Exhibit 99.1
For Release: August 3, 2007
Contact: Gerald Coggin, Sr. VP of Corporate Relations
Phone: (615) 890-2020 ext. 1405
NHR reports second quarter income
MURFREESBORO, Tenn. -- 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 atwww.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.
