The company's funds from operations for this year's second quarter was $21,996,000 or $0.45 per diluted share. This figure shows a mild improvement from the first quarter of 2002, when FFO was $21,051,000 or $0.44 per diluted share. However, it is still nearly $3 million short of last year's second quarter FFO, which was $24,685,000 or $0.53 per share.

Revenues also rose slightly between last quarter and this quarter of 2002, increasing from $37,688,000 to $37,972,000. Yet, the figure is still below last year's second quarter revenues, which were recorded as $42,139,000.

NHP officials believe that earnings will continue to grow as this year progresses, especially now that $142-million worth of new investments have been recently completed. "Earnings were in line with our expectations and consensus estimates," says R. Bruce Andrews, the company's president and CEO, adding that they "should continue to improve in upcoming quarters."