ORANGE COUNTY EARNINGS

Nationwide Health Properties Inc.: The Newport Beach real estate investment trust, which invests in health care facilities, reported that net income in the fourth quarter dropped 27% to $11.5 million, or 25 cents a share, from $15.7 million, or 36 cents a share, a year ago. Funds from operations advanced 12% to $25.4 million, or 52 cents a share, from $22.6 million, or 49 cents a share, for the 1997 fourth quarter. Revenue rose 16% to $38.3 million from $32.9 million.

For the year, net income rose to $62.1 million, or $1.39 a share, from $61.9 million, or $1.47 a share, for 1997. Included in net income for 1998 was a gain of $2.3 million from the sale of facilities and a $5-million provision for reduced value of certain assets. The 1997 net income included a gain of $829,000 from the sale of a facility.

Funds from operations increased 13% to $96.7 million, or $2.05 a share, from $85.3 million, or $1.89 a share, a year ago. Revenue increased 23% to $142.6 million from $115.7 million.