(RTTNews) -  Real estate investment trust Nationwide Health Properties, Inc. (NHP: News ), on Monday reported a 9.2% rise in profit for the third quarter as revenues grew 3.4% from last year on higher rents. On a per share basis, Funds from operations, or FFO, was flat with last year and were in line with Street expectations. Looking ahead, the company cut the upper end of its FFO and FAD forecast for fiscal year 2009 in light of common shares issued.

For the third quarter, the Newport Beach, California-based company's net income attributable to NHP common stockholders rose to $29.70 million from $27.20 million in the same quarter last year. On a per share basis, earnings were flat at $0.27 with last year.

Income from continuing operations for the quarter increased to $31.23 million or $0.27 per share from $26.07 million or $0.24 per share in the year-ago quarter.

Funds From Operations for the quarter increased 8.4% to $63.34 million from $58.41 million in the same quarter last year. On a per share basis, FFO was flat at $0.56 with last year. Funds Available for Distribution rose to $62.80 million or $0.56 per share from $57.11 million or $0.55 per share a year earlier. FFO and FAD are non-GAAP measures that the company believe's are important to understanding its operations.

On average, twelve analysts polled by Thomson Reuters expected the company to earn $0.56 per share for the quarter. Analysts' estimates typically exclude one-time charges and gains.

Results for the prior year quarter included earnings from discontinued operations of $0.03 per share.

Quarterly revenue grew 3.4% to $97.82 million from $94.58 million in the prior year quarter. Street analysts' revenue estimate was $94.41 million for the quarter.
Triple-net lease rent for the quarter increased to $73.92 million from $71.80 million, while medical office operating rent climbed to $17.15 million from $16.19 million last year.

During the third quarter Nationwide Health issued 5.5 million shares of its common stock through controlled equity offering program at an average price of $30.12 per share, resulting in net proceeds of nearly $163.0 million.

For the nine month period, net income attributable to NHP common stockholders plunged to $112.15 million or $1.05 per share from $228.54 million or $2.34 per share in the same period last year.

FFO for nine months increased to $191.83 million or $1.75 per share from $172.51 million or $1.68 per share in the corresponding period last year. FAD for the period rose to $190.77 million or $1.74 per share from $167.78 million or $1.64 per share in the year ago period.

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