Nationwide Health Properties Inc.: The Newport Beach...

Nationwide Health Properties Inc.: The Newport Beach real estate investment trust posted a 59% gain in second-quarter earnings, to $4.3 million from $2.7 million for the like quarter last year. Revenue dropped 12% to $7.8 million from $8.9 million. The company said net income and cash flow increased due to reduced interest expense on debt that was eliminated through a common stock offering. Nationwide attributed the revenue decline to the sale of 26 of its facilities during 1989. For the six-month period, earnings rose 64% to $8.2 million from about $5 million in the year-earlier period. Revenue declined 13% to $15.4 million from $17.7 million.