1998. Attached as Exhibit 99.1 is summary financial
information for the Company for the three months ended March 31, 1998.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
99.1 American Health Properties, Inc. Financial Highlights, first
quarter ended March 31, 1998.
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.
Date: April 20, 1998 AMERICAN HEALTH PROPERTIES,
INC.
(Registrant)
By: /s/ Michael J. McGee
Michael J. McGee
Treasurer
-2-
<PAGE> 3
Exhibit Index
Exhibit No. Description
- ----------- -----------
99.1 American Health Properties, Inc. Financial Highlights, first
quarter ended March 31, 1998.
<PAGE> 1
EXHIBIT 99.1
AMERICAN HEALTH PROPERTIES, INC.
FINANCIAL HIGHLIGHTS-FIRST QUARTER
(in thousands except per share amounts)
(Unaudited)
<TABLE>
<CAPTION>
Consolidated Core Group Psychiatric Group
--------------------- -------------------------- ------------------------
Three Months Ended March 31,
---------------------------------------------------------------------------------
1998 1997 1998 1997 1998 1997
- ------------------------------------------ --------- --------- --------- --------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Revenues
Rental income $ 21,358 $ 17,810 $ 21,003 $ 17,229 $ 355 $ 581
Mortgage interest income 1,653 1,517 113 -- 1,540 1,517
Additional rental and interest income 3,420 2,976 3,126 2,772 294 204
Other property income 335 -- 335 -- -- --
Other interest income 241 1,030 161 931 80 99
Interest on loans to Psychiatric Group -- -- 365 390 -- --
- ------------------------------------------ --------- --------- --------- --------- -------- --------
27,007 23,333 25,103 21,322 2,269 2,401
- ------------------------------------------ --------- --------- --------- --------- -------- --------
Expenses
Depreciation and amortization 4,874 3,828 4,686 3,642 188 186
Property operating 1,215 11 990 11 225 --
Interest expense 4,942 6,107 4,942 6,107 -- --
Interest on loans from Core Group -- -- -- -- 365 390
General and administrative 2,106 1,880 1,854 1,585 252 295
Impairment loss on real estate and notes
receivable -- 11,000 -- -- -- 11,000
- ------------------------------------------ --------- --------- --------- --------- -------- --------
13,137 22,826 12,472 11,345 1,030 11,871
- ------------------------------------------ --------- --------- --------- --------- -------- --------
Minority Interest 47 47 47 47 -- --
- ------------------------------------------ --------- --------- --------- --------- -------- --------
Income (Loss) Before Extraordinary Item 13,823 460 12,584 9,930 1,239 (9,470)
Extraordinary Loss On Debt Prepayment -- (11,427) -- (11,427) -- --
- ------------------------------------------ --------- --------- --------- --------- -------- --------
Net Income (Loss) $ 13,823 $ (10,967) $ 12,584 $ (1,497) $ 1,239 $ (9,470)
- ------------------------------------------ ========= ========= ========= ========= ======== ========
Funds From Operations $ 18,672 $ 15,259 $ 17,245 $ 13,543 $ 1,427 $ 1,716
- ------------------------------------------ ========= ========= ========= ========= ======== ========
Basic Per Share Amounts(1)
- ------------------------------------------
Income (Loss) Before Extraordinary Item $ 0.44(2) $ 0.42 $ 0.59 $ (4.54)
Extraordinary Loss On Debt Prepayment $ -- $ (0.48) $ -- $ --
Net Income (Loss) $ 0.44(2) $ (0.06) $ 0.59 $ (4.54)
Funds From Operations $ 0.64(2) $ 0.58 $ 0.68 $ 0.82
Weighted Average Shares 23,716 23,458 2,084 2,084
Diluted Per Share Amounts(1)
- ------------------------------------------
Income (Loss) Before Extraordinary Item $ 0.43(2) $ 0.42 $ 0.59 $ (4.54)(3)
Extraordinary Loss On Debt Prepayment $ -- $ (0.48) $ -- $ --
Net Income (Loss) $ 0.43(2) $ (0.06) $ 0.59 $ (4.54)(3)
Funds From Operations $ 0.63(2) $ 0.57 $ 0.68 $ 0.82
Weighted Average Shares and
Dilutive Potential Shares 23,992 23,649 2,102 2,096
Dividends Declared Per Share $ 0.545 $ 0.525 $ 0.64 $ 0.75
</TABLE>
<TABLE>
<CAPTION>
As of March 31,
---------------------------------------------------------------------------------
Balance Sheet Information 1998 1997 1998 1997 1998 1997
- ------------------------------------------ --------- --------- --------- --------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Total Assets $ 709,553 $ 570,547 $ 670,744 $ 531,986 $ 50,785 $ 51,885
Total Debt $ 258,794 $ 225,642 $ 258,794 $ 225,642 $ 11,976 $ 13,324
Total Shareholders' Equity $ 423,084 $ 320,666 $ 386,456 $ 283,702 $ 36,628 $ 36,964
</TABLE>
(1) Per share amounts for 1997 have been restated as required by Statement of
Financial Accounting Standards No. 128, "Earnings per Share".
(2) Per share amount is based on amount attributable to Core Group common
shareholders which represents amount after deduction of preferred dividends
of $2,150 for the three months ended March 31, 1998.
(3) Per share amount is based on Weighted Average Shares used for Basic Per
Share Amounts.
