During the second quarter the REIT recorded prepayments of $11.5 million on mortgage loan receivables secured by three skilled nursing facilities. NHP expects to continue to selectively use mortgage receivable prepayments as an equity equivalent for the remainder of the year, estimating that another $60 million will be added to the REITs financial coffers via prepayments and facility sales.

Just last month, the REIT sold one million shares of common stock at $18 a share, with proceeds from the issue going toward reducing the company's revolving line of credit with banks. There were no underwriting fees or other costs associated with the stock issuance.

On Friday, NHP's board of directors declared a $0.46 per share regular dividend on common stock, to be paid on Sep. 7 to shareholders of record on Aug. 10. The board also declared a $1.92 per share dividend on its preferred stock to be paid on Oct. 1 to shareholders of record on Sept. 4.

The REIT is close to finalizing a joint venture with an institutional investor to make available $130 million in capital to acquire long term care facilities and senior housing properties "on an opportunistic basis," said Andrews during a recent Web conference. NHP will own a 25% share of the newly formed 10-year joint venture, investing up to $16 million in an equity contribution.

As of July 10, NHP had 321 facilities including 278 owned facilities and 43 facilities secured by mortgage loans. NHP invests in skilled nursing facilities, assisted living facilities, and continuing care retirement communities, providing leases or mortgage loans directly to the operators who operate the facilities and care for the residents. Traded on the NYSE, NHP closed Monday at $19.5 a share, a loss of 1.47%.