Senior Housing Properties Trust

Supplemental Operating and Financial Data

June 30, 2009

COMPANY PROFILE

The Company: Senior Housing Properties Trust, or SNH, is a real estate investment trust, or REIT, which owns independent and assisted living properties, continuing care retirement communities, nursing homes, hospitals, wellness centers and medical office, clinic and biotech laboratory buildings located throughout the United States. We are included in a number of stock indices, including the Russell 1000®, the MSCI US REIT Index, FTSE EPRA/NAREIT United States Index and the S&P REIT Composite Index. Management: SNH is managed by Reit Management & Research LLC, or RMR. RMR is a real estate management company which was founded in 1986 to manage public investments in real estate.. As of June 30, 2009, RMR managed one of the largest portfolios of publicly owned real estate in North America, including nearly 1,350 properties located in 45 states, Washington, D.C., Puerto Rico and Ontario, Canada. RMR has approximately 570 employees in its headquarters and regional offices located throughout the United States. In addition to managing SNH, RMR manages Government Properties Income Trust, a publicly traded REIT that owns buildings with government tenants, Hospitality Properties Trust, or HPT, a publicly traded REIT that owns hotels and travel centers, and HRPT Properties Trust, a publicly traded REIT that primarily owns office buildings and industrial properties. RMR also provides management services to TravelCenters of America LLC, a tenant of HPT, and to Five Star Quality Care, Inc., or Five Star, a healthcare services company which is our largest tenant. An affiliate of RMR, RMR Advisors, Inc., is the investment manager of two publicly traded mutual funds, the RMR Funds, which principally invest in securities of unaffiliated real estate companies. The public companies managed by RMR and its affiliates had combined total gross assets of approximately $16.3 billion as of June 30, 2009. We believe that being managed by RMR is a competitive advantage for SNH because RMR provides us with a depth and quality of management and experience which may be unequaled 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.	Strategy: Our present business plan is to maintain our investment portfolio of independent and assisted living properties, continuing care retirement communities, nursing homes and medical office, clinic and biotech laboratory buildings and to acquire additional healthcare related properties primarily for income and secondarily for appreciation potential. Our current growth strategy is focused on making acquisitions of geographically diverse, primarily independent and assisted senior living properties where the majority of the residents pay for occupancy and services with their private resources rather than through government programs; we also invest in medical office, clinic and biotech laboratories buildings; and we may sometimes invest in other properties, such as the wellness centers, which offer special services intended to promote healthy living. We base our acquisition decisions on the historical and projected operating results of the target properties and the financial strength of the proposed tenants and their guarantors, among other considerations. We currently do not have any investments in off balance sheet entities.

	Stock Exchange Listing:	Corporate Headquarters:

	New York Stock Exchange	400 Centre Street
		Newton, MA 02458
	Trading Symbol:	(t) (617) 796-8350
		(f) (617) 796-8349
	Common Shares — SNH
	Senior Unsecured Debt Ratings:

	Moody’s — Ba1 Standard & Poor’s — BBB-

Portfolio Concentration by Facility Type (as of 6/30/09) ($ in 000):

		Number of
	Number of	Units/Beds or		Carrying Value of			Annualized
	Properties	Square Feet		Investment (1)		Percent	Current Rent		Percent
Independent living (2)	43	11,524		$	1,108,572	38.3%	$	109,631	37.6%
Assisted living (2)	120	8,472		909,430		31.4%	84,353		28.9%
Nursing homes (2)	58	5,844		230,192		7.9%	20,355		6.9%
Rehabilitation hospitals	2	364		60,175		2.1%	11,580		4.0%
Wellness centers	10	812,000	sq. ft.	180,017		6.2%	17,069		5.9%
Medical office buildings (MOBs)	40	1,831,082	sq. ft.	408,348		14.1%	48,748		16.7%
Total	273			$	2,896,734	100.0%	$	291,736	100.0%

Operating Statistics by Tenant ($ in 000):

						Q1 2009
	Number of	Number of		Annualized		Rent		Percent
Tenant	Properties	Units/Beds		Current Rent		Coverage (3)	Occupancy (3)	Private Pay (3) (4)
Five Star (Lease No. 1) (5)	80	5,919		$	45,195	1.23x	87%	60%
Five Star (Lease No. 2) (5)	50	6,106		51,072		1.20x	93%	52%
Five Star (Lease No. 3) (5)	28	5,618		61,181		1.63x	90%	86%
Five Star (Lease No. 4) (5)	25	2,461		21,057		1.12x	86%	67%
Sunrise / Marriott (6)	14	4,091		32,416		1.45x	91%	68%
Brookdale Senior Living, Inc.	18	894		8,114		2.22x	92%	100%
6 private companies (combined)	8	1,115		6,884		1.83x	82%	24%
Wellness centers	10	812,000	sq. ft.	17,069		2.27x	100%	NA
Multi-tenant MOBs	40	1,831,082	sq. ft.	48,748		NA	99%	NA
Total	273			$	291,736

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

(2) Properties are categorized by the type of living units/beds which constitute a majority of the total living units/beds at the property.

(3) All tenant operating data presented is based upon the operating results provided by our tenants for the indicated periods. Rent coverage is calculated as operating cash flow from our tenants’ facility operations, before subordinated charges, divided by minimum rents payable to us. We have not independently verified our tenants’ operating data.

(4) Represents the percentage of SNH’s rental income that is derived from senior living properties where the operating revenues are greater than 80% from sources other than Medicare and Medicaid.

(5) On August 4, 2009, we realigned our four leases with Five Star. The data presented reflects this realignment.

(6) Marriott International, Inc., or Marriott, guarantees this lease.

Senior Housing Properties Trust

Supplemental Operating and Financial Data

KEY FINANCIAL DATA

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

	As of and For the Three Months Ended
	6/30/2009		3/31/2009		12/31/2008		9/30/2008		6/30/2008

Shares Outstanding:
Common shares outstanding (at end of period)	120,464		120,398		114,543		114,531		114,489
Weighted average common shares outstanding (1)	120,455		117,853		114,533		114,493		100,302

Common Share Data:
Price at end of period	$	16.32	$	14.02	$	17.92	$	23.83	$	19.53
High during period	$	18.37	$	18.45	$	23.66	$	24.98	$	25.08
Low during period	$	13.34	$	10.68	$	9.82	$	18.82	$	19.21
Annualized dividends paid per share	$	1.44	$	1.40	$	1.40	$	1.40	$	1.40
Annualized dividend yield (at end of period)	8.8%		10.0%		7.8%		5.9%		7.2%

Market Capitalization:
Total debt (book value)	$	707,020	$	653,718	$	730,433	$	567,093	$	413,460
Plus: market value of common shares (at end of period)	1,965,972		1,687,980		2,052,611		2,729,226		2,235,970
Total market capitalization	$	2,672,992	$	2,341,698	$	2,783,044	$	3,296,319	$	2,649,430
Total debt / total market capitalization	26.5%		27.9%		26.2%		17.2%		15.6%

Book Capitalization:
Total debt	$	707,020	$	653,718	$	730,433	$	567,093	$	413,460
Plus: total shareholders’ equity	1,809,573		1,819,399.00		1,731,358		1,742,620		1,753,176
Total book capitalization	$	2,516,593	$	2,473,117	$	2,461,791	$	2,309,713	$	2,166,636
Total debt / total book capitalization	28.1%		26.4%		29.7%		24.6%		19.1%

Selected Balance Sheet Data:
Total assets	$	2,560,198	$	2,508,542	$	2,496,874	$	2,349,042	$	2,199,065
Total liabilities	$	750,625	$	689,143	$	765,516	$	606,422	$	445,889
Gross book value of real estate assets (2)	$	2,896,734	$	2,838,751	$	2,807,256	$	2,645,268	$	2,313,697
Total debt / gross book value of real estate assets (2)	24.4%		23.0%		26.0%		21.4%		17.9%

Selected Income Statement Data:
Total revenues (3)	$	69,585	$	68,585	$	72,921	$	59,673	$	53,390
EBITDA (4)	$	62,253	$	62,798	$	60,072	$	56,646	$	51,005
Income before gain on sale of properties	$	30,511	$	31,533	$	32,368	$	28,881	$	21,680
Net income	$	30,511	$	31,533	$	32,368	$	29,147	$	21,680
Funds from operations (FFO) (5)	$	52,828	$	52,134	$	48,853	$	47,040	$	41,195
Common distributions paid	$	42,162	$	42,139	$	40,090	$	40,085	$	40,071

Per Share Data:
Income before gain on sale of properties	$	0.25	$	0.27	$	0.28	$	0.25	$	0.22
Net income	$	0.25	$	0.27	$	0.28	$	0.25	$	0.22
FFO (5)	$	0.44	$	0.44	$	0.43	$	0.41	$	0.41
Common distributions declared	$	0.36	$	0.35	$	0.35	$	0.35	$	0.35
FFO payout ratio (5)	81.8%		79.5%		81.4%		85.4%		85.4%

Coverage Ratios:
EBITDA (3) / interest expense	5.8x		5.8x		5.4x		5.9x		5.2x

(1) SNH has no outstanding common share equivalents, such as units, convertible debt or stock options.

(2) Gross book value of real estate assets is real estate properties, at cost, after impairment write downs, if any.

(3) During the fourth quarter of 2008, we recognized $8.4 million of percentage rent for the year ended December 31, 2008.

(4) See page 13 for calculation of EBITDA.

(5) See page 14 for calculation of FFO.

Senior Housing Properties Trust

Supplemental Operating and Financial Data

June 30, 2009

CONDENSED CONSOLIDATED BALANCE SHEET

(amounts in thousands, except share data)

	As of June 30, 2009			As of December 31, 2008
				(audited)
ASSETS
Real estate properties, at cost:
Land	$	339,511		$	319,591
Buildings and improvements	2,557,223			2,487,665
	2,896,734			2,807,256
Less accumulated depreciation	416,697			381,339
	2,480,037			2,425,917

Cash and cash equivalents	5,373			5,990
Restricted cash	4,589			4,344
Deferred financing fees, net	6,340			5,068
Acquired real estate leases, net	31,834			30,546
Other assets	32,025			25,009
Total assets	$	2,560,198		$	2,496,874

LIABILITIES AND SHAREHOLDERS’ EQUITY
Unsecured revolving credit facility	$	235,000		$	257,000
Senior unsecured notes due 2012 and 2015, net of discount	322,089			322,017
Secured debt and capital leases	149,931			151,416
Accrued interest	10,866			11,121
Acquired real estate lease obligations, net	8,509			7,974
Other liabilities	24,230			15,988
Total liabilities	750,625			765,516

Commitments and contingencies

Shareholders’ equity:
Common shares of beneficial interest, $0.01 par value: 149,700,000 shares authorized; 120,464,198 and 114,542,584 shares issued and outstanding at June 30, 2009 and December 31, 2008, respectively	1,205			1,145
Additional paid-in capital	2,098,521			2,000,865
Cumulative net income	592,362			530,318
Cumulative distributions	(879,888		)	(797,639		)
Unrealized gain on investments	(2,627		)	(3,331		)
Total shareholders’ equity	1,809,573			1,731,358
Total liabilities and shareholders’ equity	$	2,560,198		$	2,496,874

Senior Housing Properties Trust

Supplemental Operating and Financial Data

June 30, 2009

CONDENSED CONSOLIDATED STATEMENT OF INCOME

(amounts in thousands, except per share data)

	For the Three Months Ended						For the Six Months Ended
	6/30/2009			6/30/2008			6/30/2009			6/30/2008

Revenues:
Rental income (1)	$	69,399		$	52,708		$	137,776		$	101,747
Interest and other income	186			682			394			1,196
Total revenues	69,585			53,390			138,170			102,943

Expenses:
Property operating expenses	3,219			100			6,174			100
Interest	10,707			9,810			21,483			19,328
Depreciation	18,635			14,327			37,024			27,376
Acquisition costs (2)	1,282			-			1,394			-
General and administrative	5,231			4,533			10,051			8,203
Impairment of assets (3)	-			2,940			-			2,940
Total expenses	39,074			31,710			76,126			57,947

Net income	$	30,511		$	21,680		$	62,044		$	44,996

Weighted average common shares outstanding	120,455			100,302			119,161			95,691

Earnings per share:
Net income	$	0.25		$	0.22		$	0.52		$	0.47


Additional Data:
General and administrative expenses / rental income	7.54%			8.60%			7.30%			8.06%
General and administrative expenses / total assets (at end of period)	0.20%			0.21%			0.39%			0.37%

Straight-line rent included in rental income (1)	$	896		$	(218	)	1,895			$	(195	)
Lease Value Amortization included in rental income (1)	$	(249	)	$	29		$	(408	)	$	84
Deferred percentage rent (4)	$	2,400		$	2,300		$	4,500		$	4,250
Amortization of deferred financing fees and debt discounts	$	540		$	523		$	1,079		$	1,047
Non-cash stock based compensation	$	70		$	379		$	292		$	558
Lease termination fees included in rental income	$	-		$	-		$	-		$	-
Capitalized interest expense	$	-		$	-		$	-		$	-

(1) We report rental income on a straight line basis over the terms of the respective leases. Rental income includes non-cash straight line rent adjustments. Rental income also includes non-cash amortization of intangible lease assets and liabilities.

(2) Acquisition costs are expensed under Statement of Financial Accounting Standards No. 141(R), “Business Combinations”, commencing January 1, 2009.

(3) During the three and six months ended June 30, 2008, we recognized an impairment of assets charge of $2.9 million related to one property.

(4) Our percentage rents are generally calculated on an annual basis. We recognize percentage rental income received during the first, second and third quarters in the fourth quarter when all contingencies related to percentage rents are satisfied. Although recognition of revenue is deferred until the fourth quarter, for purposes of providing additional data to investors, we provide estimated amounts of deferred percentage rents with respect to those periods; the fourth quarter calculations exclude the amounts recognized during the first three quarters.

Senior Housing Properties Trust

Supplemental Operating and Financial Data

June 30, 2009

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(amounts in thousands)

	For the Six Months Ended
	6/30/2009				6/30/2008

Cash flows from operating activities:
Net income		$	62,044			$	44,996
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation		37,024				27,376
Amortization		1,487				963
Impairment of assets		-				2,940
Equity in losses of Affiliates Insurance Company		109				-
Change in assets and liabilities:
Restricted cash		(245		)		87
Other assets		(1,461		)		1,166
Accrued interest		(255		)		(154		)
Other liabilities		9,217				5,984
Cash provided by operating activities		107,920				83,358

Cash flows used for investing activities:
Acquisitions		(95,257		)		(386,356		)
Investment in Affiliates Insurance Company		(5,074		)		-
Proceeds from sale of real estate		3,090				-
Cash used for investing activities		(97,241		)		(386,356		)

Cash flows from financing activities:
Proceeds from issuance of common shares, net		96,717				523,138
Proceeds from borrowings on revolving credit facility		119,000				210,000
Repayments of borrowings on revolving credit facility		(141,000		)		(210,000		)
Repayment of other debt		(1,485		)		(13,464		)
Deferred financing fees		(2,279		)		-
Distributions to shareholders		(82,249		)		(64,257		)
Cash (used for) provided by financing activities		(11,296		)		445,417

(Decrease) increase in cash and cash equivalents		(617		)		142,419
Cash and cash equivalents at beginning of period		5,990				43,521
Cash and cash equivalents at end of period		$	5,373			$	185,940

Supplemental cash flow information:
Interest paid		$	20,659			$	19,482

Non-cash financing activities:
Issuance of common shares pursuant to our incentive share award plan		1,002				974

Senior Housing Properties Trust

Supplemental Operating and Financial Data

June 30, 2009

CALCULATION OF EBITDA

(dollars in thousands)

		For the Three Months Ended				For the Six Months Ended
		6/30/2009		6/30/2008		6/30/2009		6/30/2008

Net income		$	30,511	$	21,680	$	62,044	$	44,996
Plus:	interest expense	10,707		9,810		21,483		19,328
	depreciation expense	18,635		14,327		37,024		27,376
	impairment of assets (1)	-		2,940		-		2,940
	deferred percentage rent adjustment (2)	2,400		2,300		4,500		4,250
EBITDA		$	62,253	$	51,057	$	125,051	$	98,890

(1)	During the three and six months ended June 30, 2008, we recognized an impairment of assets charge of $2.9 million related to one property.
(2)	Our percentage rents are generally calculated on an annual basis. We recognize percentage rental income received during the first, second and third quarters in the fourth quarter when all contingencies related to percentage rents are satisfied. Although recognition of revenue is deferred until the fourth quarter, our EBITDA calculation for the first three quarters include estimated amounts of deferred percentage rents with respect to those periods; the fourth quarter calculation of EBITDA excludes the amounts recognized during the first three quarters.

	We consider EBITDA to be an important measure of our performance along with net income and cash flow from operating, investing and financing activities. We believe that EBITDA provides useful information to investors because by excluding the effects of certain historical amounts, such as interest, depreciation and amortization expense, EBITDA can facilitate a comparison of performance during different periods and of operating performance among REITs. EBITDA does not represent cash generated by operating activities in accordance with U.S. generally accepted accounting principles, or GAAP,and should not be considered an alternative to net income or cash flow from operating activities as a measure of financial performance or liquidity. In particular, because EBITDA excludes depreciation and amortization, it does not measure the capital we require to maintain or preserve our fixed assets. In addition, because EBITDA does not include interest expense, it does not take into account the total amount of interest we pay on outstanding debt nor does it show trends in interest costs due to changes in borrowings or changes in interest rates. We define EBITDA as income before gain or loss on sale of properties or, if this amount is the same as net income, as net income, plus interest expense, taxes, depreciation and amortization, if any. We also add back impairment of assets and adjust for deferred percentage rent. Other companies may calculate EBITDA differently than we do.

Senior Housing Properties Trust

Supplemental Operating and Financial Data

June 30, 2009

CALCULATION OF FUNDS FROM OPERATIONS (FFO)

(amounts in thousands, except per share data)

		For the Three Months Ended						For the Six Months Ended
		6/30/2009			6/30/2008			6/30/2009			6/30/2008

Net income			$	30,511		$	21,680		$	62,044		$	44,996
Plus:	depreciation expense		18,635			14,327			37,024			27,376
	acquisition costs (1)		1,282			-			1,394			-
	impairment of assets (2)		-			2,940			-			2,940
	deferred percentage rent adjustment (3)		2,400			2,300			4,500			4,250
FFO			$	52,828		$	41,247		$	104,962		$	79,562

Weighted average shares outstanding			120,455			100,302			119,161			95,691

FFO per share			$	0.44		$	0.41		$	0.88		$	0.83

(1)	Acquisition costs are expensed under Statement of Financial Accounting Standards No. 141(R), “Business Combinations”, commencing January 1, 2009.
(2)	During the three and six months ended June 30, 2008, we recognized an impairment of assets charge of $2.9 million related to one property.
(3)	Our percentage rents are generally calculated on an annual basis. We recognize percentage rental income received during the first, second and third quarters in the fourth quarter when all contingencies related to percentage rents are satisfied. Although recognition of revenue is deferred until the fourth quarter, our FFO calculation for the first three quarters include estimated amounts of deferred percentage rents with respect to those periods; the fourth quarter calculation of FFO excludes the amounts recognized during the first three quarters.


	We compute FFO as shown above. FFO as defined by the National Association of Real Estate Investment Trusts, or NAREIT, represents net income (computed in accordance with GAAP), plus real estate depreciation and amortization (excluding amortization of deferred financing fees). Our calculation of FFO begins with income before gain or loss on sale of properties or, if this amount is the same as net income, as net income, and differs from NAREIT’s definition of FFO because we include deferred percentage rent, if any, impairment of assets, if any, and acquisition costs, if any, in FFO. We consider FFO to be an appropriate measure of performance for a REIT, along with net income and cash flow from operating, investing and financing activities. We believe that FFO provides useful information to investors because by excluding the effects of certain historical amounts, such as depreciation expense, acquisition costs and gain or loss on sale of properties, FFO can facilitate a comparison of operating performances during different periods and among REITs. FFO does not represent cash generated by operating activities in accordance with GAAP, and should not be considered an alternative to net income or cash flow from operating activities as a measure of financial performance or liquidity. Also, other REITs may not calculate FFO the same way as us.

Senior Housing Properties Trust

Supplemental Operating and Financial Data

June 30, 2009

DEBT SUMMARY

(dollars in thousands)

	Coupon	Interest	Principal		Maturity	Due at		Years to
	Rate	Rate (1)	Balance		Date	Maturity		Maturity

Secured Fixed Rate Debt:
Tax exempt bonds - secured by 1 property	5.875%	5.875%	$	14,700	12/1/2027	$	14,700	18.4
Mortgage - secured by 16 properties	6.330%	6.970%	33,435		6/2/2012	30,069		2.9
Mortgage - secured by 4 properties	6.420%	6.110%	11,593		11/30/2013	10,218		4.4
Mortgage - secured by 2 properties	6.310%	6.910%	14,896		12/1/2013	13,404		4.4
Mortgage - secured by 1 property (2)	6.500%	6.500%	4,421		1/11/2013	4,137		3.5
Mortgage - secured by 8 properties (3)	6.540%	6.540%	49,778		4/30/2017	43,787		7.8
Mortgage - secured by 1 property (2)	7.310%	7.310%	4,054		1/1/2022	41		12.5
Mortgage - secured by 1 property (2)	7.850%	7.850%	1,980		1/1/2022	21		12.5
Capital leases - 2 properties	7.700%	7.700%	15,074		4/30/2026	-		16.8
Weighted average rate / total secured fixed rate debt	6.549%	6.728%	$	149,931		$	116,377	8.1


Unsecured Debt:

Unsecured Floating Rate Debt:
Revolving credit facility (LIBOR + 80 b.p.) (4)	1.300%	1.300%	$	235,000	12/31/2010	$	235,000	1.5

Unsecured Fixed Rate Debt:
Senior notes due 2012	8.625%	8.625%	$	225,000	1/15/2012	$	225,000	2.5
Senior notes due 2015	7.875%	7.875%	97,500		4/15/2015	97,500		5.8
Weighted average rate / total unsecured fixed rate debt	8.398%	8.398%	$	322,500		$	322,500	3.5

Weighted average rate / total unsecured debt	5.406%	5.406%	$	557,500		$	557,500	2.7


Summary Debt:
Weighted average rate / total secured fixed rate debt	6.549%	6.728%	$	149,931		$	116,377	8.1
Weighted average rate / total unsecured floating rate debt	1.300%	1.300%	235,000			235,000		1.5
Weighted average rate / total unsecured fixed rate debt	8.398%	8.398%	322,500			322,500		3.5
Weighted average rate / total debt	5.648%	5.686%	$	707,431		$	673,877	3.8

(1)	Includes the effect of interest rate protection, 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)	These three mortgages are secured by two properties that were acquired in 2008.
(3)	Includes eight first mortgages at an interest rate of 6.555% and seven second mortgages at an interest rate of 6.5%. The weighted average interest rate on these mortgages is 6.54%.
(4)	Represents amounts outstanding on SNH’s $550,000 revolving credit facility at June 30, 2009. Subject to certain conditions, at SNH’s option, this facility’s maturity date can be extended to December 31, 2011 upon payment of a fee.

Senior Housing Properties Trust

Supplemental Operating and Financial Data

June 30, 2009

DEBT MATURITY SCHEDULE

(dollars in thousands)

	Scheduled Principal Payments During Period
	Secured
	Fixed Rate		Unsecured			Unsecured
	Debt and		Floating			Fixed
Year	Capital Leases		Rate Debt			Rate Debt		Total
2009	$	1,364	$	-		$	-	$	1,364
2010	3,044		235,000		(1)	-		238,044
2011	3,252		-			-		3,252
2012	32,930		-			225,000		257,930
2013	30,090		-			-		30,090
2014	1,789		-			-		1,789
2015	1,948		-			97,500		99,448
2016	2,118		-			-		2,118
2017 and thereafter	73,396		-			-		73,396
	$	149,931	$	235,000		$	322,500	$	707,431

(1) Represents amounts outstanding on SNH’s $550,000 revolving credit facility at June 30, 2009. Subject to certain conditions, at SNH’s option, this facility’s maturity date can be extended to December 31, 2011 upon payment of a fee.

Senior Housing Properties Trust

Supplemental Operating and Financial Data

June 30, 2009

LEVERAGE RATIOS, COVERAGE RATIOS AND PUBLIC DEBT COVENANTS

	As of and For the Three Months Ended
	6/30/2009	3/31/2009	12/31/2008	9/30/2008	6/30/2008
Leverage Ratios:

Total debt / total assets	27.6%	26.1%	29.3%	24.1%	18.8%
Total debt / gross book value of real estate assets (1)	24.4%	23.0%	26.0%	21.4%	17.9%
Total debt / total market capitalization	26.5%	27.9%	25.3%	17.2%	15.6%
Total debt / total book capitalization	28.1%	26.4%	29.7%	24.6%	19.1%
Secured debt / total assets	5.9%	6.0%	6.1%	6.5%	4.2%
Variable rate debt / total debt	33.2%	27.7%	35.2%	16.4%	0.0%

Coverage Ratios:

EBITDA (2) / interest expense	5.8x	5.8x	5.4x	5.9x	5.2x

Public Debt Covenants (3):

Total debt / adjusted total assets - allowable maximum 60.0%	23.9%	22.4%	25.2%	20.8%	16.1%
Secured debt / adjusted total assets - allowable maximum 40.0%	5.1%	5.2%	5.2%	5.6%	3.6%
Consolidated income available for debt service / debt service - required minimum 2.00x	6.12x	6.14x	5.63x	6.20x	5.49x
Total unencumbered assets to unsecured debt - required minimum 1.50x	4.89x	5.27x	4.52x	5.91x	7.38x

(1)	Gross book value of real estate assets is real estate properties, at cost, less impairment write downs, if any.
(2)	See page 13 for the calculation of EBITDA.
(3)	Adjusted total assets and unencumbered assets include original cost of real estate assets less impairment write downs and exclude depreciation and amortization, accounts receivable and intangible assets. Consolidated income available for debt service is earnings from operations excluding interest expense, depreciation and amortization, taxes, gains and losses on sales of property and amortization of deferred charges.

Senior Housing Properties Trust

Supplemental Operating and Financial Data

June 30, 2009

	2009 INVESTMENTS/DISPOSITIONS INFORMATION
	(dollars and sq. ft. in thousands, except per sq. ft. amounts)

Senior Living Acquisitions: (1)
														Purchase		Initial
Date					Number of					Purchase				Price		Lease
Acquired	Tenant		Type of Property		Properties		Units			Price (2)				Per Unit		Rate

	There were no senior living acquisitions during the three months ended March 31 and June 30, 2009.


MOB Acquisitions:

																	Weighted
														Purchase			Average
Date					Number of					Purchase				Price		Cap	Remaining	Percent
Acquired	Location	Type of Property			Properties		Sq. Ft.			Price (2)				per Sq. Ft.		Rate (3)	Lease Term (4)	Leased (5)	Major Tenant

1/26/2009	White Plains, NY	Clinic			1		50			$		19,250		385		7.7%	3.7	100.0%	Health Insurance Plan of New York

	Total for Q1 2009				1		50			$		19,250		$	385	7.7%	3.7	100.0%

5/20/2009	Washington, DC	Medical Office			1		128			$		40,115		$	313	7.9%	5.0	89.5%	Center for Ambulatory Surgery
5/20/2009	Norfolk, VA	Medical Office			1		64			$		10,656		$	164	7.5%	4.2	87.0%	Gastrointestinal & Liver Specialists

	Total for Q2 2009				2		192			$		50,771		$	263	7.7%	4.6	88.3%

	Total YTD MOB Acquisitions				3		243			$		70,021		$	288	7.7%	4.3	92.2%

Dispositions:

Date					Number of									Book Gain/Loss
Sold	Location		Type of Property		Properties		Sale Price			NBV				on Sale

	There were no dispositions during the three months ended March 31, 2009.


5/15/2009	Worcester, MA	Clinic		1		$		3,090	$		3,090		$		—

(1)		During the three and six months ended June 30, 2009, pursuant to the terms of our leases with Five Star, we purchased from Five Star, at cost, $11.5 million and $24.2 million, respectively, of improvements made to our properties leased by Five Star, and, as a result, Five Star’s annual rent payable to us increased approximately $922,000 and $1.9 million, respectively.
(2)		Purchase price excludes closing costs and intangible assets and liabilities.
(3)		Represents the ratio of the estimated current GAAP based annual rental income less property operating expenses, if any, to the purchase price on the date of acquisition.
(4)		Weighted average remaining lease term based on rental income.
(5)		Percent leased as of acquisition date.

Senior Housing Properties Trust

Supplemental Operating and Financial Data

June 30, 2009

PORTFOLIO SUMMARY BY PROPERTY TYPE AND TENANT
(dollars in thousands)
												Annualized
			Number of					Investment				Rental Income per
		Number of	Units/Beds or		Carrying Value of			per Unit/Bed or	Annualized			Living Unit, Bed or
		Properties	Square Feet		Investment (1)		Percent	Square Foot	Current Rent		Percent	Square Foot (2)
	Property Type:
	Independent living (3)	43	11,524		$	1,108,572	38.3%	$96.2	$	109,631	37.6%	$9,513
	Assisted living (3)	120	8,472		909,430		31.4%	$107.3	84,353		28.9%	$9,957
	Nursing homes (3)	58	5,844		230,192		7.9%	$39.4	20,355		6.9%	$3,483
	Rehabilitation hospitals (4)	2	364		60,175		2.1%	$165.3	11,580		4.0%	NA
	Wellness centers (5)	10	812,000	sq. ft.	180,017		6.2%	$221.7	17,069		5.9%	NA
	Medical office buildings (MOBs) (6)	40	1,831,082	sq. ft.	408,348		14.1%	$222.8	48,748		16.7%	$27
	Total	273			$	2,896,734	100.0%		$	291,736	100.0%

	Tenant:
	Five Star (Lease No. 1) (7)	80	5,919		$	534,517	18.5%	$90.3	$	45,195	15.4%	$7,636
	Five Star (Lease No. 2) (4) (7)	50	6,106		501,699		17.3%	$82.2	51,072		17.5%	$6,878
	Five Star (Lease No. 3) (7)	28	5,618		607,337		21.0%	$108.1	61,181		21.0%	$10,890
	Five Star (Lease No. 4) (7)	25	2,461		229,435		7.9%	$93.2	21,057		7.2%	$8,556
	Sunrise / Marriott (8)	14	4,091		325,165		11.2%	$79.5	32,416		11.1%	$7,924
	Brookdale Senior Living, Inc.	18	894		61,122		2.1%	$68.4	8,114		2.8%	$9,076
	6 private companies (combined)	8	1,115		49,094		1.7%	$44.0	6,884		2.4%	$6,174
	Wellness centers (5)	10	812,000	sq. ft.	180,017		6.2%	$221.7	17,069		5.9%	NA
	Multi-tenant MOBs (6)	40	1,831,082	sq. ft.	408,348		14.1%	$222.8	48,748		16.7%	$27
	Total	273			$	2,896,734	100.0%		$	291,736	100.0%

(1)	Amounts are before depreciation, but after impairment write downs, if any.
(2)	Represents annualized rent divided by the number of living units, beds or square feet leased at June 30, 2009.
(3)	Properties are categorized by the type of living units/beds which constitute a majority of the total living units/beds at the property.
(4)	Annualized rental income per living unit, bed or square foot excludes the two rehabilitation hospitals as these properties have extensive clinic space for services to both overnight patients and patients who receive treatment and do not stay overnight, and these properties are not comparable to residential senior living properties.
(5)	Annualized rental income per living unit, bed or square foot excludes the wellness centers as these properties have extensive indoor and outdoor recreation space not comparable to properties where rent is based on interior space only.
(6)	Our MOB leases include both 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 net and modified leases where we are responsible to operate and maintain 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.
(7)	On August 4, 2009, we realigned our four leases with Five Star. The data presented reflects this realignment.
(8)	Marriott guarantees this lease.

Senior Housing Properties Trust

Supplemental Operating and Financial Data

June 30, 2009

OCCUPANCY BY PROPERTY TYPE AND TENANT

		For the Three Months Ended
		3/31/2009	12/31/2008	9/30/2008	6/30/2008	3/31/2008
	Property Type:
	Independent living	89%	89%	90%	89%	91%
	Assisted living	88%	89%	90%	90%	87%
	Nursing homes	84%	85%	86%	85%	87%
	Rehabilitation hospitals	62%	62%	66%	61%	66%
	Wellness centers	100%	100%	100%	100%	100%
	MOBs	99%	99%	99%	99%	NA

	Tenant:
	Five Star (Lease No. 1) (1)	87%	87%	89%	88%	85%
	Five Star (Lease No. 2) (1)	83%	84%	84%	84%	85%
	Five Star (Lease No. 3) (1)	90%	91%	92%	91%	92%
	Five Star (Lease No. 4) (1)	86%	87%	90%	90%	86%
	Sunrise / Marriott	91%	91%	91%	90%	91%
	Brookdale Senior Living, Inc.	92%	95%	93%	91%	91%
	6 private senior living companies (combined)	82%	83%	82%	83%	87%
	Wellness centers	100%	100%	100%	100%	100%
	Multi-tenant MOBs	99%	99%	99%	99%	NA

(1)	On August 4, 2009, we realigned our four leases with Five Star. The data presented reflects this realignment.



	All tenant operating data presented are based upon the operating results provided by our tenants for the indicated quarterly 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 our tenants’ 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, 2009

% PRIVATE PAY BY SENIOR LIVING PROPERTY TYPE AND TENANT (1)

		For the Three Months Ended
		3/31/2009	12/31/2008	9/30/2008	6/30/2008	3/31/2008
	Property Type:
	Independent living	78%	81%	82%	83%	82%
	Assisted living	92%	93%	94%	94%	94%
	Nursing homes	27%	27%	28%	28%	28%
	Rehabilitation hospitals	33%	34%	36%	34%	30%

	Tenant:
	Five Star (Lease No. 1) (2)	60%	61%	61%	60%	51%
	Five Star (Lease No. 2) (2)	52%	53%	53%	51%	50%
	Five Star (Lease No. 3) (2)	86%	87%	88%	88%	88%
	Five Star (Lease No. 4) (2)	67%	68%	68%	69%	69%
	Sunrise / Marriott	68%	77%	80%	81%	79%
	Brookdale Senior Living, Inc.	100%	99%	99%	99%	99%
	6 private senior living companies (combined)	24%	23%	25%	26%	29%

(1)	Private pay is revenues excluding Medicare and Medicaid revenues.
(2)	On August 4, 2009, we realigned our four leases with Five Star. The data presented reflects this realignment.



	All tenant operating data presented are based upon the operating results provided by our tenants for the indicated quarterly 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 our tenants’ 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, 2009

RENT COVERAGE BY TENANT (EXCLUDING MOBs)
	For the Three Months Ended
Tenant	3/31/2009	12/31/2008	9/30/2008	6/30/2008	3/31/2008
Five Star (Lease No. 1) (1)	1.23x	1.15x	1.25x	1.23x	1.22x
Five Star (Lease No. 2) (1)	1.20x	1.11x	1.21x	1.38x	1.41x
Five Star (Lease No. 3) (1)	1.63x	1.59x	1.56x	1.56x	1.63x
Five Star (Lease No. 4) (1)	1.12x	1.15x	1.20x	1.38x	1.45x
Sunrise / Marriott	1.45x	1.31x	1.52x	1.43x	1.61x
Brookdale Senior Living, Inc.	2.22x	2.01x	2.01x	2.19x	2.23x
6 private senior living companies (combined)	1.83x	1.98x	1.69x	1.92x	2.24x
Wellness centers	2.27x	2.30x	2.49x	2.37x	2.19x

(1)	On August 4, 2009, we realigned our four leases with Five Star. The data presented reflects this realignment.



	All tenant operating data presented are based upon the operating results provided by our tenants for the indicated quarterly 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 our tenants’ operating data. Excludes data for periods prior to our ownership of certain properties. Rent coverage is calculated as operating cash flow from our tenants’ facility operations, before subordinated charges and capital expenditure reserves, if any, divided by rent payable to us.

Senior Housing Properties Trust

Supplemental Operating and Financial Data

June 30, 2009

PORTFOLIO LEASE EXPIRATION SCHEDULE

(dollars in thousands)

	Annualized Rent

Year	Short and Long Term Residential Care Facilities		MOBs		Wellness Centers		Total		Percent of Total Annualized Current Rent Expiring	Cumulative Percentage of Annualized Current Rent Expiring


2009	$	-	$	1,608	$	-	$	1,608	0.6%	0.6%
2010	1,333		2,558		-		3,891		1.3%	1.9%
2011	-		1,989		-		1,989		0.7%	2.6%
2012	-		5,737		-		5,737		2.0%	4.6%
2013	32,416		3,596		-		36,012		12.3%	16.9%
2014	-		5,744		-		5,744		2.0%	18.9%
2015	2,072		5,320		-		7,392		2.5%	21.4%
2016	2,875		3,847		-		6,722		2.3%	23.7%
2017	29,171		1,299		-		30,470		10.4%	34.1%
2018	-		1,793		-		1,793		0.6%	34.7%
2019 and after	158,052		15,257		17,069		190,378		65.3%	100.0%
Total	$	225,919	$	48,748	$	17,069	$	291,736	100.0%

Average remaining lease term for all properties (weighted by rent)							13.1 years

	Number of Tenants
Year	Short and Long Term Residential Care Facilities	MOBs	Wellness Centers	Total	Percent of Total Number of Tenants Expiring	Cumulative Percentage of Number of Tenants Expiring


2009	-	19	-	19	8.8%	8.8%
2010	1	27	-	28	12.9%	21.7%
2011	-	22	-	22	10.1%	31.8%
2012	-	36	-	36	16.6%	48.4%
2013	1	20	-	21	9.7%	58.1%
2014	-	19	-	19	8.8%	66.9%
2015	2	18	-	20	9.2%	76.1%
2016	2	15	-	17	7.8%	83.9%
2017	2	12	-	14	6.5%	90.4%
2018	-	5	-	5	2.3%	92.7%
2019 and after	4	10	2	16	7.3%	100.0%
Total	12	203	2	217	100.0%

Number of Living Units or Beds or Square Feet with Leases Expiring

Year	Short and Long Term Residential Care Facilities (Units/Beds)	Percent of Total Living Units or Beds	MOBs (Square Feet)	Wellness Centers (Square Feet)	Total Square Feet	Percent of Total Square Feet


2009	-	0.0%	45,328	-	45,328	1.7%
2010	140	0.5%	81,416	-	81,416	3.1%
2011	-	0.0%	61,618	-	61,618	2.4%
2012	-	0.0%	289,628	-	289,628	11.1%
2013	4,091	15.6%	141,719	-	141,719	5.4%
2014	-	0.0%	148,963	-	148,963	5.7%
2015	283	1.1%	232,520	-	232,520	8.9%
2016	517	2.0%	114,227	-	114,227	4.4%
2017	3,355	12.8%	32,895	-	32,895	1.3%
2018	-	0.0%	48,174	-	48,174	1.8%
2019 and after	17,818	68.0%	607,205	812,000	1,419,205	54.2%
Total	26,204	100.0%	1,803,693	812,000	2,615,693	100.0%

		Page


CORPORATE INFORMATION

Company Profile		5
Investor Information		6
Research Coverage		7

FINANCIAL INFORMATION

Key Financial Data		9
Condensed Consolidated Balance Sheet		10
Condensed Consolidated Statement of Income		11
Condensed Consolidated Statement of Cash Flows		12
Calculation of EBITDA		13
Calculation of Funds from Operations (FFO)		14
Debt Summary		15
Debt Maturity Schedule		16
Leverage Ratios, Coverage Ratios and Public Debt Covenants		17
2009 Investments/Dispositions Information		18

PORTFOLIO INFORMATION

Portfolio Summary by Property Type and Tenant		20
Occupancy by Property Type and Tenant		21
% of Private Pay by Senior Living Property Type and Tenant		22
Rent Coverage by Tenant (excluding MOBs)		23
Portfolio Lease Expiration Schedule		24

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

John L. Harrington		Jeffrey P. Somers
Independent Trustee		Independent Trustee


Frederick N. Zeytoonjian
Independent Trustee


Senior Management

David J. Hegarty		Richard A. Doyle
President & Chief Operating Officer		Treasurer & Chief Financial Officer


Contact Information

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

RESEARCH COVERAGE

Equity Research Coverage

Oppenheimer	*Stifel, Nicolaus*
Mark Biffert	Jerry Doctrow
(212) 667-7062	(443) 224-1309

*Raymond James*	*UBS*
Paul Puryear	Dustin Pizzo
(727) 567-2253	(212) 713-4847

*RBC*	*Wells Fargo Securities*
Kevin Ellich	Brendan Maiorana
(612) 313-1247	(443) 263-6516

*R.W. Baird*
David AuBuchon
(314) 863-4235


Debt Research Coverage

*UBS*
Steven Valiquette
(203) 719-2347


Rating Agencies

*Moody’s Investors Service*	*Standard and Poor’s*
Lori Marks	James Fielding
(212) 553-1098	(212) 438-2452