Nationwide Health’s Profit Dips Despite 18% Increase in Revenue

Nationwide Health Properties Inc., a Newport Beach real estate investment trust that invests in health care facilities, said first quarter net income totaled $17.7 million, or 34 cents a share, down 11% from $19.9 million, or 42 cents a share, a year ago. The 1998 figure included a gain of $2.3 million, or 6 cents a share, from the sale of two facilities. Funds from operations, a key industry indicator, increased 12.4% to $24.5 million, or 53 cents a share, from $21.8 million, or 50 cents a share. Revenue rose 18% to $39.3 million from $33.2 million.