8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC  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): August 3, 2017

SENIOR HOUSING PROPERTIES TRUST

(Exact Name of Registrant as Specified in Its Charter)

Maryland

(State or Other Jurisdiction of Incorporation)

001-15319	04-3445278
(Commission File Number)	(IRS Employer Identification No.)

Two Newton Place, 255 Washington Street, Suite 300 Newton, Massachusetts	02458-1634
(Address of Principal Executive Offices)	(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))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition

period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

ITEM 2.02.  RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On August 3, 2017, Senior Housing Properties Trust, or the Company, issued a press release regarding the Company’s results of operations and financial condition for the quarter and six months ended June 30, 2017, and also provided certain supplemental operating and financial data for the quarter and six months ended June 30, 2017. 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.

99.1 Press Release dated August 3, 2017.

99.2Second Quarter 2017 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 W. Siedel, Jr.
Name:	Richard W. Siedel, Jr.
Title:	Chief Financial Officer and Treasurer

Date:  August 3, 2017

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

Contact:

Brad Shepherd, Director, Investor Relations

(617) 796-8234

Senior Housing Properties Trust Announces Second Quarter 2017 Results

Second Quarter Net Income Attributable to Common Shareholders of $0.07 Per Share

Second Quarter Normalized FFO of $0.44 Per Share

Newton, MA (August 3, 2017):  Senior Housing Properties Trust (Nasdaq: SNH) today announced its financial results for the quarter and six months ended June 30, 2017.

“In the second quarter, we focused on investing in our existing portfolio and managing our balance sheet,” said David Hegarty, President and Chief Operating Officer.  “During the quarter ended June 30, 2017, we remained disciplined with our deployment of capital by investing approximately $25 million in our managed and triple net leased senior living communities. Since the quarter ended, we closed on the purchase of one medical office building for approximately $16.4 million and we entered a contract to purchase another MOB for approximately $16.7 million. During the quarter, we prepaid approximately $300 million of high interest debt and subsequent to the end of the quarter, we amended our $1 billion revolving credit facility, which reduced the interest rate and extended the maturity to 2022 as well as amended our $200 million unsecured term loan that matures in 2022 to reduce the interest rate.”

Results for the Quarter Ended June 30, 2017:

Net income attributable to common shareholders was $16.0 million, or $0.07 per diluted share, for the quarter ended June 30, 2017, compared to $39.2 million, or $0.17 per diluted share, for the quarter ended June 30, 2016. This decrease in net income attributable to common shareholders is primarily the result of an increase in general and administrative expenses as a result of $10.8 million of estimated business management incentive fees due to SNH's outperformance of the SNL U.S. REIT Healthcare index for the applicable measurement period and a loss on early extinguishment of debt of $7.4 million recognized for the quarter ended June 30, 2017. Normalized funds from operations, or Normalized FFO, were $103.6 million and $111.7 million, respectively, or $0.44 and $0.47 per diluted share, respectively, for the quarters ended June 30, 2017 and June 30, 2016.

Cash basis net operating income, or Cash Basis NOI, was $157.3 million for the quarter ended June 30, 2017, compared to $157.6 million for the quarter ended June 30, 2016, which represents a decrease of 0.2%. This decrease is primarily the result of increased property operating expenses at SNH's comparable properties, partially offset by NOI from acquisitions since April 1, 2016.

Reconciliations of net income attributable to common shareholders determined in accordance with U.S. generally accepted accounting principles, or GAAP, to funds from operations, or FFO, and Normalized FFO for the quarters ended June 30, 2017 and 2016 appear later in this press release. Reconciliations of net income determined in accordance with GAAP to net operating income, or NOI, and Cash Basis NOI for the quarters ended June 30, 2017 and 2016 also appear later in this press release. In addition, calculations and reconciliations of NOI, Cash Basis NOI, same property NOI and same property Cash Basis NOI by SNH’s operating segments for the quarters ended June 30, 2017 and 2016 appear later in this press release.

Results for the Six Months EndedJune 30, 2017:

Net income attributable to common shareholders was $48.2 million, or $0.20 per diluted share, for the six months ended June 30, 2017, compared to $70.5 million, or $0.30 per diluted share, for the six months ended June 30, 2016. This decrease in net income attributable to common shareholders is primarily the result of increases in general and administrative expenses and interest expense and a loss on early extinguishment of debt recognized for the six months ended June 30, 2017, partially offset by income from acquisitions since January 1, 2016 and lower asset impairment charges. Normalized FFO were $212.0 million and $222.0 million, respectively, or $0.89 and $0.94 per diluted share, respectively, for the six months ended June 30, 2017 and June 30, 2016.

Cash Basis NOI was $315.8 million for the six months ended June 30, 2017, compared to $312.0 million for the six months ended June 30, 2016, which represents an increase of 1.2%. This increase is primarily the result of NOI from acquisitions since January 1, 2016.

Reconciliations of net income attributable to common shareholders determined in accordance with GAAP to FFO and Normalized FFO for the six months ended June 30, 2017 and 2016 appear later in this press release. Reconciliations of net income determined in accordance with GAAP to NOI and Cash Basis NOI for the six months ended June 30, 2017 and 2016 also appear later in this press release. In addition, calculations and reconciliations of NOI, Cash Basis NOI, same property NOI and same property Cash Basis NOI by SNH’s operating segments for the six months ended June 30, 2017 and 2016 appear later in this press release.

Portfolio Operating Results:

For the quarter ended June 30, 2017, 41.5% of SNH’s NOI came from 236 triple net leased senior living communities with 26,220 living units. Occupancy at triple net leased senior living communities and same property triple net leased senior living communities decreased

to 84.6% for the most recently available 12 month period, compared to 85.4% for the comparable period last year⁽¹⁾. Same property Cash Basis NOI and same property NOI from triple net leased senior living communities increased by $1.1 million and $0.7 million, respectively, for the quarter ended June 30, 2017 compared to the quarter ended June 30, 2016.

For the quarter ended June 30, 2017, 41.4% of SNH’s NOI came from 120 properties leased to medical providers, medical related businesses, clinics and biotech laboratory tenants, or MOBs, with 11.6 million leasable square feet.  As of June 30, 2017, 96.5% of SNH’s MOB square feet were leased compared to 95.9% as of June 30, 2016. Same property occupancy at SNH’s MOBs was unchanged at 96.3% as of each of June 30, 2017 and June 30, 2016. SNH's MOB same property Cash Basis NOI and same property NOI decreased by $0.1 million and $1.2 million, respectively, for the quarter ended June 30, 2017 compared to the quarter ended June 30, 2016.

For the quarter ended June 30, 2017, 14.3% of SNH's NOI came from 68 managed senior living communities with 8,806 living units. Occupancy at managed senior living communities was 85.7% for the quarter ended June 30, 2017, compared to 87.1% for the quarter ended June 30, 2016. Same property occupancy at managed senior living communities owned and managed by the same operator continuously since April 1, 2016 was 86.0% for the quarter ended June 30, 2017, compared to 86.9% for the quarter ended June 30, 2016. Same property average monthly rates increased by 1.3% to $4,328 for the quarter ended June 30, 2017 compared to the quarter ended June 30, 2016. Same property Cash Basis NOI and same property NOI from managed senior living communities each decreased by $2.0 million for the quarter ended June 30, 2017 compared to the quarter ended June 30, 2016.

For the quarter ended June 30, 2017, consolidated same property Cash Basis NOI decreased to $151.7 million compared to $152.7 million for the quarter ended June 30, 2016, and consolidated same property NOI decreased to $156.4 million compared to $158.8 million for the quarter ended June 30, 2016.

Financing Activities:

In August 2017, SNH amended the agreement governing its $1.0 billion revolving credit facility. As a result of the amendment, the interest rate payable on borrowings under the facility was reduced from LIBOR plus a premium of 130 basis points per annum (as of June 30, 2017) to LIBOR plus a premium of 120 basis points per annum, and the facility fee was reduced from 30 basis points per annum (as of June 30, 2017) to 25 basis points per annum on the total amount of lending commitments under the facility. The interest rate premium and facility fee are each subject to adjustment based upon changes to SNH’s credit ratings. Also as a result of the amendment, the stated maturity date of the facility was extended from January 15, 2018 to January 15, 2022, and subject to the payment of an extension fee and meeting other conditions, SNH has the right to extend the maturity date of the facility for an additional year. The amended facility also includes a feature pursuant to which, in certain circumstances, maximum borrowings under the facility may be increased to up to $2.0 billion.

Also in August 2017, SNH amended the agreement governing its $200.0 million unsecured term loan. As a result of the amendment, the interest rate payable on borrowings under the term loan was reduced from LIBOR plus a premium of 180 basis points per annum (as of June 30, 2017) to LIBOR plus a premium of 135 basis points per annum.

_________________________________________________________________________________________________________________________________

⁽¹⁾ Occupancy ratios for triple net leased senior living communities are based upon operating results provided by SNH’s tenants, and this information is usually provided to SNH three months after the end of a fiscal quarter. As a result, occupancy ratios presented for triple net leased senior living communities are for the 12 months ended March 31, 2017 and 2016.  SNH has not independently verified tenant operating data.

2

During the quarter ended June 30, 2017, SNH prepaid approximately $297.2 million of secured debt encumbering 19 properties with a weighted average annual interest rate of 6.7%, plus an aggregate premium of approximately $5.4 million and accrued interest. SNH funded these prepayments with cash on hand and borrowings under its revolving credit facility.

Investment Activities:

In July 2017, SNH acquired one MOB (one building) located in Maryland with approximately 59,000 square feet for approximately $16.4 million, excluding closing costs.        

Also in July 2017, SNH entered an agreement to acquire one MOB (one building) located in Minnesota with approximately 150,000 square feet for approximately $16.7 million, excluding costs. This acquisition is expected to close later in 2017.

During the quarter ended June 30, 2017, SNH invested approximately $14.8 million in improvements at its owned senior living communities that has generated or will generate additional rent under the terms of its existing senior living communities’ leases. SNH regularly makes additional investments at its owned MOBs and its owned and managed senior living communities that it expects may increase its operating revenue from those properties.

Conference Call:

On Thursday, August 3, 2017, at 10:00 a.m. Eastern Time, President and Chief Operating Officer, David Hegarty, and Chief Financial Officer and Treasurer, Richard Siedel, will host a conference call to discuss SNH's second quarter 2017 financial results. The conference call telephone number is (877) 329-4297. Participants calling from outside the United States and Canada should dial (412) 317-5435. 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 11:59 p.m. Eastern Time on Thursday, August 10, 2017. To hear the replay, dial (412) 317-0088. The replay pass code is 10110430.

A live audio webcast of the conference call will also be available in a listen only mode on the company’s website, which is located at www.snhreit.com. Participants wanting to access the webcast should visit the company’s website about five minutes before the call. The archived webcast will be available for replay on the company’s website following the call for about one week.  The transcription, recording and retransmission in any way of SNH’s second quarter conference call are strictly prohibited without the prior written consent of SNH.

Supplemental Data:

A copy of SNH’s Second Quarter 2017 Supplemental Operating and Financial Data is available for download at SNH’s website, www.snhreit.com.  SNH’s website is not incorporated as part of this press release.

SNH is a real estate investment trust, or REIT, which owns senior living communities, medical office buildings and wellness centers throughout the United States. SNH is managed by the operating subsidiary of The RMR Group Inc. (Nasdaq: RMR), an alternative asset management company that is headquartered in Newton, MA.

Please see the pages attached hereto for a more detailed statement of SNH’s operating results and financial condition, and for an explanation of SNH’s calculation of FFO and Normalized FFO, and NOI and Cash Basis NOI and reconciliations of net income attributable to common shareholders and net income, respectively, determined in accordance with GAAP to these amounts.

3

WARNING CONCERNING FORWARD LOOKING STATEMENTS

THIS PRESS RELEASE CONTAINS STATEMENTS THAT CONSTITUTE FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER SECURITIES LAWS.  ALSO, WHENEVER SNH USES WORDS SUCH AS “BELIEVE”, “EXPECT”, “ANTICIPATE”, “INTEND”, “PLAN”, “ESTIMATE”, "WILL", “MAY” AND NEGATIVES OR DERIVATIVES OF THESE OR SIMILAR EXPRESSIONS, SNH IS MAKING FORWARD LOOKING STATEMENTS.  THESE FORWARD LOOKING STATEMENTS ARE BASED UPON SNH’S PRESENT INTENT, BELIEFS OR EXPECTATIONS, BUT FORWARD LOOKING STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR. ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED IN OR IMPLIED BY SNH’S FORWARD LOOKING STATEMENTS AS A RESULT OF VARIOUS FACTORS. FOR EXAMPLE:

• THIS PRESS RELEASE DISCUSSES CERTAIN AMENDMENTS TO SNH’S REVOLVING CREDIT FACILITY AND $200 MILLION TERM LOAN: CONTINUED AVAILABILITY OF BORROWINGS UNDER SNH’S REVOLVING CREDIT FACILITY IS SUBJECT TO SNH’S SATISFYING CERTAIN FINANCIAL COVENANTS AND OTHER CREDIT FACILITY CONDITIONS THAT IT MAY BE UNABLE TO SATISFY; ACTUAL COSTS UNDER SNH’S REVOLVING CREDIT FACILITY WILL BE HIGHER THAN LIBOR PLUS A PREMIUM BECAUSE OF FEES AND EXPENSES ASSOCIATED WITH THE FACILITY; INCREASING THE MAXIMUM BORROWING AVAILABILITY UNDER SNH’S REVOLVING CREDIT FACILITY IS SUBJECT TO SNH’S OBTAINING ADDITIONAL COMMITMENTS FROM LENDERS, WHICH MAY NOT OCCUR; SNH’S RIGHT TO EXTEND THE MATURITY DATE OF ITS REVOLVING CREDIT FACILITY IS SUBJECT TO ITS PAYMENT OF A FEE AND MEETING OTHER CONDITIONS AND SUCH CONDITIONS MAY NOT BE MET; AND FUTURE CHANGES IN SNH’S CREDIT RATINGS MAY CAUSE THE INTEREST AND FEES SNH PAYS ON ITS REVOLVING CREDIT FACILITY AND $200 MILLION TERM LOAN TO INCREASE.

• THIS PRESS RELEASE INCLUDES A STATEMENT THAT SNH EXPECTS THE ADDITIONAL INVESTMENTS IT REGULARLY MAKES AT ITS MOBS AND MANAGED SENIOR LIVING COMMUNITIES MAY INCREASE OPERATING REVENUE FROM THOSE PROPERTIES. HOWEVER, THERE CAN BE NO ASSURANCE THAT OPERATING REVENUE FROM THOSE PROPERTIES WILL INCREASE OR REMAIN AT CURRENT LEVELS OR THAT FUTURE INVESTMENTS IN SNH’S PROPERTIES WILL INCREASE OPERATING REVENUE FROM THOSE PROPERTIES. IN FACT, SNH’S REVENUES MAY DECLINE.

• SNH HAS ENTERED AN AGREEMENT TO ACQUIRE AN MOB FOR APPROXIMATELY $16.7 MILLION, EXCLUDING CLOSING COSTS. THIS TRANSACTION IS SUBJECT TO CONDITIONS. THESE CONDITIONS MAY NOT BE MET AND THIS TRANSACTION MAY NOT OCCUR, MAY BE DELAYED OR THE TERMS MAY CHANGE.

THE INFORMATION CONTAINED IN SNH’S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION, OR SEC, INCLUDING UNDER “RISK FACTORS” IN SNH’S PERIODIC REPORTS, OR INCORPORATED THEREIN, IDENTIFIES OTHER IMPORTANT FACTORS THAT COULD CAUSE SNH’S ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE STATED IN OR IMPLIED BY SNH’S FORWARD LOOKING STATEMENTS. SNH’S FILINGS WITH THE SEC ARE AVAILABLE ON THE SEC’S WEBSITE AT WWW.SEC.GOV.

YOU SHOULD NOT PLACE UNDUE RELIANCE UPON FORWARD LOOKING STATEMENTS.

EXCEPT AS REQUIRED BY LAW, SNH DOES NOT INTEND TO UPDATE OR CHANGE ANY FORWARD LOOKING STATEMENTS AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.

4

SENIOR HOUSING PROPERTIES TRUST

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(amounts in thousands, except per share data)

(unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2017			2016			2017			2016
Revenues:
Rental income	$	166,647		$	163,997		$	333,090		$	325,419
Residents fees and services	98,366			97,370			196,484			194,323
Total revenues	265,013			261,367			529,574			519,742
Expenses:
Property operating expenses	102,795			97,474			203,851			195,422
Depreciation and amortization	69,669			71,372			142,844			142,594
General and administrative	22,922			11,965			38,005			22,828
Acquisition and certain other transaction related costs	—			180			292			619
Impairment of assets	5,082			4,961			5,082			12,351
Total expenses	200,468			185,952			390,074			373,814
Operating income	64,545			75,415			139,500			145,928
Dividend income	659			789			1,319			789
Interest and other income	76			177			195			242
Interest expense	(40,800		)	(41,118		)	(84,289		)	(80,399		)
Loss on early extinguishment of debt	(7,353		)	—			(7,353		)	(6		)
Income from continuing operations before income tax expense and equity in earnings of an investee	17,127			35,263			49,372			66,554
Income tax expense	(99		)	(108		)	(191		)	(202		)
Equity in earnings of an investee	374			17			502			94
Income before gain on sale of properties	17,402			35,172			49,683			66,446
Gain on sale of properties	—			4,061			—			4,061
Net income	17,402			39,233			49,683			70,507
Net income attributable to noncontrolling interest	(1,360		)	—			(1,486		)	—
Net income attributable to common shareholders	$	16,042		$	39,233		$	48,197		$	70,507
Weighted average common shares outstanding (basic)	237,399			237,325			237,395			237,320
Weighted average common shares outstanding (diluted)	237,445			237,363			237,433			237,349
Per common share data (basic and diluted):
Net income attributable to common shareholders	$	0.07		$	0.17		$	0.20		$	0.30

5

SENIOR HOUSING PROPERTIES TRUST

CONSOLIDATED STATEMENTS OF FFO AND NORMALIZED FFO

(amounts in thousands, except per share data)

(unaudited)

Calculation of FFO and Normalized FFO⁽¹⁾:

	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
Net income attributable to common shareholders	$	16,042		$	39,233		$	48,197		$	70,507
Depreciation and amortization expense	69,669			71,372			142,844			142,594
Noncontrolling interest's share of net FFO adjustments	(5,305		)	—			(5,761		)	—
Gain on sale of properties	—			(4,061		)	—			(4,061		)
Impairment of assets	5,082			4,961			5,082			12,351
FFO	85,488			111,505			190,362			221,391
Estimated business management incentive fees (2)	10,760			—			14,026			—
Acquisition and certain other transaction related costs	—			180			292			619
Loss on early extinguishment of debt	7,353			—			7,353			6
Normalized FFO	$	103,601		$	111,685		$	212,033		$	222,016
Weighted average common shares outstanding (basic)	237,399			237,325			237,395			237,320
Weighted average common shares outstanding (diluted)	237,445			237,363			237,433			237,349
Per common share data (basic and diluted):
Net income attributable to common shareholders	$	0.07		$	0.17		$	0.20		$	0.30
FFO	$	0.36		$	0.47		$	0.80		$	0.93
Normalized FFO	$	0.44		$	0.47		$	0.89		$	0.94
Distributions declared	$	0.39		$	0.39		$	0.78		$	0.78

(1)         SNH calculates FFO and Normalized FFO as shown above.  FFO is calculated on the basis defined by the National Association of Real Estate Investment Trusts, or NAREIT, which is net income attributable to common shareholders, calculated in accordance with GAAP, excluding any gain or loss on sale of properties and impairment of real estate assets, plus real estate depreciation and amortization and the difference between net income attributable to common shareholders and FFO attributable to noncontrolling interest, as well as certain other adjustments currently not applicable to SNH.  SNH’s calculation of Normalized FFO differs from NAREIT’s definition of FFO because SNH includes business management incentive fees, if any, only in the fourth quarter versus the quarter when they are recognized as expense in accordance with GAAP due to their quarterly volatility not necessarily being indicative of SNH’s core operating performance and the uncertainty as to whether any such business management incentive fees will be payable when all contingencies for determining such fees are known at the end of the calendar year, and SNH excludes acquisition and certain other transaction related costs expensed under GAAP such as legal and professional fees associated with SNH's acquisition and disposition activities, gains and losses on early extinguishment of debt, if any, and Normalized FFO from noncontrolling interest, net of FFO, if any. SNH considers FFO and Normalized FFO to be appropriate supplemental measures of operating performance for a REIT, along with net income, net income attributable to common shareholders and operating income. SNH believes that FFO and Normalized FFO provide useful information to investors, because by excluding the effects of certain historical amounts, such as depreciation and amortization expense, FFO and Normalized FFO may facilitate a comparison of SNH's operating performance between periods and with other REITs.  FFO and Normalized FFO are among the factors considered by SNH’s Board of Trustees when determining the amount of distributions to its shareholders. Other factors include, but are not limited to, requirements to maintain SNH’s qualification for taxation as a REIT, limitations in SNH’s revolving credit facility and term loan agreements and SNH’s public debt covenants, the availability to SNH of debt and equity capital, SNH’s expectation of its future capital requirements and operating performance and SNH’s expected needs and availability of cash to pay its obligations.  FFO and Normalized FFO do not represent cash generated by operating activities in accordance with GAAP and should not be considered as alternatives to net income, net income attributable to common shareholders or operating income as an indicator of SNH’s operating performance or as a measure of SNH’s liquidity. These measures should be considered in conjunction with net income, net income attributable to common shareholders and operating income as presented in SNH’s Condensed Consolidated Statements of Income. Other REITs and real estate companies may calculate FFO and Normalized FFO differently than SNH does.

(2)        Incentive fees under SNH’s business management agreement are payable after the end of each calendar year, are calculated based on common share total return, as defined, and are included in general and administrative expense in SNH’s Condensed Consolidated Statements of Income. In calculating net income attributable to common shareholders in accordance with GAAP, SNH recognizes estimated business management incentive fee expense, if any, in the first, second and third quarters. Although SNH recognizes this expense, if any, in the first, second and third quarters for purposes of calculating net income attributable to common shareholders, SNH does not include these amounts in the calculation of Normalized FFO until the fourth quarter, when the amount of the business management incentive fee expense for the calendar year, if any, is determined.

6

SENIOR HOUSING PROPERTIES TRUST

CALCULATION AND RECONCILIATION OF NET OPERATING INCOME (NOI) AND CASH BASIS NOI

(amounts in thousands)

(unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
Calculation of NOI and Cash Basis NOI(1):
Revenues:
Rental income	$	166,647		$	163,997		$	333,090		$	325,419
Residents fees and services	98,366			97,370			196,484			194,323
Total revenues	265,013			261,367			529,574			519,742
Property operating expenses	(102,795		)	(97,474		)	(203,851		)	(195,422		)
Property net operating income (NOI):	162,218			163,893			325,723			324,320
Non-cash straight line rent adjustments	(3,435		)	(4,745		)	(6,865		)	(9,306		)
Lease value amortization	(1,320		)	(1,303		)	(2,610		)	(2,558		)
Lease termination fee amortization	—			—			—			(42		)
Non-cash amortization included in property operating expenses(2)	(199		)	(199		)	(399		)	(398		)
Cash Basis NOI	$	157,264		$	157,646		$	315,849		$	312,016
Reconciliation of Net Income to Cash Basis NOI:
Net income	$	17,402		$	39,233		$	49,683		$	70,507
Gain on sale of properties	—			(4,061		)	—			(4,061		)
Income before gain on sale of properties	17,402			35,172			49,683			66,446
Equity in earnings of an investee	(374		)	(17		)	(502		)	(94		)
Income tax expense	99			108			191			202
Loss on early extinguishment of debt	7,353			—			7,353			6
Interest expense	40,800			41,118			84,289			80,399
Interest and other income	(76		)	(177		)	(195		)	(242		)
Dividend income	(659		)	(789		)	(1,319		)	(789		)
Operating income	64,545			75,415			139,500			145,928
Impairment of assets	5,082			4,961			5,082			12,351
Acquisition and certain other transaction related costs	—			180			292			619
General and administrative expense	22,922			11,965			38,005			22,828
Depreciation and amortization expense	69,669			71,372			142,844			142,594
Property NOI	162,218			163,893			325,723			324,320
Non-cash amortization included in property operating expenses(2)	(199		)	(199		)	(399		)	(398		)
Lease termination fee amortization	—			—			—			(42		)
Lease value amortization	(1,320		)	(1,303		)	(2,610		)	(2,558		)
Non-cash straight line rent adjustments	(3,435		)	(4,745		)	(6,865		)	(9,306		)
Cash Basis NOI	$	157,264		$	157,646		$	315,849		$	312,016

(1)        The calculations of NOI and Cash Basis NOI exclude certain components of net income in order to provide results that are more closely related to SNH’s property level results of operations. SNH calculates NOI and Cash Basis NOI as shown above.  SNH defines NOI as income from its real estate less its property operating expenses. NOI excludes amortization of capitalized tenant improvement costs and leasing commissions because SNH records those amounts as depreciation and amortization.  SNH defines Cash Basis NOI as NOI excluding non-cash straight line rent adjustments, lease value amortization, lease termination fee amortization, if any, and non-cash amortization included in property operating expenses. SNH considers NOI and Cash Basis NOI to be appropriate supplemental measures to net income because they may help both investors and management to understand the operations of SNH’s properties. SNH uses NOI and Cash Basis NOI internally to evaluate individual and company wide property level performance, and it believes that NOI and Cash Basis NOI provide useful information to investors regarding its results of operations because these measures reflect only those income and expense items that are generated and incurred at the property level and may facilitate comparisons of its operating performance between periods and with other REITs. NOI and Cash Basis NOI do not represent cash generated by operating activities in accordance with GAAP and should not be considered as an alternative to net income, net income attributable to common shareholders or operating income as an indicator of SNH’s operating performance or as a measure of SNH’s liquidity.  These measures should be considered in conjunction with net income, net income attributable to common shareholders and operating income as presented in SNH’s Condensed Consolidated Statements of Income. Other REITs and real estate companies may calculate NOI and Cash Basis NOI differently than SNH does.

(2)        SNH recorded a liability for the amount by which the estimated fair value for accounting purposes exceeded the price SNH paid for its investment in RMR common stock in June 2015. A portion of this liability is being amortized on a straight line basis through December 31, 2035 as a reduction to property management fees, which are included in property operating expenses.

7

SENIOR HOUSING PROPERTIES TRUST

Calculation and Reconciliation of NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI by Segment⁽¹⁾ 

(dollars in thousands)

(unaudited)

	For the Three Months Ended June 30, 2017															For the Three Months Ended June 30, 2016
Calculation of NOI and Cash Basis NOI:	Triple Net Leased Senior Living Communities			Managed Senior Living Communities			MOBs			Non-Segment (2)			Total			Triple Net Leased Senior Living Communities			Managed Senior Living Communities			MOBs			Non-Segment (2)		Total
Rental income / residents fees and services	$	67,426		$	98,366		$	94,651		$	4,570		$	265,013		$	66,441		$	97,370		$	92,978		$	4,578	$	261,367
Property operating expenses	—			(75,149		)	(27,646		)	—			(102,795		)	(423		)	(71,642		)	(25,409		)	—		(97,474		)
Property net operating income (NOI)	$	67,426		$	23,217		$	67,005		$	4,570		$	162,218		$	66,018		$	25,728		$	67,569		$	4,578	$	163,893
NOI change	2.1		%	(9.8		)%	(0.8		)%	(0.2		)%	(1.0		)%
Property NOI	$	67,426		$	23,217		$	67,005		$	4,570		$	162,218		$	66,018		$	25,728		$	67,569		$	4,578	$	163,893
Less:
Non-cash straight line rent adjustments	778			—			2,520			137			3,435			1,148			—			3,460			137		4,745
Lease value amortization	—			—			1,265			55			1,320			—			—			1,248			55		1,303
Non-cash amortization included in property operating expenses (3)	—			—			199			—			199			—			—			199			—		199
Cash Basis NOI	$	66,648		$	23,217		$	63,021		$	4,378		$	157,264		$	64,870		$	25,728		$	62,662		$	4,386	$	157,646
Cash Basis NOI change	2.7		%	(9.8		)%	0.6		%	(0.2		)%	(0.2		)%
Reconciliation of NOI to Same Property NOI:
Property NOI	$	67,426		$	23,217		$	67,005		$	4,570		$	162,218		$	66,018		$	25,728		$	67,569		$	4,578	$	163,893
Less:
NOI not included in same property	2,456			987			2,419			—			5,862			1,778			1,528			1,827			—		5,133
Same property NOI (4)	$	64,970		$	22,230		$	64,586		$	4,570		$	156,356		$	64,240		$	24,200		$	65,742		$	4,578	$	158,760
Same property NOI change	1.1		%	(8.1		)%	(1.8		)%	(0.2		)%	(1.5		)%
Reconciliation of Same Property NOI to Same Property Cash Basis NOI:
Same property NOI (4)	$	64,970		$	22,230		$	64,586		$	4,570		$	156,356		$	64,240		$	24,200		$	65,742		$	4,578	$	158,760
Less:
Non-cash straight line rent adjustments	778			—			2,215			137			3,130			1,119			—			3,344			137		4,600
Lease value amortization	—			—			1,268			55			1,323			—			—			1,166			55		1,221
Non-cash amortization included in property operating expenses (3)	—			—			199			—			199			—			—			197			—		197
Same property cash basis NOI (4)	$	64,192		$	22,230		$	60,904		$	4,378		$	151,704		$	63,121		$	24,200		$	61,035		$	4,386	$	152,742
Same property cash basis NOI change	1.7		%	(8.1		)%	(0.2		)%	(0.2		)%	(0.7		)%

(1)  See above for the calculation of NOI and a reconciliation of net income determined in accordance with GAAP to that amount. For a definition of NOI and Cash Basis NOI, a description of why management believes they are appropriate supplemental measures and a description of how management uses these measures, please see footnote 1 to the table included on page 7.

(2) Includes the operating results of certain properties that offer wellness, fitness and spa services to members.

(3) SNH recorded a liability for the amount by which the estimated fair value for accounting purposes exceeded the price SNH paid for its investment in RMR common stock in June 2015. A portion of this liability is being amortized on a straight line basis through December 31, 2035 as a reduction to property management fees, which are included in property operating expenses.

(4) Consists of properties owned continuously and properties owned and managed continuously by the same operator since April 1, 2016 and includes SNH's MOB (two buildings) that is subject to a joint venture arrangement and excludes properties classified as held for sale, if any.

8

SENIOR HOUSING PROPERTIES TRUST

Calculation and Reconciliation of NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI by Segment⁽¹⁾ 

(dollars in thousands)

(unaudited)

	For the Six Months Ended June 30, 2017															For the Six Months Ended June 30, 2016
Calculation of NOI and Cash Basis NOI:	Triple Net Leased Senior Living Communities			Managed Senior Living Communities			MOBs			Non-Segment (2)			Total			Triple Net Leased Senior Living Communities			Managed Senior Living Communities			MOBs			Non-Segment (2)		Total
Rental income / residents fees and services	$	134,678		$	196,484		$	189,297		$	9,115		$	529,574		$	131,749		$	194,323		$	184,559		$	9,111	$	519,742
Property operating expenses	—			(149,028		)	(54,823		)	—			(203,851		)	(786		)	(143,820		)	(50,816		)	—		(195,422		)
Property net operating income (NOI)	$	134,678		$	47,456		$	134,474		$	9,115		$	325,723		$	130,963		$	50,503		$	133,743		$	9,111	$	324,320
NOI change	2.8		%	(6.0		)%	0.5		%	—		%	0.4		%
Property NOI	$	134,678		$	47,456		$	134,474		$	9,115		$	325,723		$	130,963		$	50,503		$	133,743		$	9,111	$	324,320
Less:
Non-cash straight line rent adjustments	1,554			—			5,035			276			6,865			2,320			—			6,711			275		9,306
Lease value amortization	—			—			2,500			110			2,610			—			—			2,448			110		2,558
Lease termination fee amortization	—			—			—			—			—			—			—			42			—		42
Non-cash amortization included in property operating expenses (3)	—			—			399			—			399			—			—			398			—		398
Cash Basis NOI	$	133,124		$	47,456		$	126,540		$	8,729		$	315,849		$	128,643		$	50,503		$	124,144		$	8,726	$	312,016
Cash Basis NOI change	3.5		%	(6.0		)%	1.9		%	—		%	1.2		%
Reconciliation of NOI to Same Property NOI:
Property NOI	$	134,678		$	47,456		$	134,474		$	9,115		$	325,723		$	130,963		$	50,503		$	133,743		$	9,111	$	324,320
Less:
NOI not included in same property	4,913			2,251			5,884			—			13,048			2,625			2,589			3,633			—		8,847
Same property NOI (4)	$	129,765		$	45,205		$	128,590		$	9,115		$	312,675		$	128,338		$	47,914		$	130,110		$	9,111	$	315,473
Same property NOI change	1.1		%	(5.7		)%	(1.2		)%	—		%	(0.9		)%
Reconciliation of Same Property NOI to Same Property Cash Basis NOI:
Same property NOI (4)	$	129,765		$	45,205		$	128,590		$	9,115		$	312,675		$	128,338		$	47,914		$	130,110		$	9,111	$	315,473
Less:
Non-cash straight line rent adjustments	1,554			—			4,378			276			6,208			2,224			—			6,602			275		9,101
Lease value amortization	—			—			2,428			110			2,538			—			—			2,185			110		2,295
Non-cash amortization included in property operating expenses (3)	—			—			399			—			399			—			—			393			—		393
Same property cash basis NOI (4)	$	128,211		$	45,205		$	121,385		$	8,729		$	303,530		$	126,114		$	47,914		$	120,930		$	8,726	$	303,684
Same property cash basis NOI change	1.7		%	(5.7		)%	0.4		%	—		%	(0.1		)%

(1)  See above for the calculation of NOI and a reconciliation of net income determined in accordance with GAAP to that amount. For a definition of NOI and Cash Basis NOI, a description of why management believes they are appropriate supplemental measures and a description of how management uses these measures, please see footnote 1 to the table included on page 7.

(2) Includes the operating results of certain properties that offer wellness, fitness and spa services to members.

(3) SNH recorded a liability for the amount by which the estimated fair value for accounting purposes exceeded the price SNH paid for its investment in RMR common stock in June 2015. A portion of this liability is being amortized on a straight line basis through December 31, 2035 as a reduction to property management fees, which are included in property operating expenses.

(4) Consists of properties owned continuously and properties owned and managed continuously by the same operator since January 1, 2016 and includes SNH's MOB (two buildings) that is subject to a joint venture arrangement and excludes properties classified as held for sale, if any.

9

SENIOR HOUSING PROPERTIES TRUST

CONDENSED CONSOLIDATED BALANCE SHEETS

(amounts in thousands)

(unaudited)

	June 30, 2017			December 31, 2016
ASSETS
Real estate properties	$	7,799,820		$	7,730,523
Accumulated depreciation	(1,426,382		)	(1,328,011		)
	6,373,438			6,402,512
Cash and cash equivalents	27,160			31,749
Restricted cash	13,776			3,829
Acquired real estate leases and other intangible assets, net	476,494			514,446
Other assets, net	292,752			275,218
Total assets	$	7,183,620		$	7,227,754
LIABILITIES AND EQUITY
Unsecured revolving credit facility	$	434,000		$	327,000
Unsecured term loans, net	547,434			547,058
Senior unsecured notes, net	1,724,210			1,722,758
Secured debt and capital leases, net	817,083			1,117,649
Accrued interest	17,486			18,471
Assumed real estate lease obligations, net	101,007			106,038
Other liabilities	201,621			189,375
Total liabilities	3,842,841			4,028,349
Total equity	3,340,779			3,199,405
Total liabilities and equity	$	7,183,620		$	7,227,754

(END)

10

EX-99.2

Senior Housing Properties Trust Second Quarter 2017 Supplemental Operating and Financial Data All amounts in this report are unaudited. The Stratford 213 Living Units Carmel, IN

Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 2 TABLE OF CONTENT S TABLE OF CONTENTS PAGE CORPORATE INFORMATION 6 Company Profile 7 Investor Information 8 Research Coverage 9 FINANCIALS 10 Key Financial Data 11 Condensed Consolidated Balance Sheets 12 Condensed Consolidated Statements of Income 13 Condensed Consolidated Statements of Income (Additional Data) 14 Consolidated Statements of Cash Flows 15 Debt Summary 16 Debt Maturity Schedule 17 Leverage Ratios, Coverage Ratios and Public Debt Covenants 18 Summary of Capital Expenditures 19 Property Acquisitions / Dispositions Information Since January 1, 2017 20 Calculation and Reconciliation of Net Operating Income (NOI) and Cash Basis NOI 21 Consolidated and Same Property Net Operating Income (NOI) and Cash Basis NOI 22 Calculation and Reconciliation of Net Operating Income (NOI), Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI by Segment for the Three Months Ended June 30, 2017 and 2016 23 Calculation and Reconciliation of Net Operating Income (NOI), Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI by Segment for the Six Months Ended June 30, 2017 and 2016 24 Calculation and Reconciliation of EBITDA and Adjusted EBITDA 25 Calculation and Reconciliation of Funds from Operations (FFO) and Normalized FFO 26 Definitions of Certain Non-GAAP Financial Measures 27 PORTFOLIO INFORMATION 28 Portfolio Summary by Property Mix and Geographic Diversification 29 Portfolio Summary by Property Type and Tenant 30 Occupancy by Property Type and Tenant 31 Rent Coverage by Tenant (Triple Net Leased Senior Living Communities and Wellness Centers) 32 Triple Net Leased Senior Living Communities Segment and Same Property – Results of Operations 33 Managed Senior Living Communities Segment and Same Property – Results of Operations 34 MOB Portfolio Segment and Same Property - Results of Operations 35 MOB Leasing Summary 36 Tenants Representing 1% or More of Total Rent 37 Portfolio Lease Expiration Schedule 38

Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 3 W ARNING CONCERNING FO RW ARD LOOKING S TA TEMENT S WARNING CONCERNING FORWARD LOOKING STATEMENTS THIS PRESENTATION OF SUPPLEMENTAL OPERATING AND FINANCIAL DATA CONTAINS STATEMENTS THAT CONSTITUTE FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER SECURITIES LAWS. ALSO, WHENEVER WE USE WORDS SUCH AS "BELIEVE", "EXPECT", "ANTICIPATE", "INTEND", "PLAN", "ESTIMATE", "WILL", "MAY" AND NEGATIVES OR DERIVATIVES OF THESE OR SIMILAR EXPRESSIONS, WE ARE MAKING FORWARD LOOKING STATEMENTS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON OUR PRESENT INTENT, BELIEFS OR EXPECTATIONS, BUT FORWARD LOOKING STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR. FORWARD LOOKING STATEMENTS IN THIS PRESENTATION OF SUPPLEMENTAL OPERATING AND FINANCIAL DATA RELATE TO VARIOUS ASPECTS OF OUR BUSINESS, INCLUDING: • OUR POLICIES AND PLANS REGARDING INVESTMENTS, FINANCINGS AND DISPOSITIONS, • OUR ABILITY TO RETAIN OUR EXISTING TENANTS, ATTRACT NEW TENANTS AND MAINTAIN OR INCREASE CURRENT RENTAL RATES, • THE CREDIT QUALITIES OF OUR TENANTS, • OUR ABILITY TO COMPETE FOR ACQUISITIONS AND TENANCIES EFFECTIVELY, • OUR ACQUISITIONS AND SALES OF PROPERTIES, • THE ABILITY OF THE MANAGER OF OUR MANAGED SENIOR LIVING COMMUNITIES TO MAINTAIN AND INCREASE OCCUPANCY AND REVENUES AT THOSE COMMUNITIES, • OUR ABILITY TO PAY DISTRIBUTIONS TO OUR SHAREHOLDERS AND THE AMOUNT OF SUCH DISTRIBUTIONS, • OUR ABILITY TO RAISE DEBT OR EQUITY CAPITAL, • THE FUTURE AVAILABILITY OF BORROWINGS UNDER OUR REVOLVING CREDIT FACILITY, • OUR ABILITY TO PAY INTEREST ON AND PRINCIPAL OF OUR DEBT, • OUR ABILITY TO APPROPRIATELY BALANCE OUR USE OF DEBT AND EQUITY CAPITAL, • OUR CREDIT RATINGS, • OUR EXPECTATION THAT WE BENEFIT FROM OUR OWNERSHIP OF THE RMR GROUP INC., OR RMR INC., • OUR EXPECTATION THAT WE BENEFIT FROM OUR OWNERSHIP OF AFFILIATES INSURANCE COMPANY, OR AIC, AND FROM OUR PARTICIPATION IN INSURANCE PROGRAMS ARRANGED BY AIC, • OUR QUALIFICATION FOR TAXATION AS A REAL ESTATE INVESTMENT TRUST, OR REIT, • OUR BELIEF THAT THE AGING U.S. POPULATION AND INCREASING LIFE SPANS OF SENIORS WILL INCREASE THE DEMAND FOR SENIOR LIVING SERVICES, • OUR BELIEF THAT FIVE STAR SENIOR LIVING INC., OR FIVE STAR, OUR FORMER SUBSIDIARY AND LARGEST TENANT AND THE MANAGER OF OUR MANAGED SENIOR LIVING COMMUNITIES, HAS ADEQUATE FINANCIAL RESOURCES AND LIQUIDITY AND THE ABILITY TO MEET ITS OBLIGATIONS TO US AND TO MANAGE OUR SENIOR LIVING COMMUNITIES SUCCESSFULLY, AND • OTHER MATTERS.

Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 4 W ARNING CONCERNING FO RW ARD LOOKING S TA TEMENTS (continued ) OUR ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED IN OR IMPLIED BY OUR FORWARD LOOKING STATEMENTS AS A RESULT OF VARIOUS FACTORS. FACTORS THAT COULD HAVE A MATERIAL ADVERSE EFFECT ON OUR FORWARD LOOKING STATEMENTS AND UPON OUR BUSINESS, RESULTS OF OPERATIONS, FINANCIAL CONDITION, FUNDS FROM OPERATIONS, OR FFO, NORMALIZED FUNDS FROM OPERATIONS, OR NORMALIZED FFO, NET OPERATING INCOME, OR NOI, CASH BASIS NOI, EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION, OR EBITDA, EBITDA AS ADJUSTED, OR ADJUSTED EBITDA, CASH FLOWS, LIQUIDITY AND PROSPECTS INCLUDE, BUT ARE NOT LIMITED TO: • THE IMPACT OF CONDITIONS AND CHANGES IN THE ECONOMY AND THE CAPITAL MARKETS ON US AND OUR TENANTS AND MANAGERS, • THE IMPACT OF THE PATIENT PROTECTION AND AFFORDABLE CARE ACT, AS AMENDED BY THE HEALTH CARE AND EDUCATION RECONCILIATION ACT, OR COLLECTIVELY, THE ACA, INCLUDING CURRENT PROPOSALS TO REPEAL OR TO REPEAL AND REPLACE THE ACA, AND OTHER EXISTING OR PROPOSED LEGISLATION OR REGULATIONS ON US, ON OUR TENANTS AND MANAGERS AND ON THEIR ABILITY TO PAY OUR RENTS AND RETURNS, • ACTUAL AND POTENTIAL CONFLICTS OF INTEREST WITH OUR RELATED PARTIES, INCLUDING OUR MANAGING TRUSTEES, FIVE STAR, THE RMR GROUP LLC, OR RMR LLC, RMR INC., AIC AND OTHERS AFFILIATED WITH THEM, • COMPLIANCE WITH, AND CHANGES TO, FEDERAL, STATE AND LOCAL LAWS AND REGULATIONS, ACCOUNTING RULES, TAX LAWS AND SIMILAR MATTERS, • LIMITATIONS IMPOSED ON OUR BUSINESS AND OUR ABILITY TO SATISFY COMPLEX RULES IN ORDER FOR US TO QUALIFY FOR TAXATION AS A REIT FOR U.S. FEDERAL INCOME TAX PURPOSES, • COMPETITION WITHIN THE HEALTHCARE AND REAL ESTATE INDUSTRIES, AND • ACTS OF TERRORISM, OUTBREAKS OF SO CALLED PANDEMICS OR OTHER MANMADE OR NATURAL DISASTERS BEYOND OUR CONTROL. FOR EXAMPLE: • FIVE STAR IS OUR LARGEST TENANT AND THE MANAGER OF OUR MANAGED SENIOR LIVING COMMUNITIES AND IT MAY EXPERIENCE FINANCIAL DIFFICULTIES AS A RESULT OF A NUMBER OF FACTORS, INCLUDING, BUT NOT LIMITED TO: • CHANGES IN MEDICARE OR MEDICAID POLICIES, INCLUDING THOSE THAT MAY RESULT FROM THE ACA, INCLUDING CURRENT PROPOSALS TO REPEAL OR TO REPEAL AND REPLACE THE ACA, AND OTHER EXISTING OR PROPOSED LEGISLATION OR REGULATIONS, WHICH COULD RESULT IN REDUCED MEDICARE OR MEDICAID RATES OR A FAILURE OF SUCH RATES TO COVER FIVE STAR'S COSTS OR LIMIT THE SCOPE OR FUNDING OF EITHER OR BOTH PROGRAMS, • THE IMPACT OF CHANGES IN THE ECONOMY AND THE CAPITAL MARKETS ON FIVE STAR AND ITS RESIDENTS AND OTHER CUSTOMERS, • COMPETITION WITHIN THE SENIOR LIVING SERVICES BUSINESS, • INCREASES IN INSURANCE AND TORT LIABILITY COSTS, AND • INCREASES IN FIVE STAR'S LABOR COSTS OR IN COSTS FIVE STAR PAYS FOR GOODS AND SERVICES. • IF FIVE STAR'S OPERATIONS CONTINUE TO BE UNPROFITABLE, IT MAY DEFAULT ON ITS RENT OBLIGATIONS TO US, • IF FIVE STAR FAILS TO PROVIDE QUALITY SERVICES AT SENIOR LIVING COMMUNITIES THAT WE OWN, OUR INCOME FROM THESE COMMUNITIES MAY BE ADVERSELY AFFECTED, • IN RESPONSE TO COMPETITIVE PRESSURES RESULTING FROM RECENT AND EXPECTED NEW SUPPLY OF SENIOR LIVING COMMUNITIES, WE HAVE BEEN INVESTING IN IMPROVEMENTS TO OUR EXISTING SENIOR LIVING COMMUNITIES. OUR COMMUNITIES MAY FAIL TO BE COMPETITIVE AND THEY MAY FAIL TO ATTRACT RESIDENTS, DESPITE OUR CAPITAL INVESTMENTS, • OUR OTHER TENANTS MAY EXPERIENCE LOSSES AND DEFAULT ON THEIR RENT OBLIGATIONS TO US, • SOME OF OUR TENANTS MAY NOT RENEW EXPIRING LEASES, AND WE MAY BE UNABLE TO OBTAIN NEW TENANTS TO MAINTAIN OR INCREASE THE HISTORICAL OCCUPANCY RATES OF, OR RENTS FROM, OUR PROPERTIES, • OUR ABILITY TO MAKE FUTURE DISTRIBUTIONS TO OUR SHAREHOLDERS AND TO MAKE PAYMENTS OF PRINCIPAL AND INTEREST ON OUR INDEBTEDNESS DEPENDS UPON A NUMBER OF FACTORS, INCLUDING OUR FUTURE EARNINGS, THE CAPITAL COSTS WE INCUR TO LEASE AND OPERATE OUR PROPERTIES AND OUR WORKING CAPITAL REQUIREMENTS. WE MAY BE UNABLE TO PAY OUR DEBT OBLIGATIONS OR TO MAINTAIN OUR CURRENT RATE OF DISTRIBUTIONS ON OUR COMMON SHARES AND FUTURE DISTRIBUTIONS MAY BE REDUCED OR ELIMINATED, • OUR ABILITY TO GROW OUR BUSINESS AND INCREASE OUR DISTRIBUTIONS DEPENDS IN LARGE PART UPON OUR ABILITY TO BUY PROPERTIES AND ARRANGE FOR THEIR PROFITABLE OPERATION OR LEASE THEM FOR RENTS, LESS OUR PROPERTY OPERATING EXPENSES, THAT EXCEED OUR CAPITAL COSTS. WE MAY BE UNABLE TO IDENTIFY PROPERTIES THAT WE WANT TO ACQUIRE OR TO NEGOTIATE ACCEPTABLE PURCHASE PRICES, ACQUISITION FINANCING, MANAGEMENT AGREEMENTS OR LEASE TERMS FOR NEW PROPERTIES, • RENTS THAT WE CAN CHARGE AT OUR PROPERTIES MAY DECLINE BECAUSE OF CHANGING MARKET CONDITIONS OR OTHERWISE, • CONTINGENCIES IN OUR ACQUISITION AND SALE AGREEMENTS MAY NOT BE SATISFIED AND OUR PENDING ACQUISITIONS AND SALES AND ANY RELATED LEASES OR MANAGEMENT ARRANGEMENTS WE MAY EXPECT TO ENTER INTO MAY NOT OCCUR, MAY BE DELAYED OR THE TERMS OF SUCH TRANSACTIONS OR ARRANGEMENTS MAY CHANGE, • WE EXPECT TO ENTER INTO ADDITIONAL LEASE OR MANAGEMENT ARRANGEMENTS WITH FIVE STAR FOR ADDITIONAL SENIOR LIVING COMMUNITIES THAT WE OWN OR MAY ACQUIRE IN THE FUTURE. HOWEVER, WE CANNOT BE SURE THAT WE WILL ENTER INTO ANY ADDITIONAL LEASES, MANAGEMENT ARRANGEMENTS OR OTHER TRANSACTIONS WITH FIVE STAR,

Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 5 W ARNING CONCERNING FO RW ARD LOOKING S TA TEMENTS (continued ) • CONTINUED AVAILABILITY OF BORROWINGS UNDER OUR REVOLVING CREDIT FACILITY IS SUBJECT TO OUR SATISFYING CERTAIN FINANCIAL COVENANTS AND OTHER CREDIT FACILITY CONDITIONS THAT WE MAY BE UNABLE TO SATISFY, • ACTUAL COSTS UNDER OUR REVOLVING CREDIT FACILITY OR OTHER FLOATING RATE CREDIT FACILITIES WILL BE HIGHER THAN LIBOR PLUS A PREMIUM BECAUSE OF FEES AND EXPENSES ASSOCIATED WITH SUCH FACILITIES, • THE MAXIMUM BORROWING AVAILABILITY UNDER OUR REVOLVING CREDIT FACILITY AND TERM LOANS MAY BE INCREASED TO UP TO $3.1 BILLION ON A COMBINED BASIS IN CERTAIN CIRCUMSTANCES. HOWEVER, INCREASING THE MAXIMUM BORROWING AVAILABILITY UNDER OUR REVOLVING CREDIT FACILITY AND TERM LOANS IS SUBJECT TO OUR OBTAINING ADDITIONAL COMMITMENTS FROM LENDERS, WHICH MAY NOT OCCUR, • WE HAVE THE OPTION TO EXTEND THE MATURITY DATE OF OUR REVOLVING CREDIT FACILITY UPON PAYMENT OF A FEE AND MEETING OTHER CONDITIONS; HOWEVER, THE APPLICABLE CONDITIONS MAY NOT BE MET, • THE PREMIUMS USED TO DETERMINE THE INTEREST RATE PAYABLE ON OUR REVOLVING CREDIT FACILITY AND TERM LOANS AND THE FACILITY FEE PAYABLE ON OUR REVOLVING CREDIT FACILITY ARE BASED ON OUR CREDIT RATINGS. FUTURE CHANGES IN OUR CREDIT RATINGS MAY CAUSE THE INTEREST AND FEES WE PAY TO INCREASE, • WE MAY BE UNABLE TO REPAY OUR DEBT OBLIGATIONS WHEN THEY BECOME DUE, • FOR THE THREE MONTHS ENDED JUNE 30, 2017, APPROXIMATELY 97% OF OUR NOI WAS GENERATED FROM PROPERTIES WHERE A MAJORITY OF THE REVENUES ARE DERIVED FROM OUR TENANTS’ AND RESIDENTS’ PRIVATE RESOURCES. THIS MAY IMPLY THAT WE WILL MAINTAIN OR INCREASE THE PERCENTAGE OF OUR NOI GENERATED FROM PRIVATE RESOURCES AT OUR SENIOR LIVING COMMUNITIES. HOWEVER, OUR RESIDENTS AND PATIENTS MAY BECOME UNABLE TO FUND OUR CHARGES WITH PRIVATE RESOURCES AND WE MAY BE REQUIRED OR MAY ELECT FOR BUSINESS REASONS TO ACCEPT OR PURSUE REVENUES FROM GOVERNMENT SOURCES, WHICH COULD RESULT IN AN INCREASED PART OF OUR NOI AND REVENUE BEING GENERATED FROM GOVERNMENT PAYMENTS AND OUR BECOMING MORE DEPENDENT ON GOVERNMENT PAYMENTS, • CIRCUMSTANCES THAT ADVERSELY AFFECT THE ABILITY OF SENIORS OR THEIR FAMILIES TO PAY FOR OUR TENANTS' AND MANAGER'S SERVICES, SUCH AS ECONOMIC DOWNTURNS, WEAK HOUSING MARKET CONDITIONS, HIGHER LEVELS OF UNEMPLOYMENT AMONG OUR RESIDENTS' FAMILY MEMBERS, LOWER LEVELS OF CONSUMER CONFIDENCE, STOCK MARKET VOLATILITY AND/OR CHANGES IN DEMOGRAPHICS GENERALLY COULD AFFECT THE PROFITABILITY OF OUR SENIOR LIVING COMMUNITIES, • WE MAY NOT BE ABLE TO SELL PROPERTIES THAT WE DETERMINE TO OFFER FOR SALE ON TERMS ACCEPTABLE TO US OR OTHERWISE, • WE BELIEVE THAT OUR RELATIONSHIPS WITH OUR RELATED PARTIES, INCLUDING FIVE STAR, RMR LLC, RMR INC., ABP TRUST, AIC AND OTHERS AFFILIATED WITH THEM MAY BENEFIT US AND PROVIDE US WITH COMPETITIVE ADVANTAGES IN OPERATING AND GROWING OUR BUSINESS. HOWEVER, THE ADVANTAGES WE BELIEVE WE MAY REALIZE FROM THESE RELATIONSHIPS MAY NOT MATERIALIZE, • OUR SENIOR LIVING COMMUNITIES ARE SUBJECT TO EXTENSIVE GOVERNMENT REGULATION, LICENSURE AND OVERSIGHT. WE SOMETIMES EXPERIENCE DEFICIENCIES IN THE OPERATION OF OUR SENIOR LIVING COMMUNITIES AND SOME OF OUR COMMUNITIES MAY BE PROHIBITED FROM ADMITTING NEW RESIDENTS OR OUR LICENSE TO CONTINUE OPERATIONS AT A COMMUNITY MAY BE REVOKED. ALSO, OPERATING DEFICIENCIES OR A LICENSE REVOCATION AT ONE OR MORE OF OUR SENIOR LIVING COMMUNITIES MAY HAVE AN ADVERSE IMPACT ON OUR ABILITY TO OBTAIN LICENSES FOR, OR ATTRACT RESIDENTS TO, OUR OTHER COMMUNITIES, AND • THE BUSINESS AND PROPERTY MANAGEMENT AGREEMENTS BETWEEN US AND RMR LLC HAVE CONTINUING 20 YEAR TERMS. HOWEVER, THOSE AGREEMENTS PERMIT EARLY TERMINATION IN CERTAIN CIRCUMSTANCES. ACCORDINGLY, WE CANNOT BE SURE THAT THESE AGREEMENTS WILL REMAIN IN EFFECT FOR CONTINUING 20 YEAR TERMS. CURRENTLY UNEXPECTED RESULTS COULD OCCUR DUE TO MANY DIFFERENT CIRCUMSTANCES, SOME OF WHICH ARE BEYOND OUR CONTROL, SUCH AS NEW LEGISLATION OR REGULATIONS AFFECTING OUR BUSINESS OR THE BUSINESSES OF OUR TENANTS OR MANAGERS, CHANGES IN OUR TENANTS' OR MANAGERS' REVENUES OR COSTS, CHANGES IN OUR TENANTS' OR MANAGERS' FINANCIAL CONDITIONS, DEFICIENCIES IN OPERATIONS BY A TENANT OR MANAGER OF ONE OR MORE OF OUR SENIOR LIVING COMMUNITIES, CHANGED MEDICARE OR MEDICAID RATES, ACTS OF TERRORISM, NATURAL DISASTERS OR CHANGES IN CAPITAL MARKETS OR THE ECONOMY GENERALLY. THE INFORMATION CONTAINED IN OUR FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION, OR SEC, INCLUDING UNDER THE CAPTION "RISK FACTORS" IN OUR PERIODIC REPORTS, OR INCORPORATED THEREIN, IDENTIFIES OTHER IMPORTANT FACTORS THAT COULD CAUSE DIFFERENCES FROM OUR FORWARD LOOKING STATEMENTS. OUR FILINGS WITH THE SEC ARE AVAILABLE ON THE SEC'S WEBSITE AT WWW.SEC.GOV. YOU SHOULD NOT PLACE UNDUE RELIANCE UPON OUR FORWARD LOOKING STATEMENTS. EXCEPT AS REQUIRED BY LAW, WE DO NOT INTEND TO UPDATE OR CHANGE ANY FORWARD LOOKING STATEMENTS AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.

Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 6 CORPORATE INFORMATION 6 Cedars Sinai Medical Towers Tenants: Various 331,000 Sq. Ft. Los Angeles, CA

Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 7 COM PAN Y PROFIL E The Company: Senior Housing Properties Trust, or SNH, we, our or us, is a real estate investment trust, or REIT, which owns independent and assisted living communities, continuing care retirement communities, skilled nursing facilities, or SNFs, wellness centers, and properties leased to medical providers, medical related businesses, clinics and biotech laboratory tenants, or MOBs, located throughout the U.S. We are included in a number of stock indices, including the S&P 400 MidCap Index, Russell 1000® Index, the MSCI US REIT Index, FTSE EPRA/NAREIT United States Index and the S&P REIT Composite Index. Management: SNH is managed by The RMR Group LLC, the operating subsidiary of The RMR Group Inc. (Nasdaq: RMR). RMR is an alternative asset management company that was founded in 1986 to manage real estate companies and related businesses. RMR primarily provides management services to four publicly owned REITs and three real estate related operating businesses. In addition to managing SNH, RMR manages Hospitality Properties Trust, a REIT that owns hotels and travel centers, Select Income REIT, a REIT which owns properties that are primarily leased to single tenants, and Government Properties Income Trust, a REIT that primarily owns properties leased to the U.S. and state governments. RMR also provides management services to TravelCenters of America LLC, a publicly traded operator of travel centers along the U.S. Interstate Highway System, convenience stores and restaurants, Five Star Senior Living Inc., a publicly traded operator of senior living communities (including senior living communities that SNH owns), and Sonesta International Hotels Corporation, a privately owned franchisor and operator of hotels and cruise ships. RMR also manages publicly traded securities of real estate companies and private commercial real estate debt funds through wholly owned SEC registered investment advisory subsidiaries. As of June 30, 2017, RMR had $27.9 billion of real estate assets under management and the combined RMR managed companies had approximately $11 billion of annual revenues, over 1,400 properties and approximately 53,000 employees. We believe that being managed by RMR is a competitive advantage for SNH because of RMR’s depth of management and experience in the real estate industry. We also believe RMR provides management services to us at costs that are lower than we would have to pay for similar quality services. Corporate Headquarters: Two Newton Place 255 Washington Street Suite 300 Newton, MA 02458-1634 (t) (617)796-8350 (f) (617)796-8349 Stock Exchange Listing: Nasdaq Trading Symbols: Common Shares: SNH 5.625% Senior Notes due 2042: SNHNI 6.250% Senior Notes due 2046: SNHNL Senior Unsecured Debt Ratings: Moody's: Baa3 Standard & Poor's: BBB- COMPANY PROFILE

Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 8 INVES TOR INFORM ATIO N INVESTOR INFORMATION Board of Trustees John L. Harrington Lisa Harris Jones Jeffrey P. Somers Independent Trustee Independent Trustee Lead Independent Trustee Adam D. Portnoy Barry M. Portnoy Managing Trustee Managing Trustee Senior Management David J. Hegarty Richard W. Siedel, Jr. President & Chief Operating Officer Chief Financial Officer & Treasurer Contact Information Investor Relations Inquiries Senior Housing Properties Trust Financial inquiries should be directed to Richard W. Siedel, Jr. Two Newton Place Chief Financial Officer & Treasurer, at (617) 796-8223, 255 Washington Street, Suite 300 or rsiedel@snhreit.com. Newton, MA 02458-1634 (t) (617) 796-8350 Investor and media inquiries should be directed to (f) (617) 796-8349 Brad Shepherd, Director, Investor Relations, at (email) info@snhreit.com (617) 796-8234, or bshepherd@snhreit.com. (website) www.snhreit.com

Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 9 RESEARCH COVERAG E RESEARCH COVERAGE Equity Research Coverage Bank of America / Merrill Lynch JMP Securities Robert W. Baird & Co. Juan Sanabria Peter Martin Drew Babin (646) 855-1589 (415) 835-8904 (610) 238-6634 juan.sanabria@baml.com pmartin@jmpsecurities.com dbabin@wbaird.com Cantor Fitzgerald Morgan Stanley UBS Joseph France Vikram Malhotra Nick Yulico (212) 915-1239 (212) 761-7064 (212) 713-3402 jfrance@cantor.com vikram.malhotra@morganstanley.com nick.yulico@ubs.com FBR & Co. Raymond James Wells Fargo Securities Bryan Maher Jonathan Hughes Todd Stender (646) 885-5423 (727) 567-2438 (212) 214-8067 bmaher@fbr.com jonathan.hughes@raymondjames.com todd.stender@wellsfargo.com Jefferies & Company RBC Capital Markets Omotayo Okusanya Michael Carroll (212) 336-7076 (440) 715-2649 tokusanya@jefferies.com michael.carroll@rbccm.com Rating Agencies Moody’s Investors Service Standard & Poor’s Lori Marks Michael Souers (212) 553-1098 (212) 438-2508 lori.marks@moodys.com michael.souers@standardandpoors.com SNH is followed by the equity research 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.

Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 10 FINANCIALS Tenant: Medtronic, Inc. 145,000 Sq. Ft. San Antonio, TX 10

Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 11 KE Y FINANCIA L D AT A KEY FINANCIAL DATA (dollars in thousands, except per share data) As of and For the Three Months Ended 6/30/2017 3/31/2017 12/31/2016 9/30/2016 6/30/2016 Selected Balance Sheet Data: Total gross assets (1) $ 8,610,002 $ 8,597,102 $ 8,555,765 $ 8,510,876 $ 8,501,876 Total assets $ 7,183,620 $ 7,220,204 $ 7,227,754 $ 7,230,098 $ 7,265,767 Total liabilities $ 3,842,841 $ 3,801,180 $ 4,028,349 $ 3,991,130 $ 3,980,199 Total equity $ 3,340,779 $ 3,419,024 $ 3,199,405 $ 3,238,968 $ 3,285,568 Selected Income Statement Data: Total revenues (2) $ 265,013 $ 264,561 $ 274,296 $ 263,983 $ 261,367 Net income $ 17,402 $ 32,281 $ 42,885 $ 27,903 $ 39,233 Net income attributable to common shareholders $ 16,042 $ 32,155 $ 42,885 $ 27,903 $ 39,233 NOI (3) $ 162,218 $ 163,504 $ 173,275 $ 160,636 $ 163,893 Adjusted EBITDA (4) $ 151,808 $ 152,984 $ 162,505 $ 150,157 $ 153,661 FFO (5) $ 85,488 $ 104,874 $ 117,522 $ 104,825 $ 111,505 Normalized FFO (5) $ 103,601 $ 108,432 $ 118,601 $ 105,733 $ 111,685 Per Common Share Data (basic and diluted): Net income attributable to common shareholders $ 0.07 $ 0.14 $ 0.18 $ 0.12 $ 0.17 FFO (5) $ 0.36 $ 0.44 $ 0.50 $ 0.44 $ 0.47 Normalized FFO (5) $ 0.44 $ 0.46 $ 0.50 $ 0.45 $ 0.47 Dividends: Annualized distribution paid per common share (6) $ 1.56 $ 1.56 $ 1.56 $ 1.56 $ 1.56 Annualized distribution yield (at end of period) (6) 7.6% 7.7% 8.2% 6.9% 7.5% Normalized FFO payout ratio (basic and diluted) (5) (6) 88.6% 85.4% 78.1% 87.6% 83.0% (1) Total gross assets is total assets plus accumulated depreciation. (2) In the fourth quarter of 2016, we recognized $10.2 million of percentage rent for the year ended December 31, 2016. (3) See page 21 for the calculation of NOI and a reconciliation of net income determined in accordance with U.S. generally accepted accounting principles, or GAAP, to that amount. (4) See page 25 for the calculation of earnings before interest, taxes, depreciation and amortization, or EBITDA, and EBITDA as adjusted, or Adjusted EBITDA, and a reconciliation of net income determined in accordance with GAAP to these amounts. (5) See page 26 for the calculation of funds from operations attributable to SNH, or FFO, and Normalized FFO and a reconciliation of net income attributable to common shareholders determined in accordance with GAAP to these amounts. (6) Stated amounts reflect the annualized regular quarterly distribution rates per share. Annualized distribution yield is the annualized distribution paid during the applicable period divided by the closing price of SNH's common shares on The Nasdaq Stock Market LLC at the end of the period.

Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 12 CONDENSED CONSOLID ATED BALANCE SHEET S As of June 30, 2017 As of December 31, 2016 ASSETS Real estate properties: Land $ 806,369 $ 803,773 Buildings and improvements 6,993,451 6,926,750 7,799,820 7,730,523 Accumulated depreciation (1,426,382) (1,328,011) 6,373,438 6,402,512 Cash and cash equivalents 27,160 31,749 Restricted cash 13,776 3,829 Acquired real estate leases and other intangible assets, net 476,494 514,446 Other assets, net 292,752 275,218 Total assets $ 7,183,620 $ 7,227,754 LIABILITIES AND EQUITY Unsecured revolving credit facility $ 434,000 $ 327,000 Unsecured term loans, net 547,434 547,058 Senior unsecured notes, net 1,724,210 1,722,758 Secured debt and capital leases, net 817,083 1,117,649 Accrued interest 17,486 18,471 Assumed real estate lease obligations, net 101,007 106,038 Other liabilities 201,621 189,375 Total liabilities 3,842,841 4,028,349 Commitments and contingencies Equity: Equity attributable to common shareholders: Common shares of beneficial interest, $.01 par value: 300,000,000 shares authorized, 237,558,963 and 237,544,479 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively 2,376 2,375 Additional paid in capital 4,607,742 4,533,456 Cumulative net income 1,667,082 1,618,885 Cumulative other comprehensive income 58,861 34,549 Cumulative distributions (3,175,144) (2,989,860) Total equity attributable to common shareholders 3,160,917 3,199,405 Noncontrolling interest: Total equity attributable to noncontrolling interest 179,862 — Total equity 3,340,779 3,199,405 Total liabilities and equity $ 7,183,620 $ 7,227,754 CONDENSED CONSOLIDATED BALANCE SHEETS (amounts in thousands, except share and per share data)

Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 13 CONDENSED CONSOLID ATED S TA TEMENTS OF INCOM E CONDENSED CONSOLIDATED STATEMENTS OF INCOME (amounts in thousands, except per share data) For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Revenues: Rental income $ 166,647 $ 163,997 $ 333,090 $ 325,419 Residents fees and services 98,366 97,370 196,484 194,323 Total revenues 265,013 261,367 529,574 519,742 Expenses: Property operating expenses 102,795 97,474 203,851 195,422 Depreciation and amortization 69,669 71,372 142,844 142,594 General and administrative 22,922 11,965 38,005 22,828 Acquisition and certain other transaction related costs — 180 292 619 Impairment of assets 5,082 4,961 5,082 12,351 Total expenses 200,468 185,952 390,074 373,814 Operating income 64,545 75,415 139,500 145,928 Dividend income 659 789 1,319 789 Interest and other income 76 177 195 242 Interest expense (40,800) (41,118) (84,289) (80,399) Loss on early extinguishment of debt (7,353) — (7,353) (6) Income from continuing operations before income tax expense and equity in earnings of an investee 17,127 35,263 49,372 66,554 Income tax expense (99) (108) (191) (202) Equity in earnings of an investee 374 17 502 94 Income before gain on sale of properties 17,402 35,172 49,683 66,446 Gain on sale of properties — 4,061 — 4,061 Net income 17,402 39,233 49,683 70,507 Net income attributable to noncontrolling interest (1,360) — (1,486) — Net income attributable to common shareholders $ 16,042 $ 39,233 $ 48,197 $ 70,507 Weighted average common shares outstanding (basic) 237,399 237,325 237,395 237,320 Weighted average common shares outstanding (diluted) 237,445 237,363 237,433 237,349 Per common share data (basic and diluted): Net income attributable to common shareholders $ 0.07 $ 0.17 $ 0.20 $ 0.30

Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 14 CONDENSED CONSOLID ATED S TA TEMENTS OF INCOME (ADDITIONA L D AT A) CONDENSED CONSOLIDATED STATEMENTS OF INCOME (ADDITIONAL DATA) (dollars in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Additional Data: General and administrative expenses / total revenues 8.6% 4.6% 7.2% 4.4% General and administrative expenses / total assets (at end of period) 0.3% 0.2% 0.5% 0.3% Non-cash stock based compensation $ 643 $ 750 $ 1,032 $ 1,268 Non-cash lease termination fees included in rental income $ — $ — $ — $ 42 Estimated business management incentive fees (1) $ 10,760 $ — $ 14,026 $ — Continuing Operations: Straight line rent included in rental income (2) $ 3,435 $ 4,745 $ 6,865 $ 9,306 Lease value amortization included in rental income (2) $ 1,320 $ 1,303 $ 2,610 $ 2,558 Amortization of deferred financing fees and debt premiums / discounts $ 1,343 $ 1,425 $ 2,803 $ 2,783 Non-cash amortization included in property operating expenses (3) $ 199 $ 199 $ 399 $ 398 Non-cash amortization included in general and administrative expenses (3) $ 744 $ 744 $ 1,488 $ 1,488 (1) Incentive fees under our business management agreement are payable after the end of each calendar year, are calculated based on common share total return, as defined, and are included in general and administrative expense in our condensed consolidated statements of income. The increases in these amounts for the three and six months ended June 30, 2017 compared to the comparable 2016 periods are due to our outperformance of the SNL U.S. REIT Healthcare Index during the applicable measurement period. (2) We report rental income on a straight line basis over the terms of the respective leases; accordingly, rental income includes non-cash straight line rent adjustments. Rental income also includes non-cash amortization of intangible lease assets and liabilities and lease termination fees, if any. (3) We recorded a liability for the amount by which the estimated fair value for accounting purposes exceeded the price we paid for our investment in RMR common stock in June 2015. This liability is being amortized on a straight line basis through December 31, 2035 as an allocated reduction to business management fees and property management fees, which are included in general and administrative expenses and property operating expenses, respectively.

Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 15 CONSOLID ATED S TA TEMENTS OF CASH FLOW S CONSOLIDATED STATEMENTS OF CASH FLOWS (amounts in thousands) Six Months Ended June 30, 2017 2016 Cash flows from operating activities: Net income $ 49,683 $ 70,507 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization 142,844 142,594 Amortization of debt issuance costs and debt discounts and premiums 2,803 2,783 Straight line rental income (6,865) (9,306) Amortization of acquired real estate leases and other intangible assets (2,610) (2,558) Loss on early extinguishment of debt 7,353 6 Impairment of assets 5,082 12,351 Gain on sale of properties — (4,061) Other non-cash adjustments (1,887) (1,886) Equity in earnings of an investee (502) (94) Change in assets and liabilities: Restricted cash (9,947) (871) Other assets 7,094 6,202 Accrued interest (985) 1,459 Other liabilities 9,487 (955) Net cash provided by operating activities 201,550 216,171 Cash flows from investing activities: Real estate acquisitions and deposits (15,146) (187,150) Real estate improvements (57,067) (48,657) Proceeds from sale of properties — 9,279 Net cash used for investing activities (72,213) (226,528) Cash flows from financing activities: Proceeds from issuance of senior unsecured notes — 250,000 Proceeds from borrowings on revolving credit facility 501,000 340,000 Repayments of borrowings on revolving credit facility (394,000) (366,000) Repayment of other debt (302,476) (31,788) Loss on early extinguishment of debt settled in cash (5,485) — Payment of debt issuance costs — (8,650) Repurchase of common shares (11) — Proceeds from noncontrolling interest, net 255,813 — Distributions to noncontrolling interest (3,483) — Distributions to shareholders (185,284) (185,228) Net cash used for financing activities (133,926) (1,666) Decrease in cash and cash equivalents: (4,589) (12,023) Cash and cash equivalents at beginning of period 31,749 37,656 Cash and cash equivalents at end of period $ 27,160 $ 25,633 Supplemental cash flows information: Interest paid $ 82,470 $ 76,472 Income taxes paid $ 441 $ 355

Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 16 DEBT SUMMA RY DEBT SUMMARY(dollars in thousands) As of June 30, 2017 Coupon Interest Principal Maturity Due at Years to Rate Rate (1) Balance (2) Date Maturity Maturity Unsecured Debt: Unsecured Floating Rate Debt: Unsecured revolving credit facility (LIBOR + 130 b.p.) (3) 2.489% 2.489% $ 434,000 1/15/2018 $ 434,000 0.5 Unsecured term loan (LIBOR + 140 b.p.) (4) 2.450% 2.450% 350,000 1/15/2020 350,000 2.5 Unsecured term loan (LIBOR + 180 b.p.) (5) 3.030% 3.030% 200,000 9/28/2022 200,000 5.2 Weighted average rate / total unsecured floating rate debt 2.585% 2.585% $ 984,000 $ 984,000 2.2 Unsecured Fixed Rate Debt: Senior notes due 2019 3.250% 3.250% $ 400,000 5/1/2019 $ 400,000 1.8 Senior notes due 2020 6.750% 6.750% 200,000 4/15/2020 200,000 2.8 Senior notes due 2021 6.750% 6.750% 300,000 12/15/2021 300,000 4.5 Senior notes due 2024 4.750% 4.750% 250,000 5/1/2024 250,000 6.8 Senior notes due 2042 5.625% 5.625% 350,000 8/1/2042 350,000 25.1 Senior notes due 2046 6.250% 6.250% 250,000 2/1/2046 250,000 28.6 Weighted average rate / total unsecured fixed rate debt 5.368% 5.368% $ 1,750,000 $ 1,750,000 11.6 Weighted average rate / total unsecured debt 4.366% 4.366% $ 2,734,000 $ 2,734,000 8.2 Secured Debt: Secured Fixed Rate Debt: Mortgage - secured by 1 property 6.730% 4.730% $ 8,546 4/1/2018 $ 8,328 0.8 Mortgages - secured by 1 property 6.310% 4.450% 12,663 10/1/2018 12,352 1.3 Mortgages - secured by 1 property 6.240% 4.550% 11,960 10/1/2018 11,697 1.3 Mortgage - secured by 10 properties 4.470% 4.350% 68,863 10/5/2018 66,196 1.3 Mortgage - secured by 1 property 4.690% 4.280% 6,498 1/1/2019 6,271 1.5 Mortgage - secured by 4 properties 3.790% 4.270% 44,012 7/1/2019 42,184 2.0 Mortgage - secured by 1 property 7.490% 7.490% 2,870 1/1/2022 62 4.5 Mortgage - secured by 1 property 6.280% 5.170% 14,025 7/1/2022 10,744 5.0 Mortgage - secured by 1 property 4.850% 3.790% 11,495 10/1/2022 10,479 5.3 Capital leases - 2 properties 7.700% 7.700% 11,022 4/30/2026 — 8.8 Mortgages - secured by 1 property (6) 3.530% 3.530% 620,000 8/1/2026 620,000 9.1 Mortgage - secured by 1 property 6.250% 6.250% 2,460 2/1/2033 26 15.6 Mortgage - secured by 1 property 4.375% 4.375% 4,383 9/1/2043 23 26.2 Weighted average rate / total secured fixed rate debt 3.897% 3.801% $ 818,797 $ 788,362 7.6 Weighted average rate / total debt 4.258% 4.236% $ 3,552,797 $ 3,522,362 8.1 (1) Includes the effect of mark to market accounting for certain assumed mortgages and premiums and discounts on certain mortgages and unsecured notes. Excludes effects of offering and transaction costs. (2) The principal balances are the amounts actually payable pursuant to contracts. In accordance with GAAP, our carrying values and recorded interest expense may be different because of market conditions at the time we assumed certain of these debts. (3) Represents amount outstanding under our $1,000,000 revolving credit facility. Interest rate is as of June 30, 2017 and excludes the 30 basis points facility fee. In August 2017, we amended the agreement governing our revolving credit facility. As a result of the amendment, the interest rate payable on borrowings under the facility was reduced to LIBOR plus a premium of 120 basis points and the stated maturity date of the facility was extended from January 15, 2018 to January 15, 2022, which, subject to the payment of an extension fee and meeting other conditions, continues to be subject to our option to extend the maturity date of the facility by an additional year. (4) Represents amount outstanding under our $350,000 term loan. (5) Represents amount outstanding under our $200,000 term loan. In August 2017, we amended the agreement governing this term loan. As a result of the amendment, the interest rate payable on borrowings under this term loan was reduced to LIBOR plus a premium of 135 basis points. All other terms of the agreement governing this term loan remained substantially unchanged. (6) The property encumbered by these mortgages is owned by a joint venture, of which we own a 55% equity interest.

Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 17 DEBT M ATURIT Y SCHEDUL E DEBT MATURITY SCHEDULE (dollars in thousands) As of June 30, 2017 Unsecured Unsecured Secured Floating % of Total Fixed % of Total Fixed Rate % of Total % of TotalYear Rate Debt Rate Debt Debt (1) Total 2017 $ — $ — $ 2,934 $ 2,934 2018 434,000 (2) — 104,214 538,214 2019 — 400,000 51,592 451,592 2020 350,000 (3) 200,000 2,869 552,869 2021 — 300,000 3,101 303,101 2022 200,000 (3) — 23,227 223,227 2023 — — 1,713 1,713 2024 — 250,000 1,871 251,871 2025 — — 2,041 2,041 Thereafter — 600,000 625,235 1,225,235 Principal balance $ 984,000 $ 1,750,000 $ 818,797 $ 3,552,797 Unamortized debt issuance costs, premiums and discounts (2,566) (25,790) (1,714) (30,070) Total debt, net $ 981,434 27.9% $ 1,724,210 48.9% $ 817,083 23.2% $ 3,522,727 100.0% (1) Includes $11,022 of capital lease obligations due in April 2026. (2) Represents amount outstanding under our $1,000,000 revolving credit facility. In August 2017, we amended the agreement governing our revolving credit facility. As a result of the amendment, the interest rate payable on borrowings under the facility was reduced from LIBOR plus a premium of 130 basis points per annum (as of June 30, 2017) to LIBOR plus a premium of 120 basis points per annum, the facility fee was reduced to 25 basis points per annum and the stated maturity date of the facility was extended from January 15, 2018 to January 15, 2022, which, subject to the payment of an extension fee and meeting other conditions, continues to be subject to our option to extend the maturity date of the facility by an additional year. (3) Represents the outstanding balance under each of our two term loans. We have a $350,000 term loan which has a maturity date of January 15, 2020 and interest payable on the amount outstanding of LIBOR plus a premium of 140 basis points. We also have a $200,000 term loan which has a maturity date of September 28, 2022. In August 2017, we amended the agreement governing this term loan. As a result of the amendment, the interest rate payable on borrowings under this term loan was reduced from LIBOR plus a premium of 180 basis points per annum (as of June 30, 2017) to LIBOR plus a premium of 135 basis points per annum. All other terms of the agreement governing this term loan remained substantially unchanged.

Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 18 LEVERAGE R ATIOS, COVERAGE R ATIOS AND PUBLIC DEBT COVENANT S LEVERAGE RATIOS, COVERAGE RATIOS AND PUBLIC DEBT COVENANTS As of and For the Three Months Ended 6/30/2017 3/31/2017 12/31/2016 9/30/2016 6/30/2016 Leverage Ratios: Total debt (book value) (1) / total gross assets (2) 40.9% 40.5% 43.4% 42.9% 43.1% Total debt (book value) (1) / gross book value of real estate assets (3) 41.7% 42.0% 45.0% 44.6% 44.8% Total debt (book value) (1) / total market capitalization (4) 42.0% 42.0% 45.2% 40.4% 42.6% Secured debt (book value) (1) / total assets 11.4% 15.4% 15.5% 16.2% 8.9% Variable rate debt (book value) (1) / total debt (book value) (1) 27.9% 18.5% 23.5% 20.9% 35.4% Coverage Ratios: Adjusted EBITDA (5) / interest expense 3.7x 3.5x 3.7x 3.5x 3.7x Total debt (book value) (1) / annualized Adjusted EBITDA (5) 5.8x 5.7x 5.7x 6.1x 6.0x Public Debt Covenants: Total debt / adjusted total assets (6) - allowable maximum 60.0% 41.5% 41.3% 44.3% 43.9% 44.2% Secured debt / adjusted total assets (6) - allowable maximum 40.0% 9.6% 13.1% 13.3% 13.9% 7.8% Consolidated income available for debt service (7) / debt service - required minimum 1.50x 4.09x 3.75x 3.80x 3.75x 3.94x Total unencumbered assets (6) / unsecured debt - required minimum 150.0% 255.2% 273.2% 247.4% 252.8% 237.5% (1) Debt amounts are net of certain unamortized premiums, discounts and certain issuance costs. (2) Total gross assets is total assets plus accumulated depreciation. (3) Gross book value of real estate assets is real estate assets at cost, before depreciation and purchase price allocations, less impairment writedowns, if any. Excludes properties classified as held for sale, if any. (4) Total market capitalization is total debt plus the market value of our common shares at the end of each period. (5) See page 25 for the calculation of Adjusted EBITDA and a reconciliation of net income determined in accordance with GAAP to that amount. (6) Adjusted total assets and total unencumbered assets include original cost of real estate assets before depreciation, but after impairment write downs, and exclude accounts receivable and intangible assets. (7) Consolidated income available for debt service is earnings from operations excluding interest expense, depreciation and amortization, taxes, loss on asset impairment and gains and losses on sales of assets and early extinguishment of debt, determined together with debt service on a pro forma basis for the four consecutive fiscal quarters most recently ended.

Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 19 SUMMA RY OF CAPI TA L EXPENDITURE S SUMMARY OF CAPITAL EXPENDITURES (dollars and sq. ft. in thousands, except per sq. ft. and unit data) For the Three Months Ended 6/30/2017 3/31/2017 12/31/2016 9/30/2016 6/30/2016 MOB tenant improvements (1) $ 1,575 $ 2,265 $ 7,453 $ 2,652 $ 1,743 MOB leasing costs (2) 2,090 1,108 1,828 1,220 965 MOB building improvements (3) 3,680 1,580 2,874 3,816 4,759 Managed senior living communities capital improvements 3,150 3,786 5,510 4,542 2,628 Recurring capital expenditures 10,495 8,739 17,665 12,230 10,095 Development, redevelopment and other activities (4) 7,530 9,492 7,167 7,362 10,847 Total capital expenditures (5) $ 18,025 $ 18,231 $ 24,832 $ 19,592 $ 20,942 MOB avg. sq. ft. during period 11,552 11,492 11,416 11,506 11,527 Managed senior living communities avg. units during period 8,802 8,793 8,793 8,716 8,585 MOB building improvements per avg. sq. ft. during period $ 0.32 $ 0.14 $ 0.25 $ 0.33 $ 0.41 Managed senior living communities capital improvements per avg. unit during period $ 358 $ 431 $ 627 $ 521 $ 306 (1) MOB tenant improvements generally include capital expenditures to improve tenants' space or amounts paid directly to tenants to improve their space. (2) MOB leasing costs generally include leasing related costs, such as brokerage commissions and other tenant inducements. (3) MOB building improvements generally include expenditures to replace obsolete building components and expenditures that extend the useful life of existing assets. (4) Development, redevelopment and other activities generally include (1) capital expenditures that are identified at the time of a property acquisition and incurred within a short period after acquiring the property and (2) capital expenditure projects that reposition a property or result in new sources of revenue. (5) During the three and six months ended June 30, 2017, we invested $14.8 million and $26.5 million, respectively, in revenue producing capital improvements at certain of our triple net leased senior living communities, and as a result, annual rents payable to us increased or will increase by approximately $1.2 million and $2.1 million, respectively, pursuant to the terms of certain of the applicable leases. These capital improvement amounts are not included in the table above.

Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 20 PROPERT Y ACQUISITIONS / DISPOSITIONS INFORM ATION SINC E JANUA RY 1, 201 7 PROPERTY ACQUISITIONS / DISPOSITIONS INFORMATION SINCE JANUARY 1, 2017 (dollars and sq. ft. in thousands, except per sq. ft. and unit data) Acquisitions: Weighted Number of Purchase Average Date Properties Purchase Price Cap Remaining Segment Acquired Location (Buildings) Sq. Ft. Price (1) per Sq. Ft. Rate (2) Lease Term (3) Occupancy (4) Major Tenant MOB 1/17/2017 Mission, KS 1 (1) 117 $ 15,071 $ 129 7.7% 10.6 100% University of Kansas Health System MOB 7/12/2017 Rockville, MD 1 (1) 59 16,400 $ 278 9.5% 3.9 100% Multiple Total / Weighted Average: MOB Acquisitions 2 (2) 176 $ 31,471 $ 179 8.6% 7.1 Dispositions: (5) (1) Represents the purchase price, including assumed debt, if any, and excludes acquisition costs and purchase price allocation adjustments, if any. (2) Represents the ratio of the estimated GAAP-based annual rental income, excluding the impact of above and below market lease amortization, less estimated annual property operating expenses, if any, and excluding depreciation and amortization expense, to the purchase price on the date of acquisition, including the principal amount of any assumed debt and excluding acquisition costs. (3) Weighted average remaining lease term based on rental income at the time of acquisition. (4) Occupancy based on leasable square feet as of acquisition date. (5) In March 2017, we entered into a joint venture arrangement with a sovereign institutional investor for one of our MOBs (two buildings) located in Boston, MA. The investor contributed approximately $260.9 million for a 45% equity interest in the joint venture, and we retained the remaining 55% equity interest in the joint venture. The investment amount was based on a property valuation of $1.2 billion less $620.0 million of existing mortgage debts on the property at the time of the investment.

Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 21 CALCUL ATION AND RECONCILI ATION OF NET OPER ATING INCOME (NOI) AND CASH BASIS NO I CALCULATION AND RECONCILIATION OF NET OPERATING INCOME (NOI) AND CASH BASIS NOI (1) (amounts in thousands) For the Three Months Ended For the Six Months Ended 6/30/2017 3/31/2017 12/31/2016 9/30/2016 6/30/2016 6/30/2017 6/30/2016 Calculation of NOI and Cash Basis NOI: Revenues: Rental income $ 166,647 $ 166,443 $ 175,277 $ 165,503 $ 163,997 $ 333,090 $ 325,419 Residents fees and services 98,366 98,118 99,019 98,480 97,370 196,484 194,323 Total revenues 265,013 264,561 274,296 263,983 261,367 529,574 519,742 Property operating expenses (102,795) (101,057) (101,021) (103,347) (97,474) (203,851) (195,422) Property net operating income (NOI): 162,218 163,504 173,275 160,636 163,893 325,723 324,320 Non-cash straight line rent adjustments (3,435) (3,429) (4,006) (4,292) (4,745) (6,865) (9,306) Lease value amortization (1,320) (1,291) (1,147) (1,236) (1,303) (2,610) (2,558) Lease termination fee amortization — — — — — — (42) Non-cash amortization included in property operating expenses (2) (199) (199) (199) (199) (199) (399) (398) Cash Basis NOI $ 157,264 $ 158,585 $ 167,923 $ 154,909 $ 157,646 $ 315,849 $ 312,016 Reconciliation of Net Income to NOI and Cash Basis NOI: Net income $ 17,402 $ 32,281 $ 42,885 $ 27,903 $ 39,233 $ 49,683 $ 70,507 Gain on sale of properties — — — — (4,061) — (4,061) Income before gain on sale of properties 17,402 32,281 42,885 27,903 35,172 49,683 66,446 Equity in earnings of an investee (374) (128) (30) (13) (17) (502) (94) Income tax expense 99 92 106 119 108 191 202 Loss on early extinguishment of debt 7,353 — 437 84 — 7,353 6 Interest expense 40,800 43,488 43,737 43,438 41,118 84,289 80,399 Interest and other income (76) (120) (99) (89) (177) (195) (242) Dividend income (659) (659) (659) (659) (789) (1,319) (789) Operating income 64,545 74,954 86,377 70,783 75,415 139,500 145,928 Impairment of assets 5,082 — 1,744 4,578 4,961 5,082 12,351 Acquisition and certain other transaction related costs — 292 642 824 180 292 619 General and administrative expense 22,922 15,083 11,619 12,107 11,965 38,005 22,828 Depreciation and amortization expense 69,669 73,175 72,893 72,344 71,372 142,844 142,594 Property NOI 162,218 163,504 173,275 160,636 163,893 325,723 324,320 Non-cash amortization included in property operating expenses (2) (199) (199) (199) (199) (199) (399) (398) Lease termination fee amortization — — — — — — (42) Lease value amortization (1,320) (1,291) (1,147) (1,236) (1,303) (2,610) (2,558) Non-cash straight line rent adjustments (3,435) (3,429) (4,006) (4,292) (4,745) (6,865) (9,306) Cash Basis NOI $ 157,264 $ 158,585 $ 167,923 $ 154,909 $ 157,646 $ 315,849 $ 312,016 (1) See Definitions of Certain Non-GAAP Financial Measures on page 27 for a definition of NOI and Cash Basis NOI, a description of why we believe they are appropriate supplemental measures and a description of how we use these measures. (2) We recorded a liability for the amount by which the estimated fair value for accounting purposes exceeded the price we paid for our investment in RMR common stock in June 2015. A portion of this liability is being amortized on a straight line basis through December 31, 2035 as a reduction to property management fees, which are included in property operating expenses.

Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 22 CONSOLID ATED AND SAME PROPERT Y NET OPER ATING INCOME (NOI) AN D CASH BASIS NO I CONSOLIDATED NET OPERATING INCOME (NOI) AND CASH BASIS NOI (1) (dollars in thousands) For the Three Months Ended For the Six Months Ended 6/30/2017 6/30/2016 % Change 6/30/2017 6/30/2016 % Change NOI: Triple Net Leased Senior Living Communities $ 67,426 $ 66,018 2.1 % $ 134,678 $ 130,963 2.8 % Managed Senior Living Communities 23,217 25,728 (9.8)% 47,456 50,503 (6.0)% MOB Portfolio 67,005 67,569 (0.8)% 134,474 133,743 0.5 % Non-Segment (2) 4,570 4,578 (0.2)% 9,115 9,111 — % Total $ 162,218 $ 163,893 (1.0)% $ 325,723 $ 324,320 0.4 % Cash Basis NOI: Triple Net Leased Senior Living Communities $ 66,648 $ 64,870 2.7 % $ 133,124 $ 128,643 3.5 % Managed Senior Living Communities 23,217 25,728 (9.8)% 47,456 50,503 (6.0)% MOB Portfolio 63,021 62,662 0.6 % 126,540 124,144 1.9 % Non-Segment (2) 4,378 4,386 (0.2)% 8,729 8,726 — % Total $ 157,264 $ 157,646 (0.2)% $ 315,849 $ 312,016 1.2 % SAME PROPERTY NOI AND CASH BASIS NOI (1) (dollars in thousands) For the Three Months Ended (3) For the Six Months Ended (4) 6/30/2017 6/30/2016 % Change 6/30/2017 6/30/2016 % Change NOI: Triple Net Leased Senior Living Communities $ 64,970 $ 64,240 1.1 % $ 129,765 $ 128,338 1.1 % Managed Senior Living Communities 22,230 24,200 (8.1)% 45,205 47,914 (5.7)% MOB Portfolio 64,586 65,742 (1.8)% 128,590 130,110 (1.2)% Non-Segment (2) 4,570 4,578 (0.2)% 9,115 9,111 — % Total $ 156,356 $ 158,760 (1.5)% $ 312,675 $ 315,473 (0.9)% Cash Basis NOI: Triple Net Leased Senior Living Communities $ 64,192 $ 63,121 1.7 % $ 128,211 $ 126,114 1.7 % Managed Senior Living Communities 22,230 24,200 (8.1)% 45,205 47,914 (5.7)% MOB Portfolio 60,904 61,035 (0.2)% 121,385 120,930 0.4 % Non-Segment (2) 4,378 4,386 (0.2)% 8,729 8,726 — % Total $ 151,704 $ 152,742 (0.7)% $ 303,530 $ 303,684 (0.1)% (1) See page 21 for the calculation of NOI and a reconciliation of net income determined in accordance with GAAP to that amount, and pages 23-24 for the calculations and reconciliations of NOI, cash basis NOI, same property NOI and same property cash basis NOI by segment from consolidated NOI by segment. (2) Includes the operating results of certain properties that offer wellness, fitness and spa services to members. (3) Consists of properties owned continuously and properties owned and managed continuously by the same operator since April 1, 2016 and includes our MOB (two buildings) that is subject to a joint venture arrangement and excludes properties classified as held for sale, if any. (4) Consists of properties owned continuously and properties owned and managed continuously by the same operator since January 1, 2016 and includes our MOB (two buildings) that is subject to a joint venture arrangement and excludes properties classified as held for sale, if any.

Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 23CALCUL ATION AND RECONCILI ATION OF NET OPER ATING INCOME (NOI), CASH BASIS NOI, SAME PROPERT Y NOI AN D SAME PROPERT Y CASH BASIS NOI B Y SEGMENT FOR THE THREE MONTHS ENDED JUNE 30, 2017 AND 201 6 CALCULATION AND RECONCILIATION OF NET OPERATING INCOME (NOI), CASH BASIS NOI, SAME PROPERTY NOI AND SAME PROPERTY CASH BASIS NOI BY SEGMENT (1) (dollars in thousands) For the Three Months Ended June 30, 2017 For the Three Months Ended June 30, 2016 Calculation of NOI and Cash Basis NOI: Triple Net Leased Senior Living Communities Managed Senior Living Communities MOBs Non- Segment (2) Total Triple Net Leased Senior Living Communities Managed Senior Living Communities MOBs Non- Segment (2) Total Rental income / residents fees and services $ 67,426 $ 98,366 $ 94,651 $ 4,570 $ 265,013 $ 66,441 $ 97,370 $ 92,978 $ 4,578 $ 261,367 Property operating expenses — (75,149) (27,646) — (102,795) (423) (71,642) (25,409) — (97,474) Property net operating income (NOI) $ 67,426 $ 23,217 $ 67,005 $ 4,570 $ 162,218 $ 66,018 $ 25,728 $ 67,569 $ 4,578 $ 163,893 NOI change 2.1% (9.8)% (0.8)% (0.2)% (1.0)% Property NOI $ 67,426 $ 23,217 $ 67,005 $ 4,570 $ 162,218 $ 66,018 $ 25,728 $ 67,569 $ 4,578 $ 163,893 Less: Non-cash straight line rent adjustments 778 — 2,520 137 3,435 1,148 — 3,460 137 4,745 Lease value amortization — — 1,265 55 1,320 — — 1,248 55 1,303 Non-cash amortization included in property operating expenses (3) — — 199 — 199 — — 199 — 199 Cash Basis NOI $ 66,648 $ 23,217 $ 63,021 $ 4,378 $ 157,264 $ 64,870 $ 25,728 $ 62,662 $ 4,386 $ 157,646 Cash Basis NOI change 2.7% (9.8)% 0.6 % (0.2)% (0.2)% Reconciliation of NOI to Same Property NOI: Property NOI $ 67,426 $ 23,217 $ 67,005 $ 4,570 $ 162,218 $ 66,018 $ 25,728 $ 67,569 $ 4,578 $ 163,893 Less: NOI not included in same property 2,456 987 2,419 — 5,862 1,778 1,528 1,827 — 5,133 Same property NOI (4) $ 64,970 $ 22,230 $ 64,586 $ 4,570 $ 156,356 $ 64,240 $ 24,200 $ 65,742 $ 4,578 $ 158,760 Same property NOI change 1.1% (8.1)% (1.8)% (0.2)% (1.5)% Reconciliation of Same Property NOI to Same Property Cash Basis NOI: Same property NOI (4) $ 64,970 $ 22,230 $ 64,586 $ 4,570 $ 156,356 $ 64,240 $ 24,200 $ 65,742 $ 4,578 $ 158,760 Less: Non-cash straight line rent adjustments 778 — 2,215 137 3,130 1,119 — 3,344 137 4,600 Lease value amortization — — 1,268 55 1,323 — — 1,166 55 1,221 Non-cash amortization included in property operating expenses (3) — — 199 — 199 — — 197 — 197 Same property cash basis NOI (4) $ 64,192 $ 22,230 $ 60,904 $ 4,378 $ 151,704 $ 63,121 $ 24,200 $ 61,035 $ 4,386 $ 152,742 Same property cash basis NOI change 1.7% (8.1)% (0.2)% (0.2)% (0.7)% (1) See page 21 for the calculation of NOI and a reconciliation of net income determined in accordance with GAAP to that amount, and Definitions of Certain Non-GAAP Financial Measures on page 27 for a definition of NOI and Cash Basis NOI, a description of why we believe they are appropriate supplemental measures and a description of how we use these measures. (2) Includes the operating results of certain properties that offer wellness, fitness and spa services to members. (3) We recorded a liability for the amount by which the estimated fair value for accounting purposes exceeded the price we paid for our investment in RMR common stock in June 2015. A portion of this liability is being amortized on a straight line basis through December 31, 2035 as a reduction to property management fees, which are included in property operating expenses. (4) Consists of properties owned continuously and properties owned and managed continuously by the same operator since April 1, 2016 and includes our MOB (two buildings) that is subject to a joint venture arrangement and excludes properties classified as held for sale, if any.

Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 24 (1) See page 21 for the calculation of NOI and a reconciliation of net income determined in accordance with GAAP to that amount, and Definitions of Certain Non-GAAP Financial Measures on page 27 for a definition of NOI and Cash Basis NOI, a description of why we believe they are appropriate supplemental measures and a description of how we use these measures. (2) Includes the operating results of certain properties that offer wellness, fitness and spa services to members. (3) We recorded a liability for the amount by which the estimated fair value for accounting purposes exceeded the price we paid for our investment in RMR common stock in June 2015. A portion of this liability is being amortized on a straight line basis through December 31, 2035 as a reduction to property management fees, which are included in property operating expenses. (4) Consists of properties owned continuously and properties owned and managed continuously by the same operator since January 1, 2016 and includes our MOB (two buildings) that is subject to a joint venture arrangement and excludes properties classified as held for sale, if any. CALCULATION AND RECONCILIATION OF NET OPERATING INCOME (NOI), CASH BASIS NOI, SAME PROPERTY NOI AND SAME PROPERTY CASH BASIS NOI BY SEGMENT (1) (dollars in thousands) For the Six Months Ended June 30, 2017 For the Six Months Ended June 30, 2016 Calculation of NOI and Cash Basis NOI: Triple Net Leased Senior Living Communities Managed Senior Living Communities MOBs Non- Segment (2) Total Triple Net Leased Senior Living Communities Managed Senior Living Communities MOBs Non- Segment (2) Total Rental income / residents fees and services $ 134,678 $ 196,484 $ 189,297 $ 9,115 $ 529,574 $ 131,749 $ 194,323 $ 184,559 $ 9,111 $ 519,742 Property operating expenses — (149,028) (54,823) — (203,851) (786) (143,820) (50,816) — (195,422) Property net operating income (NOI) $ 134,678 $ 47,456 $ 134,474 $ 9,115 $ 325,723 $ 130,963 $ 50,503 $ 133,743 $ 9,111 $ 324,320 NOI change 2.8% (6.0)% 0.5 % —% 0.4 % Property NOI $ 134,678 $ 47,456 $ 134,474 $ 9,115 $ 325,723 $ 130,963 $ 50,503 $ 133,743 $ 9,111 $ 324,320 Less: Non-cash straight line rent adjustments 1,554 — 5,035 276 6,865 2,320 — 6,711 275 9,306 Lease value amortization — — 2,500 110 2,610 — — 2,448 110 2,558 Lease termination fee amortization — — — — — — — 42 — 42 Non-cash amortization included in property operating expenses (3) — — 399 — 399 — — 398 — 398 Cash Basis NOI $ 133,124 $ 47,456 $ 126,540 $ 8,729 $ 315,849 $ 128,643 $ 50,503 $ 124,144 $ 8,726 $ 312,016 Cash Basis NOI change 3.5% (6.0)% 1.9 % —% 1.2 % Reconciliation of NOI to Same Property NOI: Property NOI $ 134,678 $ 47,456 $ 134,474 $ 9,115 $ 325,723 $ 130,963 $ 50,503 $ 133,743 $ 9,111 $ 324,320 Less: NOI not included in same property 4,913 2,251 5,884 — 13,048 2,625 2,589 3,633 — 8,847 Same property NOI (4) $ 129,765 $ 45,205 $ 128,590 $ 9,115 $ 312,675 $ 128,338 $ 47,914 $ 130,110 $ 9,111 $ 315,473 Same property NOI change 1.1% (5.7)% (1.2)% —% (0.9)% Reconciliation of Same Property NOI to Same Property Cash Basis NOI: Same property NOI (4) $ 129,765 $ 45,205 $ 128,590 $ 9,115 $ 312,675 $ 128,338 $ 47,914 $ 130,110 $ 9,111 $ 315,473 Less: Non-cash straight line rent adjustments 1,554 — 4,378 276 6,208 2,224 — 6,602 275 9,101 Lease value amortization — — 2,428 110 2,538 — — 2,185 110 2,295 Non-cash amortization included in property operating expenses (3) — — 399 — 399 — — 393 — 393 Same property cash basis NOI (4) $ 128,211 $ 45,205 $ 121,385 $ 8,729 $ 303,530 $ 126,114 $ 47,914 $ 120,930 $ 8,726 $ 303,684 Same property cash basis NOI change 1.7% (5.7)% 0.4 % —% (0.1)% CALCUL ATION AND RECONCILI ATION OF NET OPER ATING INCOME (NOI), CASH BASIS NOI, SAME PROPERT Y NOI AN D SAME PROPERT Y CASH BASIS NOI B Y SEGMENT FOR THE SIX MONTHS ENDED JUNE 30, 2017 AND 201 6

Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 25 CALCUL ATION AND RECONCILI ATION OF EBITD A AND ADJUSTED EBITD A CALCULATION AND RECONCILIATION OF EBITDA AND ADJUSTED EBITDA (1) (amounts in thousands) For the Three Months Ended For the Six Months Ended 6/30/2017 3/31/2017 12/31/2016 9/30/2016 6/30/2016 6/30/2017 6/30/2016 Net income $ 17,402 $ 32,281 $ 42,885 $ 27,903 $ 39,233 $ 49,683 $ 70,507 Interest expense 40,800 43,488 43,737 43,438 41,118 84,289 80,399 Income tax expense 99 92 106 119 108 191 202 Depreciation and amortization expense 69,669 73,175 72,893 72,344 71,372 142,844 142,594 EBITDA 127,970 149,036 159,621 143,804 151,831 277,007 293,702 General and administrative expense paid in common shares (2) 643 390 61 867 750 1,032 1,268 Estimated business management incentive fees (3) 10,760 3,266 — — — 14,026 — Acquisition and certain other transaction related costs — 292 642 824 180 292 619 Impairment of assets 5,082 — 1,744 4,578 4,961 5,082 12,351 Loss on early extinguishment of debt 7,353 — 437 84 — 7,353 6 Gain on sale of properties — — — — (4,061) — (4,061) Adjusted EBITDA $ 151,808 $ 152,984 $ 162,505 $ 150,157 $ 153,661 $ 304,792 $ 303,885 (1) See Definitions of Certain Non-GAAP Financial Measures on page 27 for a definition of EBITDA and Adjusted EBITDA and a description of why we believe they are appropriate supplemental measures. (2) Amounts represent equity compensation awarded to our trustees, officers and certain other employees of The RMR Group LLC. (3) Incentive fees under our business management agreement are payable after the end of each calendar year, are calculated based on common share total return, as defined, and are included in general and administrative expense in our condensed consolidated statements of income. In calculating net income in accordance with GAAP, we recognize estimated business management incentive fee expense, if any, in the first, second and third quarters. Although we recognize this expense, if any, in the first, second and third quarters for purposes of calculating net income, we do not include these amounts in the calculation of Adjusted EBITDA until the fourth quarter, when the amount of the business management incentive fee expense for the calendar year, if any, is determined.

Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 26 CALCUL ATION AND RECONCILI ATION O F FUNDS FROM OPER ATIONS (FFO) AND NORMALIZED FF O CALCULATION AND RECONCILIATION OF FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FFO (1) (amounts in thousands, except per share data) For the Three Months Ended For the Six Months Ended 6/30/2017 3/31/2017 12/31/2016 9/30/2016 6/30/2016 6/30/2017 3/31/2016 Net income attributable to common shareholders $ 16,042 $ 32,155 $ 42,885 $ 27,903 $ 39,233 $ 48,197 $ 70,507 Depreciation and amortization expense 69,669 73,175 72,893 72,344 71,372 142,844 142,594 Noncontrolling interest's share of net FFO adjustments (5,305) (456) — — — (5,761) — Gain on sale of properties — — — — (4,061) — (4,061) Impairment of assets 5,082 — 1,744 4,578 4,961 5,082 12,351 FFO 85,488 104,874 117,522 104,825 111,505 190,362 221,391 Estimated business management incentive fees (2) 10,760 3,266 — — — 14,026 — Acquisition and certain other transaction related costs — 292 642 824 180 292 619 Loss on early extinguishment of debt 7,353 — 437 84 — 7,353 6 Normalized FFO $ 103,601 $ 108,432 $ 118,601 $ 105,733 $ 111,685 $ 212,033 $ 222,016 Weighted average common shares outstanding (basic) 237,399 237,391 237,391 237,347 237,325 237,395 237,320 Weighted average common shares outstanding (diluted) 237,445 237,416 237,393 237,396 237,363 237,433 237,349 Per Common Share Data (basic and diluted): Net income attributable to common shareholders $ 0.07 $ 0.14 $ 0.18 $ 0.12 $ 0.17 $ 0.20 $ 0.30 FFO $ 0.36 $ 0.44 $ 0.50 $ 0.44 $ 0.47 $ 0.80 $ 0.93 Normalized FFO $ 0.44 $ 0.46 $ 0.50 $ 0.45 $ 0.47 $ 0.89 $ 0.94 (1) See Definitions of Certain Non-GAAP Financial Measures on page 27 for a definition of FFO and Normalized FFO, a description of why we believe they are appropriate supplemental measures and a description of how we use these measures. (2) Incentive fees under our business management agreement are payable after the end of each calendar year, are calculated based on common share total return, as defined, and are included in general and administrative expense in our consolidated statements of income. In calculating net income attributable to common shareholders in accordance with GAAP, we recognize estimated business management incentive fee expense, if any, in the first, second and third quarters. Although we recognize this expense, if any, in the first, second and third quarters for purposes of calculating net income attributable to common shareholders, we do not include these amounts in the calculation of Normalized FFO until the fourth quarter, when the amount of business management incentive fee expense for the calendar year, if any, is determined.

Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 27 DEFINITIONS OF CER TAIN NON-GAA P FINANCIA L MEASURE S NOI and Cash Basis NOI The calculations of NOI and Cash Basis NOI exclude certain components of net income in order to provide results that are more closely related to our property level results of operations. We calculate NOI and Cash Basis NOI as shown on page 21. We define NOI as income from our real estate less our property operating expenses. NOI excludes amortization of capitalized tenant improvement costs and leasing commissions because we record those amounts as depreciation and amortization. We define Cash Basis NOI as NOI excluding non-cash straight line rent adjustments, lease value amortization, lease termination fee amortization, if any, and non-cash amortization included in property operating expenses. We consider NOI and Cash Basis NOI to be appropriate supplemental measures to net income because they may help both investors and management to understand the operations of our properties. We use NOI and Cash Basis NOI internally to evaluate individual and company wide property level performance, and we believe that NOI and Cash Basis NOI provide useful information to investors regarding our results of operations because these measures reflect only those income and expense items that are generated and incurred at the property level and may facilitate comparisons of our operating performance between periods and with other REITs. NOI and Cash Basis NOI do not represent cash generated by operating activities in accordance with GAAP and should not be considered as an alternative to net income, net income attributable to common shareholders or operating income as an indicator of our operating performance or as a measure of our liquidity. These measures should be considered in conjunction with net income, net income attributable to common shareholders and operating income as presented in our Condensed Consolidated Statements of Income. Other REITs and real estate companies may calculate NOI and Cash Basis NOI differently than we do. EBITDA and Adjusted EBITDA We calculate EBITDA and Adjusted EBITDA as shown on page 25. We consider EBITDA and Adjusted EBITDA to be appropriate supplemental measures of our operating performance, along with net income, net income attributable to common shareholders and operating income. We believe that EBITDA and Adjusted EBITDA provide useful information to investors because by excluding the effects of certain historical amounts, such as interest, depreciation and amortization expense, EBITDA and Adjusted EBITDA may facilitate a comparison of current operating performance with our past operating performance. EBITDA and Adjusted EBITDA do not represent cash generated by operating activities in accordance with GAAP and should not be considered an alternative to net income, net income attributable to common shareholders or operating income as an indicator of operating performance or as a measure of our liquidity. These measures should be considered in conjunction with net income, net income attributable to common shareholders and operating income as presented in our Condensed Consolidated Statements of Income. Other REITs and real estate companies may calculate EBITDA and Adjusted EBITDA differently than we do. FFO and Normalized FFO We calculate FFO and Normalized FFO as shown on page 26. FFO is calculated on the basis defined by the National Association of Real Estate Investment Trusts, or NAREIT, which is net income attributable to common shareholders, calculated in accordance with GAAP, excluding any gain or loss on sale of properties and impairment of real estate assets, plus real estate depreciation and amortization and the difference between net income attributable to common shareholders and FFO attributable to noncontrolling interest, as well as certain other adjustments currently not applicable to us. Our calculation of Normalized FFO differs from NAREIT's definition of FFO because we include business management incentive fees, if any, only in the fourth quarter versus the quarter when they are recognized as expense in accordance with GAAP due to their quarterly volatility not necessarily being indicative of our core operating performance and the uncertainty as to whether any such business management incentive fees will be payable when all contingencies for determining such fees are known at the end of the calendar year, and we exclude acquisition and certain other transaction related costs expensed under GAAP such as legal and professional fees associated with our acquisition and disposition activities, gains and losses on early extinguishment of debt, if any, and Normalized FFO from noncontrolling interest, net of FFO, if any. We consider FFO and Normalized FFO to be appropriate supplemental measures of operating performance for a REIT, along with net income, net income attributable to common shareholders and operating income. We believe that FFO and Normalized FFO provide useful information to investors because by excluding the effects of certain historical amounts, such as depreciation and amortization expense, FFO and Normalized FFO may facilitate a comparison of our operating performance between periods and with other REITs. FFO and Normalized FFO are among the factors considered by our Board of Trustees when determining the amount of distributions to our shareholders. Other factors include, but are not limited to, requirements to maintain our qualification for taxation as a REIT, limitations in our revolving credit facility and term loan agreements and our public debt covenants, the availability to us of debt and equity capital, our expectation of our future capital requirements and operating performance and our expected needs and availability of cash to pay our obligations. FFO and Normalized FFO do not represent cash generated by operating activities in accordance with GAAP and should not be considered as alternatives to net income, net income attributable to common shareholders or operating income as an indicator of our operating performance or as a measure of our liquidity. These measures should be considered in conjunction with net income, net income attributable to common shareholders and operating income as presented in our Condensed Consolidated Statements of Income. Other REITs and real estate companies may calculate FFO and Normalized FFO differently than we do. DEFINITIONS OF CERTAIN NON-GAAP FINANCIAL MEASURES

Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 28 PORTFOLIO INFORMATION 28 The Forum at Deer Creek 291 Independent Living , Assisted Living and Skilled Nursing Units Deerfield Beach, FL Tenant: Five Star Senior Living

Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 29 PORTFOLIO SUMMA RY B Y PROPERT Y MIX AND GEOGRAPHIC DIVERSIFIC ATIO N PORTFOLIO SUMMARY BY PROPERTY MIX AND GEOGRAPHIC DIVERSIFICATION (1) See Page 21 for the calculation of NOI and a reconciliation of net income determined in accordance with GAAP to that amount. (2) Cost of real estate properties is before depreciation and less impairment write downs, if any. Property Mix (based on Q2 2017 NOI) Independent Living: 28% Assisted Living: 25% SNFs: 3% MOBs: 41% Wellness Centers: 3% Geographic Diversification (based on Cost of Real Estate Properties as of June 30, 2017) MA: 14%CA: 10% FL: 10% TX: 7% GA: 5% MD: 4% WI: 4% NC: 3% VA: 3% NY: 3% 32 Other States + D.C.: 37% (1) (2)

Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 30 PORTFOLIO SUMMA RY B Y PROPERT Y TYPE AND TENAN T PORTFOLIO SUMMARY BY PROPERTY TYPE AND TENANT (dollars in thousands, except investment per unit / bed or square foot) As of June 30, 2017 Number of Investment Number of Units / Beds Carrying Value of % of Total per Unit / Bed % of Q2 2017 Properties or Square Feet Investment (1) Investment or Square Foot (2) Q2 2017 NOI (3) Total NOI Property Type: Independent living (4) 68 16,452 $ 2,360,927 28.0% $ 143,504 $ 45,652 28.1% Assisted living (4) 197 14,443 2,115,511 25.1% $ 146,473 40,750 25.1% Skilled nursing facilities (4) 39 4,131 186,802 2.2% $ 45,220 4,241 2.6% Subtotal senior living communities 304 35,026 4,663,240 55.3% $ 133,137 90,643 55.8% MOBs (5) 120 11,552,323 sq. ft. 3,598,811 42.6% $ 312 67,005 41.4% Wellness centers 10 812,000 sq. ft. 178,172 2.1% $ 219 4,570 2.8% Total 434 $ 8,440,223 100.0% $ 162,218 100.0% Tenant / Operator / Managed Properties: Five Star 185 20,187 $ 2,314,805 27.5% $ 114,668 $ 51,124 31.5% Sunrise Senior Living / Marriott (6) 4 1,619 126,326 1.5% $ 78,027 3,132 1.9% Brookdale Senior Living 18 894 69,669 0.8% $ 77,930 1,813 1.1% 11 private senior living companies (combined) 29 3,520 567,507 6.7% $ 161,224 11,357 7.0% Subtotal triple net leased senior living communities 236 26,220 3,078,307 36.5% $ 117,403 67,426 41.5% Managed senior living communities (7) 68 8,806 1,584,933 18.8% $ 179,983 23,217 14.3% Subtotal senior living communities 304 35,026 4,663,240 55.3% $ 133,137 90,643 55.8% MOBs (5) 120 11,552,323 sq. ft. 3,598,811 42.6% $ 312 67,005 41.4% Wellness centers 10 812,000 sq. ft. 178,172 2.1% $ 219 4,570 2.8% Total 434 $ 8,440,223 100.0% $ 162,218 100.0% (1) Represents gross book value of real estate assets before depreciation and purchase price allocations, less impairment write downs, if any. (2) Represents carrying value of investment divided by the number of living units, beds or rentable square feet, as applicable, at June 30, 2017. (3) See page 21 for the calculation of NOI and a reconciliation of net income determined in accordance with GAAP to that amount. (4) Senior living communities are categorized by the type of living units or beds which constitute a majority of the living units or beds at the community. (5) These 120 MOB properties are comprised of 146 buildings. Our MOB leases include some triple net leases where, in addition to paying fixed rents, the tenants assume the obligation to operate and maintain the properties at their expense, and some net and modified gross leases where we are responsible for the operation and maintenance of the properties, and we charge tenants for some or all of the property operating costs. A small percentage of our MOB leases are so-called "full-service" leases where we receive fixed rent from our tenants and no reimbursement for our property operating costs. (6) Marriott International, Inc., or Marriott, guarantees the lessee's obligations under these leases. (7) These senior living communities are managed for our account and include properties leased to our taxable REIT subsidiaries, or TRSs.

Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 31 OCCU PANC Y B Y PROPERT Y TYPE AND TENAN T OCCUPANCY BY PROPERTY TYPE AND TENANT (1) For the Twelve Months Ended (2) 3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016 Property Type: Independent living 86.9% 86.9% 86.9% 86.9% 87.1% Assisted living 85.2% 85.9% 86.2% 86.6% 86.8% Skilled nursing facilities 78.1% 78.5% 78.5% 78.7% 78.6% Weighted average occupancy senior living communities 85.1% 85.5% 85.6% 85.8% 86.0% MOBs (3) 96.4% 96.5% 95.9% 95.9% 95.8% Wellness centers 100.0% 100.0% 100.0% 100.0% 100.0% Tenant / Managed Properties: Five Star 83.3% 83.6% 83.9% 84.2% 84.4% Sunrise Senior Living / Marriott (4) 92.3% 91.8% 91.0% 90.3% 90.3% Brookdale Senior Living 83.9% 84.5% 85.6% 86.6% 87.9% 11 private senior living companies (combined) 89.0% 90.1% 88.8% 88.4% 88.1% Weighted average occupancy triple net leased senior living communities 84.6% 84.9% 85.1% 85.3% 85.4% Managed senior living communities (5) 86.6% 87.2% 87.3% 87.5% 87.8% Weighted average occupancy senior living communities 85.1% 85.5% 85.6% 85.8% 86.0% MOBs (3) 96.4% 96.5% 95.9% 95.9% 95.8% Wellness centers 100.0% 100.0% 100.0% 100.0% 100.0% (1) Excludes operating data from properties that were sold during the periods presented. (2) Operating data for multi-tenant MOBs are presented as of the end of the period shown; operating data for other tenants are presented for the 12 month period ended on the dates shown, or the most recent prior 12 month period for which tenant and manager operating results are available to us. (3) MOB occupancy data is as of quarter end and includes (i) space being fitted out for occupancy pursuant to existing leases and (ii) space which is leased but is not occupied or is being offered for sublease by tenants. MOB occupancy as of June 30, 2017 was 96.5%. (4) Marriott guarantees the lessee's obligations under these leases. (5) These senior living communities are managed for our account and include properties leased to our TRSs. Occupancy for the 12 month period ended or, if shorter, from the date of acquisition through June 30, 2017, was 86.3%. All tenant operating data presented are based upon the operating results provided by our tenants for the indicated periods. We report our operating data one quarter in arrears as this is the most recent prior period for which tenant operating results are available to us from our tenants. We have not independently verified tenant operating data. Excludes historical data for periods prior to our ownership of certain properties.

Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 32 RENT COVERAGE B Y TENANT (TRIPLE NET LEASED SENIOR LIVING COMMUNITIE S AND WELLNESS CENTERS ) RENT COVERAGE BY TENANT (TRIPLE NET LEASED SENIOR LIVING COMMUNITIES AND WELLNESS CENTERS) (1) For the Twelve Months Ended Tenant 3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016 Five Star 1.16x 1.19x 1.21x 1.23x 1.23x Sunrise Senior Living / Marriott (2) 2.09x 2.05x 1.98x 1.94x 1.93x Brookdale Senior Living 2.53x 2.59x 2.64x 2.71x 2.76x 11 private senior living companies (combined) 1.26x 1.28x 1.25x 1.26x 1.29x Weighted average rent coverage triple net leased senior living communities 1.27x 1.30x 1.31x 1.33x 1.33x Wellness centers 1.85x 1.91x 1.89x 1.90x 1.90x Total 1.31x 1.33x 1.35x 1.36x 1.37x (1) Excludes operating data from properties that were sold during the periods presented. (2) Marriott guarantees the lessee's obligations under these leases. All tenant operating data presented are based upon the operating results provided by our tenants for the indicated periods. We report our operating data one quarter in arrears as this is the most recent prior period for which tenant operating results are available to us from our tenants. We have not independently verified tenant operating data. Excludes historical data for periods prior to our ownership of certain properties. Rent coverage is calculated as operating cash flows from our tenants' facility operations of our properties, before subordinated charges, if any, divided by rent payable to us.

Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 33 TRIPLE NET LEASED SENIOR LIVING COMMUNITIES SEGMENT AND SAME PROPERT Y – RESU LTS OF OPER ATION S TRIPLE NET LEASED SENIOR LIVING COMMUNITIES SEGMENT - RESULTS OF OPERATIONS (1) (dollars in thousands) As of and for the Three Months Ended June 30, As of and For the Six Months Ended June 30, 2017 2016 2017 2016 Number of Properties 236 236 236 236 Number of Units 26,220 26,432 26,220 26,432 Occupancy (2) 84.6% 85.4% 84.6% 85.4% Rent Coverage (2) 1.27x 1.33x 1.27x 1.33x Rental Income $ 67,426 $ 66,441 $ 134,678 $ 131,749 NOI (3) $ 67,426 $ 66,018 $ 134,678 $ 130,963 Cash Basis NOI (3) $ 66,648 $ 64,870 $ 133,124 $ 128,643 NOI % change 2.1% 2.8% Cash Basis NOI % change 2.7% 3.5% TRIPLE NET LEASED SENIOR LIVING COMMUNITIES SAME PROPERTY - RESULTS OF OPERATIONS (1) (dollars in thousands) As of and for the Three Months Ended June 30, As of and For the Six Months Ended June 30, 2017 (4) 2016 (4) 2017 (5) 2016 (5) Number of Properties 227 227 227 227 Number of Units 25,549 25,549 25,549 25,549 Occupancy (2) 84.6% 85.4% 84.6% 85.4% Rent Coverage (2) 1.28x 1.33x 1.28x 1.33x Rental Income $ 64,970 $ 64,240 $ 129,765 $ 128,338 NOI (3) $ 64,970 $ 64,240 $ 129,765 $ 128,338 Cash Basis NOI (3) $ 64,192 $ 63,121 $ 128,211 $ 126,114 NOI % change 1.1% 1.1% Cash Basis NOI % change 1.7% 1.7% (1) Includes independent and assisted living communities and SNFs. (2) All tenant operating data presented are based upon the operating results provided by our tenants for the 12 months ended March 31, 2017 and 2016 or for the most recent prior period for which tenant operating results are available to us. Rent coverage is calculated as operating cash flows from our triple net leased tenants’ facility operations, before subordinated charges, if any, divided by triple net lease minimum rents payable to us. We have not independently verified tenant operating data. Excludes historical data for periods prior to our ownership of certain properties as well as for properties sold during the periods presented. (3) See page 21 for the calculation of NOI and a reconciliation of net income determined in accordance with GAAP to that amount, and pages 23-24 for the calculations and reconciliations of NOI, cash basis NOI, same property NOI and same property cash basis NOI by segment from consolidated NOI by segment. (4) Consists of triple net leased senior living communities owned continuously since April 1, 2016 and excludes communities classified as held for sale, if any. (5) Consists of triple net leased senior living communities owned continuously since January 1, 2016 and excludes communities classified as held for sale, if any.

Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 34 MANAGED SENIOR LIVING COMMUNITIES SEGMENT AND SAME PROPERT Y – RESU LTS OF OPER ATION S MANAGED SENIOR LIVING COMMUNITIES SEGMENT - RESULTS OF OPERATIONS (dollars in thousands, except average monthly rate) As of and for the Three Months Ended June 30, As of and For the Six Months Ended June 30, 2017 2016 2017 2016 Number of Properties (1) 68 67 68 67 Number of Units (1) 8,806 8,634 8,806 8,634 Occupancy 85.7 % 87.1% 85.8 % 87.4% Average Monthly Rate (2) $ 4,297 $ 4,276 $ 4,310 $ 4,276 Average Monthly Rate % Growth 0.5 % 0.8 % Residents Fees and Services $ 98,366 $ 97,370 $ 196,484 $ 194,323 Property Operating Expenses (75,149) (71,642) (149,028) (143,820) NOI (3) $ 23,217 $ 25,728 $ 47,456 $ 50,503 NOI Margin % (4) 23.6 % 26.4% 24.2 % 26.0% NOI % Change (9.8)% (6.0)% MANAGED SENIOR LIVING COMMUNITIES SAME PROPERTY - RESULTS OF OPERATIONS (dollars in thousands, except average monthly rate) As of and for the Three Months Ended June 30, As of and For the Six Months Ended June 30, 2017 (5) 2016 (5) 2017 (6) 2016 (6) Number of Properties 60 60 60 60 Number of Units 8,103 8,103 8,103 8,103 Occupancy 86.0 % 86.9% 86.1 % 87.3% Average Monthly Rate (2) $ 4,328 $ 4,273 $ 4,338 $ 4,273 Average Monthly Rate % Growth 1.3 % 1.5 % Residents Fees and Services $ 91,523 $ 91,349 $ 182,608 $ 183,369 Property Operating Expenses (69,293) (67,149) (137,403) (135,455) NOI (3) $ 22,230 $ 24,200 $ 45,205 $ 47,914 NOI Margin % (4) 24.3 % 26.5% 24.8 % 26.1% NOI % Change (8.1)% (5.7)% (1) Includes only those managed senior living communities owned and managed for our account during the periods presented. (2) Average monthly rate is calculated by taking the average daily rate, which is defined as total residents fees and services divided by occupied units during the period, and multiplying it by 30 days. (3) See page 21 for the calculation of NOI and a reconciliation of net income determined in accordance with GAAP to that amount, and pages 23-24 for the calculations and reconciliations of NOI, cash basis NOI, same property NOI and same property cash basis NOI by segment from consolidated NOI by segment. (4) NOI margin % is defined as NOI as a percentage of residents fees and services. (5) Consists of managed senior living communities owned and managed by the same operator continuously since April 1, 2016 and excludes communities classified as held for sale, if any. (6) Consists of managed senior living communities owned and managed by the same operator continuously since January 1, 2016 and excludes communities classified as held for sale, if any.

Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 35 MOB PORTFOLIO SEGMENT AND SAME PROPERT Y - RESU LTS OF OPER ATION S MOB PORTFOLIO SEGMENT - RESULTS OF OPERATIONS (dollars and sq. ft. in thousands) As of and for the Three Months Ended June 30, As of and For the Six Months Ended June 30, 2017 2016 2017 2016 Number of Properties 120 123 120 123 Number of Buildings 146 149 146 149 Square Feet (1) 11,552 11,610 11,552 11,610 Occupancy (2) 96.5 % 95.9% 96.5 % 95.9% Rental Income (3) $ 94,651 $ 92,978 $ 189,297 $ 184,559 NOI (4) $ 67,005 $ 67,569 $ 134,474 $ 133,743 Cash Basis NOI (4) $ 63,021 $ 62,662 $ 126,540 $ 124,144 NOI Margin % (5) 70.8 % 72.7% 71.0 % 72.5% Cash Basis NOI Margin % (6) 69.4 % 71.0% 69.6 % 70.8% NOI % Change (0.8)% 0.5 % Cash Basis NOI % Change 0.6 % 1.9 % MOB PORTFOLIO SAME PROPERTY - RESULTS OF OPERATIONS (dollars and sq. ft. in thousands) As of and for the Three Months Ended June 30, As of and For the Six Months Ended June 30, 2017 (7) 2016 (7) 2017 (8) 2016 (8) Number of Properties 117 117 116 116 Number of Buildings 143 143 140 140 Square Feet (1) 11,174 11,168 11,046 11,040 Occupancy (2) 96.3 % 96.3% 96.3 % 96.3% Rental Income (3) $ 91,840 $ 91,002 $ 181,822 $ 180,087 NOI (4) $ 64,586 $ 65,742 $ 128,590 $ 130,110 Cash Basis NOI (4) $ 60,904 $ 61,035 $ 121,385 $ 120,930 NOI Margin % (5) 70.3 % 72.2% 70.7 % 72.2% Cash Basis NOI Margin % (6) 68.9 % 70.6% 69.4 % 70.6% NOI % Change (1.8)% (1.2)% Cash Basis NOI % Change (0.2)% 0.4 % (1) Prior periods exclude space re-measurements made subsequent to those periods. (2) Occupancy includes (i) space being fitted out for occupancy pursuant to existing leases and (ii) space which is leased but is not occupied or is being offered for sublease by tenants. (3) Includes some triple net lease rental income. (4) See page 21 for the calculation of NOI and a reconciliation of net income determined in accordance with GAAP to that amount, and pages 23-24 for the calculations and reconciliations of NOI, cash basis NOI, same property NOI and same property cash basis NOI by segment from consolidated NOI by segment. (5) NOI margin % is defined as NOI as a percentage of rental income. (6) Cash basis NOI margin % is defined as cash basis NOI as a percentage of cash basis rental income. Cash basis rental income excludes non-cash straight line rent adjustments, lease value amortization and lease termination fee amortization, if any. (7) Consists of MOBs owned continuously since April 1, 2016 and includes our MOB (two buildings) subject to a joint venture arrangement and excludes properties classified as held for sale, if any. (8) Consists of MOBs owned continuously since January 1, 2016 and includes our MOB (two buildings) subject to a joint venture arrangement and excludes properties classified as held for sale, if any.

Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 36 MOB LEASING SUMMA RY MOB LEASING SUMMARY(dollars and sq. ft. in thousands, except per sq. ft. data) As of and For the Three Months Ended 6/30/2017 3/31/2017 12/31/2016 9/30/2016 6/30/2016 Properties 120 120 119 119 123 Buildings 146 146 145 145 149 Total sq. ft. (1) 11,552 11,552 11,431 11,401 11,610 Occupancy (2) 96.5% 96.4% 96.5% 95.9% 95.9% Leasing Activity (sq. ft.): New leases 37 51 138 54 46 Renewals 280 186 43 139 137 Total 317 237 181 193 183 Rent Rate on New and Renewed Leases New leases $ 33.18 $ 23.08 $ 26.38 $ 30.42 $ 32.62 Renewals $ 30.78 $ 31.69 $ 31.46 $ 37.42 $ 32.12 Average net annual rent $ 31.06 $ 29.83 $ 27.59 $ 35.48 $ 32.24 Leasing Costs and Concession Commitments (3): New leases $ 1,260 $ 1,567 $ 3,013 $ 2,261 $ 1,441 Renewals 5,970 2,801 434 2,709 1,692 Total $ 7,230 $ 4,368 $ 3,447 $ 4,970 $ 3,133 Leasing Costs and Concession Commitments per Sq. Ft. (3): New leases $ 34.23 $ 30.72 $ 21.89 $ 42.26 $ 31.14 Renewals $ 21.33 $ 15.03 $ 10.09 $ 19.53 $ 12.39 All new and renewed leases $ 22.83 $ 18.40 $ 19.08 $ 25.85 $ 17.13 Weighted Average Lease Term (years) (4): New leases 5.1 5.4 8.1 7.6 5.8 Renewals 4.6 5.6 4.4 6.8 5.3 All new and renewed leases 4.7 5.6 7.1 7.0 5.4 Leasing Costs and Concession Commitments per Sq. Ft. per Year (3): New leases $ 6.65 $ 5.66 $ 2.71 $ 5.56 $ 5.40 Renewals $ 4.62 $ 2.66 $ 2.30 $ 2.89 $ 2.33 All new and renewed leases $ 4.87 $ 3.28 $ 2.69 $ 3.72 $ 3.15 (1) Sq. ft. measurements are subject to modest changes when space is re-measured or re-configured for new tenants. (2) Occupancy includes (i) space being fitted out for occupancy pursuant to existing leases and (ii) space which is leased but is not occupied or is being offered for sublease by tenants. (3) Includes commitments made for leasing expenditures and concessions, such as tenant improvements, leasing commissions, tenant reimbursements and free rent. (4) Weighted based on annualized rental income pursuant to existing leases as of June 30, 2017, including straight line rent adjustments and estimated recurring expense reimbursements and excluding lease value amortization. The above leasing summary is based on leases entered into during the periods indicated.

Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 37 TENANTS REPRESENTING 1% OR MORE OF TO TA L REN T TENANTS REPRESENTING 1% OR MORE OF TOTAL RENT (dollars in thousands) As of June 30, 2017 % of Annualized Annualized Rental Tenant Facility Type Rental Income (1) Income (1) Expiration 1 Five Star Senior living $ 210,204 27.5% 2024 - 2032 2 Vertex Pharmaceuticals, Inc. (2) MOB 90,215 11.9% 2028 3 Aurora Health Care, Inc. MOB 16,896 2.2% 2024 4 Sunrise Senior Living, Inc. / Marriott Senior living 14,845 2.0% 2023 5 Cedars-Sinai Medical Center MOB 13,479 1.8% 2017 - 2025 6 Pacifica Senior Living Senior living 13,424 1.8% 2023 7 Life Time Fitness, Inc. Wellness center 10,550 1.4% 2028 8 The Scripps Research Institute MOB 10,177 1.3% 2019 9 Brookdale Senior Living, Inc. Senior living 9,010 1.2% 2032 10 Medtronic, Inc. MOB 8,217 1.1% 2017 - 2020 11 HCA Holdings, Inc. MOB 8,091 1.1% 2018 - 2025 12 Reliant Medical Group, Inc. MOB 7,595 1.0% 2019 13 Starmark Holdings, LLC Wellness Center 7,546 1.0% 2023 14 Nanotherapeutics, Inc. MOB 7,384 1.0% 2031 All Other Tenants (3) 333,539 43.7% 2017 - 2035 Total Tenants $ 761,172 100.0% (1) Annualized rental income is based on rents pursuant to existing leases as of June 30, 2017. Annualized rental income includes estimated percentage rents, straight line rent adjustments and estimated recurring expense reimbursements for certain net and modified gross leases; excludes lease value amortization at certain of our MOBs and wellness centers. (2) The property leased by this tenant is owned by a joint venture, of which we own a 55% equity interest. Rental income presented includes 100% of rental income as reported under GAAP. (3) Includes NOI (three months ended June 30, 2017, annualized) from our managed senior living communities.

Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 38 PORTFOLIO LEASE EXPIR ATION SCHEDUL E PORTFOLIO LEASE EXPIRATION SCHEDULE (dollars in thousands) As of June 30, 2017 Annualized Rental Income (1) Year Senior Living Communities (2) MOBs Wellness Centers Total Percent of Total Annualized Rental Income Expiring Cumulative Percentage of Annualized Rental Income Expiring 2017 $ — $ 17,598 $ — $ 17,598 2.3% 2.3% 2018 — 23,256 — 23,256 3.1% 5.4% 2019 590 40,820 — 41,410 5.4% 10.8% 2020 — 32,234 — 32,234 4.2% 15.0% 2021 1,424 22,366 — 23,790 3.1% 18.1% 2022 — 21,447 — 21,447 2.8% 20.9% 2023 28,269 11,757 7,546 47,572 6.2% 27.1% 2024 68,870 38,187 — 107,057 14.1% 41.2% 2025 — 12,756 — 12,756 1.7% 42.9% Thereafter (3) 273,598 149,904 10,550 434,052 57.1% 100.0% Total $ 372,751 $ 370,325 $ 18,096 $ 761,172 100.0% Average remaining lease term for all properties (weighted by annualized rental income): 9.1 years Number of Living Units / Beds or Square Feet with Leases Expiring (4) Living Units / Beds Square Feet Year Senior Living Communities (Units / Beds) (2) Percent of Total Living Units / Beds Expiring Cumulative Percentage of Total Living Units / Beds Expiring MOBs (Square Feet) Wellness Centers (Square Feet) Total Square Feet Percent of Total Square Feet Expiring Cumulative Percentage of Total Square Feet Expiring 2017 — —% —% 588,275 — 588,275 4.9% 4.9% 2018 — —% —% 784,779 — 784,779 6.6% 11.5% 2019 175 0.5% 0.5% 1,289,088 — 1,289,088 10.8% 22.3% 2020 — —% 0.5% 1,448,636 — 1,448,636 12.1% 34.4% 2021 361 1.0% 1.5% 695,450 — 695,450 5.8% 40.2% 2022 — —% 1.5% 773,462 — 773,462 6.5% 46.7% 2023 2,263 6.5% 8.0% 787,930 354,000 1,141,930 9.6% 56.3% 2024 6,561 18.7% 26.7% 1,444,844 — 1,444,844 12.1% 68.4% 2025 — —% 26.7% 535,419 — 535,419 4.5% 72.9% Thereafter (3) 25,666 73.3% 100.0% 2,794,925 458,000 3,252,925 27.1% 100.0% Total 35,026 100.0% 11,142,808 812,000 11,954,808 100.0% (1) Annualized rental income is based on rents pursuant to existing leases as of June 30, 2017. Annualized rental income includes estimated percentage rents, straight line rent adjustments and estimated recurring expense reimbursements for certain net and modified gross leases; excludes lease value amortization at certain of our MOBs and wellness centers; and includes NOI (three months ended June 30, 2017, annualized) from our managed senior living communities. Rental income amounts also include 100% of rental income as reported under GAAP from a property owned by a joint venture of which we own 55%. (2) Includes triple net leased and managed independent living communities, assisted living communities, continuing care retirement communities and SNFs. Includes NOI (three months ended June 30, 2017, annualized) from our managed senior living communities. (3) Includes 8,806 living units leased to our TRSs. (4) Includes 100% of square feet from a property owned by a joint venture of which we own 55%.