National Health Realty, Inc., (AMEX: NHR) a long-term health care
real estate investment trust, announced net income for the quarter
ended June 30, 2007 of $2,948,000 compared to $2,933,000 in the
comparable quarter of last year. For the three months ended June
30, 2007 net income per share was 30 cents basic and diluted
compared to 29 cents basic and diluted, for the second quarter last
year. Basic and diluted funds from operations were 42 cents per
share compared to 42 cents basic and diluted, last year. Revenues
for the quarter totaled $5,014,000 compared to $4,980,000 last
year. For the six months ended June 30, net income was $5,891,000
compared to $6,036,000 for the same six months last year. Net
income per share was 59 cents basic and diluted compared to 61
cents basic and diluted last year. Funds from operations per share
were 83 cents basic and diluted compared to 86 cents basic and
diluted in 2006. Revenues for the six months totaled $10,096,000
compared to $10,143,000 for the same period of the prior year.
�Quarterly operating results are in line with Company expectations
and include merger related costs of approximately $189,000,� said
NHR President Robert Adams. �We are currently focusing our efforts
on our proposed merger with National HealthCare Corporation that is
expected to be completed in the fall.� NHR owns the real property
of 16 skilled nursing facilities, six assisted living centers and
one retirement center. NHR also owns first and second mortgage
notes having a carrying value of approximately $12.2 million. These
notes are secured by operating skilled nursing facilities and other
health care properties. Additional information including NHR�s most
recent press releases may be obtained on NHR�s web site at
www.nationalhealthrealty.com. The company trades on the American
Stock Exchange with the symbol NHR. Statements in this press
release that are not historical facts are forward looking
statements. NHR cautions investors that any forward-looking
statements made involve risks and uncertainties and are not
guarantees of future performance. All forward-looking statements
represent NHR�s best judgment as of the date of this release. �
Condensed Statement of Income (unaudited) (in thousands, except
share and per share amounts) � Three Months Ended Six Months Ended
June 30 June 30 � 2007 � � 2006 � � 2007 � � 2006 � Revenues:
Rental income $ 4,490 $ 4,444 $ 9,052 $ 9,072 Mortgage interest
income � 524 � � 536 � � 1,044 � � 1,071 � � 5,014 � � 4,980 � �
10,096 � � 10,143 � Expenses: Interest 133 152 271 301 Depreciation
of real estate 1,340 1,423 2,681 2,846 General and administrative �
458 � � 304 � � 983 � � 539 � � 1,931 � � 1,879 � � 3,935 � � 3,686
� Income before minority interest in consolidated subsidiaries and
non-operating income 3,083 3,101 6,161 6,457 � Non-operating income
(investment & interest income) 223 190 447 315 � Minority
interest in consolidates subsidiaries � (358 ) � (358 ) � (717 ) �
(736 ) � Net Income $ 2,948 � $ 2,933 � $ 5,891 � $ 6,036 � � Net
income per common share: Basic $ 0.30 $ 0.29 $ 0.59 $ 0.61 Diluted
$ 0.30 $ 0.29 $ 0.59 $ 0.61 � Funds from operations: Basic $ 4,142
$ 4,201 $ 8,280 $ 8,572 Diluted $ 4,142 $ 4,201 $ 8,280 $ 8,572 �
Funds from operations per common share: Basic $ 0.42 $ 0.42 $ 0.83
$ 0.86 Diluted $ 0.42 $ 0.42 $ 0.83 $ 0.86 � Weighted average
common shares: Basic 9,956,260 9,943,199 9,954,074 9,941,341
Diluted 9,971,430 9,946,835 9,970,050 9,946,697 � Common dividends
declared $ 0.3325 $ 0.3325 $ 0.6650 $ 0.6650 Balance Sheet Data (in
thousands) June 30 Dec. 31, � 2007 � 2006 Real estate properties,
net $ 106,682 $ 109,363 Mortgages receivable 12,216 12,541
Long-term debt 7,900 8,750 Stockholders' equity 111,454 112,385
Three Months Ended Six Months Ended June 30 June 30 � 2007 � � 2006
� � 2007 � � 2006 � (in thousands) (in thousands) � Net income
applicable to common stockholders $ 2,948 $ 2,933 $ 5,891 $ 6,036
Adjustments: Real estate depreciation 1,340 1,423 2,681 2,846
Minority interest in NHR/OP, L.P. share of add back for real estate
related depreciation � (146 ) � (155 ) � (292 ) � (310 ) Funds from
operations applicable to common stockholders $ 4,142 � $ 4,201 � $
8,280 � $ 8,572 � � Basic funds from operations per share $ 0.42 �
$ 0.42 � $ 0.83 � $ 0.86 � Diluted funds from operations per share
$ 0.42 � $ 0.42 � $ 0.83 � $ 0.86 � � Weighted average shares:
Basic 9,956,260 9,943,199 9,954,074 9,941,341 Diluted 9,971,430
9,946,835 9,970,050 9,946,697 National Health Realty, Inc.
Portfolio Summary June 30, 2007 (dollars in thousands) � PORTFOLIO
STATISTICS � Number of Investment Properties � Investment �
Percentage Mortgage loan receivables 5 $ 12,216 10 % Equity
ownership 23 � � 106,682 � � � 90 % Total real estate portfolio 28
$ 118,898 100 % � � MORTGAGE LOAN RECEIVABLES � Number of Number
Properties � of Beds � Investment Nursing homes 5 714 $ 12,216 � �
EQUITY OWNERSHIP � Number of Number Properties � of Beds �
Investment Nursing homes 16 1,908 $ 64,594 Assisted living 6 488
28,421 Retirement homes 1 � � 58 � � � 13,667 � 23 2,454 $ 106,682
� � � � � Total Real Estate Portfolio 28 � � 3,168 � � $ 118,898 �
� � SUMMARY OF FACILITIES BY TYPE � Number of % of Total Properties
� Total $ � Dollars Nursing homes 21 64.60 % $ 76,810 Assisted
living 6 23.90 % 28,421 Retirement homes 1 � � 11.49 % � � 13,667 �
28 � � 100.00 % � $ 118,898 � � � SUMMARY OF FACILITIES BY STATE �
Percent Assisted Investment Total LTC � Living � Retirement �
Amount � Portfolio 1 Florida 8 3 52,594 44.23 % 2 Tennessee 2 2 1
31,934 26.86 % 3 South Carolina 7 25,768 21.67 % 4 Indiana 3 3,361
2.83 % 5 Alabama 1 3,112 2.62 % 6 Missouri 1 � � � � � 2,129 � 1.79
% 21 � � 6 � � � 1 � � 118,898 � 100.00 %
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