Nationwide Health Properties Inc., a Newport Beach-based owner of medical offices and other healthcare buildings, on Wednesday reported higher third-profits and upped its outlook for the rest of the year.
The company posted a profit of $57.7 million, up 82% from a year earlier. Revenue rose 28% to $87 million on higher rents from medical offices.
Nationwide’s funds from operations rose nearly 20% to $51 million from $42.6 million a year ago.
Funds from operations are considered a good measure of a real estate investment trust’s strength as it gives a more accurate picture of cash performance.
Analysts expected Nationwide to have $50.1 million in funds from operations in the quarter.
Nationwide raised its expectations for 2007 funds from operations to $199.2 million and $201.2 million, before charges and acquisitions.
Previously, Nationwide expected yearly funds from operations of $195.4 million to $199.2 million.
Wall Street had been expecting Nationwide to have $198.2 million in funds from operations for 2007
