snh_8k.htm

0000908737-07-000356.txt : 20071101 0000908737-07-000356.hdr.sgml : 20071101 20071101121412 ACCESSION NUMBER: 0000908737-07-000356 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20071101 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20071101 DATE AS OF CHANGE: 20071101 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SENIOR HOUSING PROPERTIES TRUST CENTRAL INDEX KEY: 0001075415 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 043445278 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-15319 FILM NUMBER: 071205541 BUSINESS ADDRESS: STREET 1: 400 CENTRE STREET CITY: NEWTON STATE: MA ZIP: 02458 BUSINESS PHONE: 6173323990 8-K 1 snh_8k.htm 8K snh_8k.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): November 1, 2007 (November 1, 2007)

SENIOR HOUSING PROPERTIES TRUST

(Exact Name of Registrant as Specified in Its Charter)

Maryland	001-15319	04-3445278
(State or Other Jurisdication of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

400 Centre Street, Newton, Massachusetts 02458

(Address of Principal Executive Office) (Zip Code)

617-796-8350

(Registrant's Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On November 1, 2007, Senior Housing Properties Trust, or the Company, issued a press release setting forth the Company’s results of operations and financial condition for the quarter and nine months ended September 30, 2007 and also provided certain supplemental operating and financial data for the quarter and nine months ended September 30, 2007. Copies of the Company’s press release and supplemental operating and financial data are furnished as Exhibits 99.1 and 99.2 hereto, respectively.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits

The Company hereby furnishes the following exhibits:

99.1 Press Release dated November 1, 2007.

99.2 Third Quarter 2007 Supplemental Operating and Financial Data.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	SENIOR HOUSING PROPERTIES TRUST By: /s/ Richard A. Doyle
		Richard A. Doyle Treasurer and Chief Financial Officer

Date: November 1, 2007

EX-99.1 2 ex99-1.htm EX 99-1 ex99-1.htm

400 Centre Street, Newton, MA 02458-2076

tel: (617) 796-8350 fax: (617) 796-8349

Exhibit 99.1

FOR IMMEDIATE RELEASE
	Contact:
	Timothy A. Bonang
	Manager of Investor Relations
	(617) 796-8234
	www.snhreit.com

Senior Housing Properties Trust Announces Results for the Periods Ended September 30, 2007

Newton, MA (November 1, 2007). Senior Housing Properties Trust (NYSE: SNH) today announced its financial results for the quarter and nine months ended September 30, 2007, as follows:

Results for the quarter ended September 30, 2007:

Net income for the quarter ended September 30, 2007 was $20.6 million, or $0.25 per share, compared to net income of $15.4 million, or $0.21 per share, for the quarter ended September 30, 2006.

Funds from operations (FFO) for the quarter ended September 30, 2007 was $34.1 million, or $0.41 per share. This compares to FFO for the quarter ended September 30, 2006 of $27.7 million, or $0.39 per share.

The weighted average number of common shares outstanding totaled 83.7 million and 71.8 million for the quarters ended September 30, 2007 and 2006, respectively.

Results for the nine months ended September 30, 2007:

Net income for the nine months ended September 30, 2007 was $58.8 million, or $0.71 per share, compared to net income of $38.6 million, or $0.54 per share, for the nine months ended September 30, 2006. Net income for the nine months ended September 30, 2007 includes a loss on early extinguishment of debt of $2.0 million, or $0.02 per share, related to the purchase and retirement of $20.0 million of SNH’s 8 5/8% senior notes due 2012. Net income for the same period in 2006 includes (1) an impairment of assets charge of $1.4 million, or $0.02 per share, related to three properties that we later sold during the fourth quarter of 2006, (2) a loss on early extinguishment of debt of $1.3 million, or $0.02 per share, related to the $28.2 million redemption of all of SNH’s 10.125% junior subordinated debentures and (3) a loss on early extinguishment of debt of $5.2 million, or $0.07 per share, related to the $52.5 million redemption of SNH’s 7 7/8% senior notes due 2015.

FFO for the nine months ended September 30, 2007 was $99.1 million, or $1.20 per share. FFO includes a loss on early extinguishment of debt paid in cash of $1.8 million, or $0.02 per share, related to the purchase and retirement of the senior notes due 2012 described above. This compares to FFO for the nine months ended September 30, 2006 of $79.0 million, or $1.10 per share. FFO for the nine months ended September 30, 2006 includes a $4.1 million, or $ 0.06 per share, loss for the cash premium paid for partial redemption of the senior notes due 2015 described above.

The weighted average number of common shares outstanding totaled 82.7 million and 71.8 million for the nine months ended September 30, 2007 and 2006, respectively.

A reconciliation of FFO to net income determined according to U.S. generally accepted accounting principles, or GAAP, is set forth below.

A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the New York Stock Exchange.
No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.

Investment Activities and Subsequent Events:

In September 2007, SNH agreed to purchase six wellness centers for approximately $76.8 million. These wellness centers are leased to Starmark Holdings, LLC who will continue to operate them under the brand name “Wellbridge”. We acquired four of these wellness centers for $42.1 million on October 30, 2007 using cash on hand and borrowings under our revolving credit facility. We expect to fund the acquisition of the two remaining wellness centers using cash on hand, by borrowings under our revolving credit facility and by assuming a mortgage for $14.9 million at 6.9% per annum.

In October 2007, SNH agreed to purchase six senior living properties with a total of 707 units for approximately $78.5 million. We intend to lease these properties to Five Star Quality Care, Inc., or Five Star, and to add them to our combined lease for 114 properties with Five Star, which has a current term expiring in 2020. We expect to fund these acquisitions using cash on hand and by borrowings under our revolving credit facility.

On October 11, 2007, SNH raised its regular quarterly common share dividend by $0.01 to $0.35 per common share ($1.40 per share per year). This regular quarterly dividend will be paid to common shareholders of record as of the close of business on October 22, 2007, and distributed on or about November 15, 2007.

Conference Call:

On Thursday, November 1, 2007, at 1:00 p.m. EST, David J. Hegarty, president and chief operating officer, and Richard A. Doyle, treasurer and chief financial officer, will host a conference call to discuss the results for the third quarter ended September 30, 2007. The conference call telephone number is 1-800-930-1353. Participants calling from outside the United States and Canada should dial 1-913-312-1395. No pass code is necessary to access the call from either number. Participants should dial in about 15 minutes prior to the scheduled start of the call. A replay of the conference call will be available through 4:00 p.m., Thursday, November 8, 2007. To hear the replay, dial 1-719-457-0820. The replay pass code is 3783264.

A live audio web cast of the conference call will also be available in listen only mode on the SNH web site. Participants wanting to access the webcast should visit the web site about five minutes before the call. The archived webcast will be available for replay on the SNH web site for about one week after the call.

Supplemental Data:

A copy of SNH’s Third Quarter 2007 Supplemental Operating and Financial Data is available for download from the SNH website, www.snhreit.com.

Senior Housing Properties Trust is a real estate investment trust, or REIT, that owns 200 properties located in 32 states. SNH is headquartered in Newton, Massachusetts.

Senior Housing Properties Trust

Financial Information

(in thousands, except per share data)

Income Statement:

	Quarter Ended September 30,				Nine Months Ended September 30,
	2007		2006		2007		2006
Revenues:
Rental income	$	44,653	$	41,983	$	133,361	$	123,727
Interest and other income		571		334		1,577		1,034
Total revenues		45,224		42,317		134,938		124,761
Expenses:
Interest		9,223		11,833		28,276		34,751
Depreciation		11,821		10,978		35,120		32,631
General and administrative		3,567		4,088		10,732		10,870
Impairment of assets⁽¹⁾		-		-		-		1,420
Loss on early extinguishment of debt⁽²⁾		-		-		2,026		6,526
Total expenses		24,611		26,899		76,154		86,198
Net income	$	20,613	$	15,418	$	58,784	$	38,563

Weighted average shares outstanding		83,659		71,824		82,718		71,818
Per share data:
Net income	$	0.25	$	0.21	$	0.71	$	0.54

Balance Sheet:

	At September 30, 2007		At December 31, 2006
Assets
Real estate properties	$	1,847,192	$	1,814,358
Less accumulated depreciation		311,627		276,507
		1,535,565		1,537,851
Cash and cash equivalents		3,645		5,464
Restricted cash		3,010		2,435
Deferred financing fees, net		6,461		8,173
Other assets		28,257		30,851
Total assets	$	1,576,938	$	1,584,774

Liabilities and Shareholders’ Equity
Unsecured revolving credit facility	$	-	$	112,000
Senior unsecured notes, net of discount		321,837		341,673
Secured debt and capital leases		90,143		91,412
Total debt		411,980		545,085
Other liabilities		19,421		20,223
Total liabilities		431,401		565,308
Shareholders’ equity		1,145,537		1,019,466
Total liabilities and shareholders’ equity	$	1,576,938	$	1,584,774

(1)	During the nine months ended September 30, 2006, we recognized an impairment of assets charge of $1.4 million related to three properties that were sold during the fourth quarter of 2006.

(2)	In January 2007, we purchased and retired $20.0 million of our 8 5/8% senior notes due 2012 and paid a premium of $1.8 million and wrote off $276,000 of deferred financing fees and unamortized discount related to these senior notes. In June 2006, we redeemed all of our $28.2 million of 10.125% junior subordinated debentures; loss on early extinguishment of debt includes a $1.3 million write off of unamortized deferred financing fees related to these debentures. In January 2006, we redeemed $52.5 million of our 7 7/8% senior unsecured notes and paid a $4.1 million redemption premium and wrote off $1.1 million of deferred financing fees and unamortized discount related to these senior notes.

Senior Housing Properties Trust

Funds from Operations

(in thousands, except per share data)

Calculation of Funds from Operations (FFO)⁽¹⁾:

	Quarter Ended September 30,				Nine Months Ended September 30,
	2007		2006		2007			2006
Net income	$	20,613	$	15,418	$	58,784		$	38,563
Add: Depreciation expense		11,821		10,978		35,120			32,631
Impairment of assets		-		-		-			1,420
Loss on early extinguishment of debt		-		-		2,026			6,526
Deferred percentage rent ⁽²⁾		1,700		1,263		4,961			4,016
Less: Loss on early extinguishment of debt settled in cash ⁽³⁾		-		-		(1,750	)		(4,134	)
FFO	$	34,134	$	27,659	$	99,141		$	79,022

Weighted average shares outstanding		83,659		71,824		82,718			71,818

FFO per share	$	0.41	$	0.39	$	1.20		$	1.10
Distributions declared	$	0.35	$	0.33	$	1.03		$	0.98

(1)	We compute FFO as shown in the calculation above. This calculation begins with income from continuing operations or, if that amount is the same as net income, with net income. Our calculation of FFO differs from the National Association of Real Estate Investment Trusts, or NAREIT, definition of FFO because we include deferred percentage rent in FFO as discussed in footnote (2) below and we exclude loss on early extinguishment of debt not settled in cash from FFO. We consider FFO to be an appropriate measure of performance for a real estate investment trust, or REIT, along with net income and cash flow from operating, investing and financing activities. We believe that FFO provides useful information to investors because by excluding the effects of certain historical costs, such as depreciation expense and gain or loss on sale of properties, FFO can facilitate comparison of current operating performance among REITs. FFO does not represent cash generated by operating activities in accordance with U.S. generally accepted accounting principles, or GAAP, and should not be considered an alternative to net income or cash flow from operating activities as a measure of financial performance or liquidity. FFO is one important factor considered by our board of trustees in determining the amount of distributions to shareholders. Other important factors include, but are not limited to, requirements to maintain our status as a REIT, limitations in our revolving credit facility and public debt covenants, the availability of debt and equity capital to us and our expectation of our future performance.

(2)	Our percentage rents are generally calculated on an annual basis. We recognize percentage rental income received during the first, second and third quarters in the fourth quarter when all contingencies related to percentage rents are satisfied. Although recognition of revenue is deferred until the fourth quarter, our FFO calculation for the first three quarters includes estimated amounts of deferred percentage rents with respect to those periods. The fourth quarter calculation of FFO excludes the amounts recognized during the first three quarters.

(3)	FFO for the nine months ended September 30, 2007 includes a $1.8 million loss for the cash premium paid for our retirement of $20.0 million of our 8 5/8% senior notes due 2012. FFO of the nine months ended September 30, 2006 includes a $4.1 million loss for the cash premium paid for our redemption of $52.5 million of our 7 7/8% senior notes due 2015.

(END)

EX-99.1 3 ex99-2.htm EX 99-2 ex99-2.htm

Exhibit 99.2

SENIOR HOUSING PROPERTIES TRUST

Third Quarter 2007

Supplemental Operating and Financial Data

Unless otherwise noted, all amounts in this report are unaudited.

	TABLE OF CONTENTS


		Page


CORPORATE INFORMATION

	Company Profile	4
	Investor Information	5
	Research Coverage	6

FINANCIAL INFORMATION

	Key Financial Data	8
	Consolidated Balance Sheet	9
	Consolidated Statement of Income	10
	Consolidated Statement of Cash Flows	11
	Calculation of EBITDA	12
	Calculation of Funds from Operations (FFO)	13
	Debt Summary	14
	Debt Maturity Schedule	15
	Leverage Ratios, Coverage Ratios and Public Debt Covenants	16
	2007 Investments/Dispositions Information	17
	2007 Financing Activities	18



PORTFOLIO INFORMATION

	Portfolio Summary by Facility Type and Tenant	20
	Occupancy by Facility Type and Tenant	21
	% Private Pay by Facility Type and Tenant	22
	Rent Coverage by Tenant	23
	Portfolio Lease Expiration Schedule	24

CORPORATE INFORMATION

Senior Housing Properties Trust

Supplemental Operating and Financial Data

September 30, 2007

COMPANY PROFILE

The Company:

Senior Housing Properties Trust, or SNH, is a real estate investment trust, or REIT, which owns independent and assisted living properties, continuing care retirement communities, nursing homes and hospitals located throughout the United States. We are included in a number of stock indices, including the Russell 2000®, the MSCI US REIT Index, FTSE EPRA/NAREIT United States Index and the S&P REIT Composite Index.

Management:

Senior Housing Properties Trust is managed by Reit Management & Research LLC, or RMR. RMR is a large real estate management company which was founded in 1986 to manage public investments in real estate. As of September 30, 2007, RMR managed one of the largest portfolios of publicly owned real estate in the United States, including over 1,270 properties, with 300 million square feet, located in 46 states, the District of Columbia, Puerto Rico and Ontario, Canada. RMR has approximately 500 employees in its headquarters and regional offices located throughout the Country.

In addition to managing SNH, RMR and its affiliates also manage Hospitality Properties Trust (HPT), a publicly traded REIT that owns hotels and travel centers, and HRPT Properties Trust (HRP), a publicly traded REIT that primarily owns office buildings. An affilitate of RMR, RMR Advisors, is also the investment manager of six publicly traded mutual funds (RMR Funds) which principally invest in securities of real estate companies (excluding securities of companies managed by RMR and its affiliates). The public companies managed by RMR and its affiliates had a combined total market capitalization of nearly $16 billion as of September 30, 2007. We believe that being managed by RMR is a competitive advantage for SNH because RMR provides SNH with a depth of management and experience which may be unequaled in the real estate industry. We also believe RMR is able to provide management services to SNH at costs that are lower than SNH would have to pay for similar quality services.

Strategy:

Our present business plan is to maintain an investment portfolio of independent and assisted living properties, continuing care retirement communities and nursing homes and to acquire additional healthcare related properties primarily for income and secondarily for appreciation potential. Our current growth strategy is generally focused on making acquisitions of geographically diverse, primarily independent and assisted senior living properties where the majority of the residents pay for occupancy and services with their private resources rather than through government programs. We base our acquisition decisions on the historical and projected operating results of the target properties and the financial strength of the proposed tenants and their guarantors, among other considerations. We also sometimes consider investing in properties other than senior living properties. Our present financial strategy is to maintain a conservative capital structure which limits the amount of debt that we issue. We do not have any investments in joint ventures or partnerships. Also, the majority of our debt is fixed rate, and we have no significant debt maturities until 2012.

Stock Exchange Listing:

New York Stock Exchange

Corporate Headquarters:

400 Centre Street

Newton, MA 02458

(t) (617) 796-8350

(f) (617) 796-8349

Trading Symbol:

Common Shares -- SNH

Senior Unsecured Debt Ratings:

Moody's -- Ba2

Standard & Poor's -- BB+

Portfolio Data (as of 9/30/07):

Total properties	196
Total units / beds	23,981
Percent of rent from private pay properties	84.5%	⁽¹⁾

Portfolio Concentration by Facility Type (as of 9/30/07):
	Number of		Number of		Carrying Value of					Annualized
	Properties		Units/Beds		Investment (2)		Percent			Current Rent		Percent
Independent Living (IL) (3)		41		11,213	$	1,019,596		55.2	%	$	98,816		54.4	%
Assisted Living (AL)		95		6,535		560,888		30.4	%		54,751		30.1	%
Nursing Homes		58		5,869		221,412		12.0	%		17,788		9.8	%
Rehabilitation Hospitals		2		364		45,296		2.4	%		10,264		5.7	%
Total		196		23,981	$	1,847,192		100.0	%	$	181,619		100.0	%

Operating Statistics by Tenant:							Q2 2007
	Number of		Number of		Annualized		Rent				Percent
Tenant	Properties		Units/Beds		Current Rent		Coverage (4)		Occupancy (4)		Private Pay (4)
Five Star (Lease No. 1)		114		9,344	$	50,229		1.34x		89%		54%
Five Star (Lease No. 2)		30		7,275		66,068		1.61x		91%		80%
Five Star Rehabilitation Hospitals (5)		2		364		10,264		0.67x		60%		31%
Sunrise / Marriott (6)		14		4,091		30,815	NA		NA		NA
NewSeasons / IBC (7)		10		873		9,298		1.16x		83%		100%
Alterra / Brookdale (8)		18		894		7,827		2.06x		87%		98%
6 Private Companies (combined)		8		1,140		7,118		2.07x		89%		25%
Total		196		23,981	$	181,619

(1)	Represents the percentage of SNH's rental income that is derived from properties where the underlying operating revenues are greater than 80% private pay
(2)	Amounts are before depreciation, but after impairment write downs.
(3)	Properties where the majority of living units are independent living apartments are classified as independent living communities.
(4)	All tenant operating data presented are based upon the operating results provided by our tenants for the indicated periods. Rent coverage is calculated as operating cash flow from our tenants’ facility operations, before subordinated charges and capital expenditure reserves, divided by the minimum rent payable to us. We have not independently verified our tenants’ operating data.
(5)	Occupancy percentage is based on a 342 available beds capacity.
(6)	Marriott International, Inc., or Marriott, guarantees this lease. Sunrise Senior Living, Inc., or Sunrise, has not filed its Annual Reports on Form 10-K for 2005 and 2006, and Quarterly Reports on Form 10-Q for the three quarters of 2006 and the first two quarters of 2007 with the Securities and Exchange Commission due to accounting issues. Because we do not know what impact the resolution of these accounting issues may have on the reported performance of our properties, we do not report operating data for this tenant.
(7)	Independence Blue Cross, or IBC, a Pennsylvania health insurer, guarantees this lease.
(8)	Brookdale Senior Living, Inc., or Brookdale, guarantees this lease.

Senior Housing Properties Trust

Supplemental Operating and Financial Data

September 30, 2007

INVESTOR INFORMATION


Board of Trustees

Barry M. Portnoy	Adam D. Portnoy
Managing Trustee	Managing Trustee


Frank J. Bailey	Frederick N. Zeytoonjian
Independent Trustee	Independent Trustee


John L. Harrington
Independent Trustee




Senior Management

David J. Hegarty	Richard A. Doyle
President, Chief Operating Officer and Secretary	Treasurer and Chief Financial Officer





Contact Information

Investor Relations	Inquiries
Senior Housing Properties Trust 400 Centre Street Newton, MA 02458 (t) (617) 796-8350 (f) (617) 796-8349 (email) info@snhreit.com (website) www.snhreit.com	Financial inquiries should be directed to Richard A. Doyle, Treasurer and Chief Financial Officer, at (617) 219-1405 or rdoyle@snhreit.com. Investor and media inquiries should be directed to Timothy A. Bonang, Manager of Investor Relations, at (617) 796-8234 or tbonang@snhreit.com.

Senior Housing Properties Trust

Supplemental Operating and Financial Data

September 30, 2007

RESEARCH COVERAGE

Equity Research Coverage

*Cantor Fitzgerald*	*RBC*
Philip Martin	Kevin Ellich
(312) 469-7485	(612) 313-1247

*Merrill Lynch*	*Stifel, Nicolaus*
Chris Pike	Jerry Doctrow
(212) 449-1153	(410) 454-5142

*Raymond James*	*UBS*
Paul Puryear	Omotayo Okusanya
(727) 573-3800	(212) 713-1864



Debt Research Coverage

*UBS*
Steven Valiquette
(203) 719-2347


Rating Agencies

*Moody’s Investor Service*	*Standard and Poor’s*
Lori Marks	George Skoufis
(212) 553-1098	(212) 438-2608

SNH is followed by the analysts and its publicly held debt is rated by the rating agencies listed above. Please note that any opinions, estimates or forecasts regarding SNH's performance made by these analysts or agencies do not represent opinions, forecasts or predictions of SNH or its management. SNH does not by its reference above imply its endorsement of or concurrence with any information, conclusions or recommendations provided by any of these analysts or agencies.

FINANCIAL INFORMATION

Senior Housing Properties Trust
Supplemental Operating and Financial Data &# 160;


KEY FINANCIAL DATA
(share amounts and dollars in thousands, except per share data)

	As of and For the Three Months Ended
	9/30/2007			6/30/2007			3/31/2007			12/31/2006			9/30/2006

Shares Outstanding:
Common shares outstanding (at end of period)		83,689			83,654			83,646			77,613			71,860
Weighted average common shares outstanding - basic and diluted (1)		83,659			83,649			80,815			74,641			71,824

Common Share Data:
Price at end of period	$	22.06		$	20.35		$	23.90		$	24.48		$	21.34
High during period	$	22.85		$	24.83		$	26.75		$	24.60		$	21.98
Low during period	$	16.22		$	20.10		$	21.79		$	20.50		$	17.61
Annualized dividends paid per share	$	1.40		$	1.36		$	1.36		$	1.32		$	1.32
Annualized dividend yield (at end of period)		6.3	%		6.7	%		5.7	%		5.4	%		6.2	%

Market Capitalization:
Total debt (book value)	$	411,980		$	412,360		$	412,742		$	545,085		$	642,475
Plus: market value of common shares (at end of period)		1,846,179			1,702,359			1,999,139			1,899,966			1,533,492
Total market capitalization	$	2,258,159		$	2,114,719		$	2,411,881		$	2,445,051		$	2,175,967
Total debt / total market capitalization		18.2	%		19.5	%		17.1	%		22.3	%		29.5	%

Book Capitalization:
Total debt	$	411,980		$	412,360		$	412,742		$	545,085		$	642,475
Plus: total shareholders' equity		1,145,537			1,153,377			1,163,023			1,019,466			894,433
Total book capitalization	$	1,557,517		$	1,565,737		$	1,575,765		$	1,564,551		$	1,536,908
Total debt / total book capitalization		26.5	%		26.3	%		26.2	%		34.8	%		41.8	%

Selected Balance Sheet Data:
Total assets	$	1,576,938		$	1,584,631		$	1,590,932		$	1,584,774		$	1,559,745
Total liabilities	$	431,401		$	431,254		$	427,909		$	565,308		$	665,312
Gross book value of real estate assets (2)	$	1,847,192		$	1,831,525		$	1,824,002		$	1,814,358		$	1,767,047
Total debt / gross book value of real estate assets (2)		22.3	%		22.5	%		22.6	%		30.0	%		36.4	%

Selected Income Statement Data:
Total revenues (3)	$	45,224		$	44,962		$	44,752		$	55,045		$	42,317
EBITDA (4)	$	43,357		$	43,174		$	42,636		$	47,254		$	39,492
Income from continuing operations	$	20,613		$	20,649		$	17,522		$	27,558		$	15,418
Net income	$	20,613		$	20,649		$	17,522		$	27,537		$	15,418
Funds from operations (FFO) (5)	$	34,134		$	34,014		$	30,993		$	34,985		$	27,659
Common distributions paid	$	29,291		$	28,442		$	28,440		$	26,388		$	23,714

Per Share Data:
Income from continuing operations	$	0.25		$	0.25		$	0.22		$	0.37		$	0.21
Net income	$	0.25		$	0.25		$	0.22		$	0.37		$	0.21
FFO (5)	$	0.41		$	0.41		$	0.38		$	0.47		$	0.39
Common distributions paid	$	0.35		$	0.34		$	0.34		$	0.33		$	0.33
FFO payout ratio (5)		85.8	%		83.6	%		88.7	%		70.2	%		84.6	%

Coverage Ratios:
EBITDA (3) / interest expense		4.7x			4.7x			4.3x			3.9x			3.3x

(1)	SNH has no outstanding common share equivalents, such as units, convertible debt or stock options.
(2)	Gross book value of real estate assets is real estate properties, at cost, after impairment write downs.
(3)	During the fourth quarter of 2006, we recognized $5.7 million of additional rent from HealthSouth Corporation, or HealthSouth, and $5.3 million of percentage rent as income for the year ended December 31, 2006.
(4)	See page 12 for calculation of EBITDA.
(5)	See page 13 for calculation of FFO. As a result of a litigation settlement with HealthSouth, HealthSouth paid us additional rent of $5.7 million, or $0.08 per share, which we recognized as rental income in the fourth quarter of 2006.

Senior Housing Properties Trust
Supplemental Operating and Financial Data
September 30, 2007

CONSOLIDATED BALANCE SHEET
(in thousands, except share data)

	As of September 30, 2007			As of December 31, 2006
	(unaudited)
ASSETS
Real estate properties, at cost:
Land	$	198,576		$	198,887
Buildings and improvements		1,648,616			1,615,471
		1,847,192			1,814,358
Less accumulated depreciation		311,627			276,507
		1,535,565			1,537,851

Cash and cash equivalents		3,645			5,464
Restricted cash		3,010			2,435
Deferred financing fees, net		6,461			8,173
Other assets		28,257			30,851
Total assets	$	1,576,938		$	1,584,774

LIABILITIES AND SHAREHOLDERS' EQUITY
Unsecured revolving credit facility	$	-		$	112,000
Senior unsecured notes due 2012 and 2015, net of discount		321,837			341,673
Secured debt and capital leases		90,143			91,412
Accrued interest		8,156			11,694
Other liabilities		11,265			8,529
Total liabilities		431,401			565,308

Commitments and contingencies

Shareholders' equity:
Common shares of beneficial interest, $0.01 par value:
86,700,000 shares authorized; 83,688,712 and 77,613,127 shares issued
and outstanding, respectively		837			776
Additional paid-in capital		1,367,921			1,214,863
Cumulative net income		397,288			338,504
Cumulative distributions		(623,933	)		(540,663	)
Unrealized gain on investments		3,424			5,986
Total shareholders' equity		1,145,537			1,019,466
Total liabilities and shareholders' equity	$	1,576,938		$	1,584,774

Senior Housing Properties Trust
Supplemental Operating and Financial Data
September 30, 2007

CONSOLIDATED STATEMENT OF INCOME
(in thousands, except per share data)

	For the Three Months Ended				For the Nine Months Ended
	9/30/2007		9/30/2006		9/30/2007		9/30/2006
Revenues:
Rental income	$	44,653	$	41,983	$	133,361	$	123,727
Interest and other income		571		334		1,577		1,034
Total revenues		45,224		42,317		134,938		124,761

Expenses:
Interest		9,223		11,833		28,276		34,751
Depreciation		11,821		10,978		35,120		32,631
General and administrative		3,567		4,088		10,732		10,870
Impairment of assets (1)		-		-		-		1,420
Loss on early extinguishment of debt (2)		-		-		2,026		6,526
Total expenses		24,611		26,899		76,154		86,198

Net income	$	20,613	$	15,418	$	58,784	$	38,563

Weighted average common shares outstanding		83,659		71,824		82,718		71,818

Basic and diluted earnings per share:
Net income	$	0.25	$	0.21	$	0.71	$	0.54


Additional Data:
Straight-line rent included in rental income (3)	$	100	$	140	$	348	$	252
Deferred percentage rent (4)	$	1,700	$	1,263	$	4,961	$	4,016

(1)	During the nine months ended September 30, 2006, we recognized an impairment of assets charge of $1.4 million related to three properties that were sold during the fourth quarter of 2006.

(2)	In January 2007, we purchased and retired $20.0 million of our 8 5/8% senior notes due 2012 and paid a premium of $1.8 million and wrote off $276,000 of deferred financing fees and unamortized discount related to these senior notes. In June 2006, we redeemed all of our $28.2 million of 10.125% junior subordinated debentures; loss on early extinguishment of debt includes a $1.3 million write off of unamortized deferred financing fees related to these debentures. In January 2006, we redeemed $52.5 million of our 7 7/8% senior unsecured notes due 2015 and paid a $4.1 million redemption premium and wrote off $1.1 million of deferred financing fees and unamortized discount related to these senior notes.

(3)	We report rental income on a straight line basis over the terms of the respective leases. Rental income includes non-cash straight line rent adjustments.

(4)	Our percentage rents are generally calculated on an annual basis. We recognize percentage rental income received during the first, second and third quarters in the fourth quarter when all contingencies related to percentage rents are satisfied. Although recognition of revenue is deferred until the fourth quarter, deferred percentage rent for the first three quarters includes estimated amounts with respect to those periods. The fourth quarter calculation excludes the amounts recognized during the first three quarters.

Senior Housing Properties Trust
Supplemental Operating and Financial Data
September 30, 2007

CONSOLIDATED STATEMENT OF CASH FLOWS
(in thousands)

	For the Nine Months Ended
	9/30/2007			9/30/2006
Cash flows from operating activities:
Net income	$	58,784		$	38,563
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation		35,120			32,631
Impairment of assets		-			1,420
Loss on early extinguishment of debt		2,026			6,526
Amortization of deferred financing fees and debt discounts		1,601			1,355
Change in assets and liabilities:
Restricted cash		(575	)		369
Other assets		31			107
Accrued interest		(3,538	)		(4,491	)
Other liabilities		4,185			6,836
Cash provided by operating activities		97,634			83,316

Cash flows used for investing activities:
Acquisitions		(32,834	)		(78,921	)
Cash used for investing activities, net		(32,834	)		(78,921	)

Cash flows from financing activities:
Proceeds from issuance of common shares, net		151,670			-
Proceeds from borrowings on revolving credit facility		22,000			179,300
Repayments of borrowings on revolving credit facility		(134,000	)		(41,000	)
Redemption of senior notes		(21,750	)		(56,634	)
Repayment of junior subordinated debentures		-			(28,241	)
Repayment of other debt		(1,269	)		(1,275	)
Distributions to shareholders		(83,270	)		(69,660	)
Cash used for financing activities		(66,619	)		(17,510	)

Decrease in cash and cash equivalents		(1,819	)		(13,115	)
Cash and cash equivalents at beginning of period		5,464			14,642
Cash and cash equivalents at end of period	$	3,645		$	1,527

Supplemental cash flow information:
Interest paid	$	30,213		$	37,890

Non-cash financing activities:
Increase in capital lease assets	$	-		$	(9,975	)

Non-cash financing activities:
Increase in capital lease obligations	$	-		$	9,975
Issuance of common shares pursuant to our incentive share award plan	$	1,450		$	645
Borrowings under revolving credit facility to fund restricted cash for an acquisition	$	-		$	19,700

Senior Housing Properties Trust
Supplemental Operating and Financial Data
September 30, 2007

CALCULATION OF EBITDA
(dollars in thousands)

		For the Three Months Ended				For the Nine Months Ended
		9/30/2007		9/30/2006		9/30/2007		9/30/2006

Net Income		$	20,613	$	15,418	$	58,784	$	38,563
Plus:	interest expense		9,223		11,833		28,276		34,751
	depreciation expense		11,821		10,978		35,120		32,631
	impairment of assets		-		-		-		1,420
	loss on early extinguishment of debt (1)		-		-		2,026		6,526
	deferred percentage rent adjustment (2)		1,700		1,263		4,961		4,016
EBITDA		$	43,357	$	39,492	$	129,167	$	117,907

(1)	In January 2007, we purchased and retired $20.0 million of our 8 5/8% senior notes due 2012 and paid a premium of $1.8 million and wrote off $276,000 of deferred financing fees and unamortized discount related to these senior notes. In June 2006, we redeemed all of our $28.2 million of 10.125% junior subordinated debentures; loss on early extinguishment of debt includes a $1.3 million write off of unamortized deferred financing fees related to these debentures. In January 2006, we redeemed $52.5 million of our 7 7/8% senior unsecured notes due 2015 and paid a $4.1 million redemption premium and wrote off $1.1 million of deferred financing fees and unamortized discount related to these senior notes.

(2)	Our percentage rents are generally calculated on an annual basis. We recognize percentage rental income received during the first, second and third quarters in the fourth quarter when all contingencies related to percentage rents are satisfied. Although recognition of revenue is deferred until the fourth quarter, our EBITDA calculation for the first three quarters includes estimated amounts of deferred percentage rents with respect to those periods. The fourth quarter calculation excludes the amounts recognized during the first three quarters.

We compute EBITDA as shown in the calculation above. Such calculation begins with income from continuing operations or, if such amount is the same as net income, with net income. We consider EBITDA to be an appropriate measure of performance for a REIT, along with net income and cash flow from operating, investing and financing activities. EBITDA does not represent cash generated by operating activities in accordance with generally accepted accounting principals, or GAAP, and should not be considered an alternative to net income or cash flow from operating activities as a measure of financial performance or liquidity.

Senior Housing Properties Trust

Supplemental Operating and Financial Data

September 30, 2007

CALCULATION OF FUNDS FROM OPERATIONS (FFO)
(amounts in thousands, except per share data)

		For the Three Months Ended				For the Nine Months Ended
		9/30/2007		9/30/2006		9/30/2007			9/30/2006

Net Income		$	20,613	$	15,418	$	58,784		$	38,563
Plus:	depreciation expense		11,821		10,978		35,120			32,631
	impairment of assets		-		-		-			1,420
	loss on early extinguishment of debt		-		-		2,026			6,526
	deferred percentage rent adjustment (1)		1,700		1,263		4,961			4,016
Less:	loss on early extinguishment of debt settled in cash (2)		-		-		(1,750	)		(4,134	)
FFO		$	34,134	$	27,659	$	99,141		$	79,022

Weighted average shares outstanding			83,659		71,824		82,718			71,818

Net Income per share		$	0.25	$	0.21	$	0.71		$	0.54
FFO per share		$	0.41	$	0.39	$	1.20		$	1.10

Supplemental data:
Straight-line rent included in rental income (3)		$	100	$	140	$	348		$	252
Amortization of deferred financing fees and debt discounts		$	523	$	446	$	1,605		$	1,355

(1)	Our percentage rents are generally calculated on an annual basis. We recognize percentage rental income received during the first, second and third quarters in the fourth quarter when all contingencies related to percentage rents are satisfied. Although recognition of revenue is deferred until the fourth quarter, our FFO calculation for the first three quarters includes estimated amounts of deferred percentage rents with respect to those periods. The fourth quarter calculation of FFO excludes the amounts recognized during the first three quarters.

(2)	FFO for the nine months ended September 30, 2007 includes a $1.8 million premium paid in cash related to the purchase and retirement of $20 million of our 8 5/8% senior notes due 2012. FFO for the nine months ended September 30, 2006, includes a $4.1 million premium paid in cash for our redemption of $52.5 million of our 7 7/8% senior notes due 2015.

(3)	We report rental income on a straight line basis over the terms of the respective leases. Rental income includes non-cash straight line rent adjustments.

We compute FFO as shown in the calculation above. This calculation begins with income from continuing operations or, if that amount is the same as net income, with net income. Our calculation of FFO differs from the National Association of Real Estate Investment Trusts, or NAREIT, definition of FFO because we include deferred percentage rent as discussed in Note 1 above, and exclude loss on early extinguishment of debt not settled in cash. We consider FFO to be an appropriate measure of performance for a REIT along with net income and cash flow from operating, investing and financing activities. We believe that FFO provides useful information to investors because by excluding the effects of certain historical costs, such as depreciation expense and gain or loss on sale of properties, FFO can facilitate a comparison of our current operating performance with our past operating performance and of operating performances among REITs. FFO does not represent cash generated by operating activities in accordance with GAAP and should not be considered an alternative to net income or cash flow from operating activities as a measure of financial performance or liquidity. FFO is one important factor considered by our board of trustees in determining the amount of distributions to shareholders. Other important factors include, but are not limited to, requirements to maintain our status as a REIT, limitations in our revolving credit facility and public debt covenants, the availability of debt and equity capital to us and our expectation of our future performance.

Senior Housing Properties Trust

Supplemental Operating and Financial Data

September 30, 2007

DEBT SUMMARY
(dollars in thousands)

	Coupon			Interest			Principal		Maturity	Due at		Years to
	Rate			Rate			Balance		Date	Maturity		Maturity

Secured Fixed Rate Debt:
Secured Floating Rate Debt:
None


Tax exempt bonds - secured by 1 property		5.875	%		5.875	%	$	14,700	12/1/27	$	14,700		20.2
Mortgage - secured by 16 properties (1)		6.970	%		6.330	%		35,120	6/2/12		30,069		4.7
Mortgage - secured by 4 properties (1)		6.110	%		6.420	%		12,039	11/30/13		10,218		6.2
Mortgage - secured by 1 properties (1)		7.150	%		6.440	%		12,689	6/30/08		11,877		0.8
Capital leases - 2 properties		7.700	%		7.700	%		15,595	4/30/26		-		18.6
Total / weighted average secured fixed rate debt		6.828	%		6.520	%	$	90,143		$	66,864		9.3

Total / weighted average secured debt		6.828	%		6.520	%	$	90,143		$	66,864		9.3

Unsecured Debt:

Unsecured Floating Rate Debt:
Revolving credit facility (LIBOR + 80 b.p.)		5.92	%		5.92	%	$	-	12/31/10	$	-		3.3

Unsecured Fixed Rate Debt:
Senior notes due 2012		8.625	%		8.625	%	$	225,000	1/15/12	$	225,000		4.3
Senior notes due 2015		7.875	%		7.875	%		97,500	4/15/15		97,500		7.5
Total / weighted average unsecured fixed rate debt		8.398	%		8.398	%	$	322,500		$	322,500		5.3

Total / weighted average unsecured debt		8.398	%		8.398	%	$	322,500		$	322,500		5.3

Total / weighted average debt		8.055	%		7.985	%	$	412,643		$	389,364		6.1


Summary Debt:
Total / weighted average secured debt fixed rate debt		6.828	%		6.520	%	$	90,143		$	66,864		9.3
Total / weighted average unsecured floating rate debt		5.920	%		5.920	%		-			-		3.3
Total / weighted average unsecured fixed rate debt		8.398	%		8.398	%		322,500			322,500		5.3
Total / weighted average debt		8.055	%		7.988	%	$	412,643		$	389,364		6.1

(1)	Includes the effect of mark to market accounting for certain assumed mortgages.

Senior Housing Properties Trust

Supplemental Operating and Financial Data

September 30, 2007

DEBT MATURITY SCHEDULE
(dollars in thousands)


	Scheduled Principal Payments During Period
	Secured
	Fixed Rate		Unsecured		Unsecured
	Debt and		Floating		Fixed
Year	Capital Leases		Rate Debt		Rate Debt		Total
2007	$	749	$	-	$	-	$	749
2008		13,595		-		-		13,595
2009		1,605		-		-		1,605
2010		1,714		-		-		1,714
2011		1,829		-		-		1,829
2012		31,418		-		225,000		256,418
2013		11,016		-		-		11,016
2014		544		-		-		544
2015		614		-		97,500		98,114
2016 and thereafter		27,059		-		-		27,059
	$	90,143	$	-	$	322,500	$	412,643

Senior Housing Properties Trust

Supplemental Operating and Financial Data

September 30, 2007

LEVERAGE RATIOS, COVERAGE RATIOS AND PUBLIC DEBT COVENANTS

	As Of And For The Three Months Ended
	9/30/2007		6/30/2007		3/31/2007		12/31/2006		9/30/2006
Leverage Ratios:

Total debt / total assets		26.1%		26.0%		25.9%		34.4%		41.2%
Total debt / gross book value of real estate assets (1)		22.3%		22.5%		22.6%		30.0%		36.4%
Total debt / total market capitalization		18.2%		19.5%		17.1%		22.3%		29.5%
Total debt / total book capitalization		26.5%		26.3%		26.2%		34.8%		41.8%
Secured debt / total assets		5.7%		5.7%		5.7%		5.8%		5.1%
Variable rate debt / total debt		0.0%		0.0%		0.0%		20.5%		34.6%


Coverage Ratios:

EBITDA (2)(3) / interest expense		4.7x		4.7x		4.3x		3.4x		3.3x


Public Debt Covenants (3) (4):

Total debt / adjusted total assets - allowable maximum 60.0%		21.7%		21.8%		22.5%		29.4%		35.4%
Secured debt / adjusted total assets - allowable maximum 40.0%		4.8%		4.8%		4.8%		4.9%		4.3%
Consolidated income available for debt service / debt service - required minimum 2.00x		4.98x		5.01x		6.06x		4.00x		3.47x
Total unencumbered assets to unsecured debt - required minimum 1.50x		5.32x		5.31x		5.74x		3.75x		2.97x

(1)	Gross book value of real estate assets is real estate properties, at cost, less impairment write downs.

(2)	See page 12 for the calculation of EBITDA.

(3)	The quarter ended December 31, 2006 includes $5.7 million of additional rental income related to our settlement of litigation with HealthSouth.

(4)	Adjusted total assets and unencumbered assets include original cost of real estate assets less impairment write downs and exclude depreciation and amortization, accounts receivable and intangible assets. Consolidated income available for debt service is earnings from operations excluding interest expense, depreciation and amortization, taxes, gains and losses on sales of property and amortization of deferred charges.

Senior Housing Properties Trust

Supplemental Operating and Financial Data

September 30, 2007

2007 INVESTMENTS/DISPOSITIONS INFORMATION

(dollars in thousands)

Acquisitions:(1)

Purchase

Date

Number of

Purchase

Price

Acquired

Tenant

Type of Property

Properties

Units

Price

Per Unit

There were no acquisitions during the nine months ended September 30, 2007.

Dispositions:

Date

Number of

Book Gain (Loss)

Sold

Location

Type of Property

Properties

Sale Price

NBV

on Sale

There were no dispositions during the nine months ended September 30, 2007.

(1)

During the three and nine months ended September 30, 2007, as permitted by our leases with Five Star Quality Care, Inc., or Five Star, we purchased from Five Star, at cost, $15,966 and $33,077, respectively, of improvements made to our properties leased by Five Star, and, as a result, the annual rent payable to us by Five Star increased by approximately $1.5 million and $3.2 million, respectively.

Senior Housing Properties Trust
Supplemental Operating and Financial Data
September 30, 2007


2007 FINANCING ACTIVITIES
(share amounts and dollars in thousands)


	For the Three Months Ended
	9/30/2007		6/30/2007		3/31/2007

Debt Transactions:
New debt raised	$	-	$	-	$	-
New debt assumed as part of acquisitions		-		-		-
Total new debt		-		-		-

Debt retired		-		-		-
Net debt	$	-	$	-	$	-

Equity Transactions:
New common shares issued	$	-	$	-	$	6,000
New common equity raised, net		-		-		151,670

Revolving Credit Facility Transactions:
Balance oustanding at beginning of period	$	-	$	-	$	112,000
Drawings during period		-		-		22,000
Repayments during period		-		-		(134,000	)
Balance oustanding at end of period	$	-	$	-	$	-

Balance available for drawing	$	550,000	$	550,000	$	550,000

PORTFOLIO INFORMATION

Senior Housing Properties Trust

Supplemental Operating and Financial Data

September 30, 2007

PORTFOLIO SUMMARY BY FACILITY TYPE AND TENANT
(dollars in thousands)

	Number of		Number of		Carrying Value of				Investment		Annualized
	Properties		Units/Beds		Investment (1)		Percent		per unit		Current Rent		Percent
Facility Type:
Independent Living (IL) (2)		41		11,213	$	1,019,596		55.2%	$	90.9	$	98,816		54.4%
Assisted Living (AL)		95		6,535		560,888		30.4%		85.8		54,751		30.1%
Nursing Homes		58		5,869		221,412		12.0%		37.7		17,788		9.8%
Rehabilitation Hospitals		2		364		45,296		2.4%		124.4		10,264		5.7%
Total		196		23,981	$	1,847,192		100.0%	$	77.0	$	181,619		100.0%

Tenant:
Five Star (Lease No. 1)		114		9,344	$	616,655		33.4%	$	66.0	$	50,229		27.7%
Five Star (Lease No. 2)		30		7,275		662,219		35.9%		91.0		66,068		36.4%
Five Star Rehabilitation Hospitals		2		364		45,296		2.4%		124.4		10,264		5.7%
Sunrise / Marriott (3)		14		4,091		325,165		17.6%		79.5		30,815		17.0%
NewSeasons / IBC (4)		10		873		87,641		4.7%		100.4		9,298		5.1%
Alterra / Brookdale (5)		18		894		61,122		3.3%		68.4		7,827		4.3%
6 Private Companies (combined)		8		1,140		49,094		2.7%		43.1		7,118		3.8%
Total		196		23,981	$	1,847,192		100.0%	$	77.0	$	181,619		100.0%

(1)	Amounts are before depreciation, but after impairment write downs.

(2)	Properties where the majority of units are independent living apartments are classified as independent living communities.

(3)	Marriott guarantees this lease.

(4)	IBC guarantees this lease.

(5)	Brookdale guarantees this lease.

Senior Housing Properties Trust &# 160;
Supplemental Operating and Financial Data
September 30, 2007

OCCUPANCY BY FACILITY TYPE AND TENANT

	For the Three Months Ended
	6/30/2007			3/31/2007			12/31/2006			9/30/2006			6/30/2006
Facility Type:
Independent Living (IL) (1)		90	%		91	%		91	%		93	%		92	%
Assisted Living (AL) (1)		89	%		88	%		88	%		91	%		89	%
Nursing Homes		89	%		89	%		89	%		88	%		89	%
Rehabilitation Hospitals (2)		60	%		61	%		60	%	NA			NA


Tenant:
Five Star (Lease No. 1) (3)		89	%		88	%		88	%		88	%		89	%
Five Star (Lease No. 2) (1)		91	%		92	%		92	%		92	%		93	%
Five Star Rehabilitation Hospitals (2)		60	%		61	%		60	%	NA			NA
Sunrise / Marriott (4)	NA			NA			NA			NA			NA
NewSeasons / IBC		83	%		83	%		84	%		85	%		85	%
Alterra / Brookdale		87	%		87	%		88	%		89	%		86	%
6 Private Companies (combined)		89	%		88	%		89	%		89	%		90	%

(1)	Includes operating data provided by Sunrise that may not be accurate due to accounting issues at Sunrise. See footnote (4) below. However, the data provided by Sunrise does not materially affect the cumulative occupancy percentages for these two facility type leases.

(2)	On October 1, 2006, Five Star assumed the operations of these rehabilitation hospitals. These hospitals were formerly operated by HealthSouth. Because we do not have reliable information about the operations for the hospitals by HealthSouth, we do not report operating data for these hospitals before October 1, 2006. The occupancy percentage is based on a 342 available beds capacity.

(3)	Includes data for periods prior to our ownership of certain properties included in this lease.

(4)	Sunrise has not filed its Annual Reports on Form 10-K for 2005 and 2006, and Quarterly Reports on Form 10-Q for the three quarters of 2006 and the first two quarters of 2007 with the Securities and Exchange Comission due to accounting issues. Because we do not know what impact the resolution of these accounting issues may have on the reported performance of our properties, we do not report operating data for this tenant.


	All tenant operating data presented are based upon the operating results provided by our tenants for the indicated quarterly periods. We have not independently verified our tenants’ operating data.

Senior Housing Properties Trust
Supplemental Operating and Financial Data
September 30, 2007

% PRIVATE PAY BY FACILITY TYPE AND TENANT

	For the Three Months Ended
	6/30/2007			3/31/2007			12/31/2006			9/30/2006			6/30/2006
Facility Type:
Independent Living (IL) (1)		81	%		82	%		81	%		81	%		83	%
Assisted Living (AL) (1)		96	%		95	%		95	%		95	%		94	%
Nursing Homes		29	%		29	%		28	%		28	%		28	%
Rehabilitation Hospitals (2)		31	%		32	%		28	%	NA			NA


Tenant:
Five Star (Lease No. 1) (3)		54	%		54	%		53	%		51	%		50	%
Five Star (Lease No. 2) (1)		80	%		80	%		80	%		80	%		81	%
Five Star Rehabilitation Hospitals (2)		31	%		32	%		28	%	NA			NA
Sunrise / Marriott (4)	NA			NA			NA			NA			NA
NewSeasons / IBC		100	%		100	%		100	%		100	%		100	%
Alterra / Brookdale		98	%		98	%		98	%		98	%		98	%
6 Private Companies (combined)		25	%		25	%		26	%		26	%		26	%

(1)	Includes operating data provided by Sunrise that may not be accurate due to accounting issues at Sunrise. See footnote (4) below. However, the data provided by Sunrise does not materially affect the cumulative private pay percentages for these two facility type leases.

(2)	On October 1, 2006, Five Star assumed the operations of these rehabilitation hospitals. These hospitals were formerly operated by HealthSouth. Because we do not have reliable information about the operations for the hospitals by HealthSouth, we do not report operating data for these hospitals before October 1, 2006.

(3)	Includes data for periods prior to our ownership of certain properties included in this lease.

(4)	Sunrise has not filed its Annual Reports on Form 10-K for 2005 and 2006, and Quarterly Reports on Form 10-Q for the three quarters of 2006 and the first two quarters of 2007 with the Securities and Exchange Comission due to accounting issues. Because we do not know what impact the resolution of these accounting issues may have on the reported performance of our properties, we do not report operating data for this tenant.



	All tenant operating data presented are based upon the operating results provided by our tenants for the indicated quarterly periods. We have not independently verified our tenants’ operating data.

Senior Housing Properties Trust

Supplemental Operating and Financial Data

September 30, 2007

RENT COVERAGE

For the Three Months Ended

Tenant

6/30/2007

3/31/2007

12/31/2006

9/30/2006

6/30/2006

Five Star (Lease No. 1) (1)

1.34x

1.29x

1.46x

1.53x

1.45x

Five Star (Lease No. 2) (1) (2)

1.61x

1.45x

1.58x

1.50x

Five Star Rehabilitation Hospitals (3)

0.67x

0.98x

1.52x

Sunrise / Marriott (4)

NewSeasons / IBC

1.16x

1.06x

0.66x

1.14x

1.21x

Alterra / Brookdale

2.06x

2.03x

2.01x

2.21x

1.97x

6 Private companies (combined)

2.07x

1.72x

1.98x

1.96x

2.00x

(1)	Includes data for periods prior to our ownership of certain properties included in this lease.

(2)	Historically, some of these properties were managed by Sunrise until November 30, 2006. The rent coverage presented for this lease has been adjusted to exclude management fees paid to Sunrise during the periods presented. Some of the data provided by Sunrise may not be accurate. See footnote (4) below. We believe, however, that the data provided by Sunrise does not materially affect the amounts presented.

(3)	On October 1, 2006, Five Star assumed the operations of these rehabilitation hospitals. These hospitals were formerly operated by HealthSouth. Because we do not have reliable information about the operations for the hospitals by HealthSouth, we do not report operating data for these hospitals before October 1, 2006.

(4)	Sunrise has not filed its Annual Reports on Form 10-K for 2005 and 2006, and Quarterly Reports on Form 10-Q for the three quarters of 2006 and the first two quarters of 2007 with the Securities and Exchange Comission due to accounting issues. Because we do not know what impact the resolution of these accounting issues may have on the reported performance of our properties, we do not report operating data for this tenant.



	All tenant operating data presented are based upon the operating results provided by our tenants for the indicated periods. Rent coverage is calculated as operating cash flow from our tenants’ facility operations, before subordinated charges and capital expenditure reserves, if any, divided by rent payable to us. We have not independently verified our tenants’ operating data.

Senior Housing Properties Trust
Supplemental Operating and Financial Data
September 30, 2007

PORTFOLIO LEASE EXPIRATION SCHEDULE
(dollars in thousands)


	Annualized Current Rent		% of Annualized Current Rent			Cumulative % of Annualized Current Rent
2007	$	-		-			0.0	%
2008		-		-			0.0	%
2009		-		-			0.0	%
2010		1,091		0.6	%		0.6	%
2011		-		-			0.6	%
2012		-		-			0.6	%
2013		30,815		17.0	%		17.6	%
2014		-		-			17.6	%
2015		2,243		1.2	%		18.8	%
2016 and thereafter		147,470		81.2	%		100.0	%
Total	$	181,619		100.0	%

Weighted average remaining
lease term (in years)		10.8

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