Senior Housing Properties Trust

Supplemental Operating and Financial Data

September 30, 2009

COMPANY PROFILE

The Company:	Strategy:
Senior Housing Properties Trust, or SNH, we, or us, 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 September 30, 2009, RMR manages 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 580 employees in its headquarters and regional offices located throughout the United States. In addition to managing SNH, RMR manages HRPT Properties Trust, a publicly traded REIT that primarily owns office buildings and industrial properties, Hospitality Properties Trust, or HPT, a publicly traded REIT that owns hotels and travel centers, and Government Properties Income Trust, a publicly traded REIT that owns buildings with government tenants. RMR also provides management services to Five Star Quality Care, Inc., or Five Star, a healthcare services company which is our largest tenant, and to TravelCenters of America LLC, a tenant of HPT. An affiliate of RMR, RMR Advisors, Inc., is the investment manager of mutual 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 nearly $17 billion as of September 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.	Our present business plan is to maintain our investment portfolio of independent and assisted living properties, continuing care retirement communities, nursing homes, hospitals 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 and to acquire medical office, clinic and biotech laboratories buildings. We also 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 9/30/09) ($ 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		$	1,119,530	35.1%	$	109,878	34.2%
Assisted living (2)	120	8,472		910,129		28.4%	84,822		26.4%
Nursing homes (2)	58	5,844		228,536		7.1%	20,413		6.4%
Rehabilitation hospitals	2	364		61,025		1.9%	9,648		3.0%
Wellness centers	10	812,000	sq. ft.	180,017		5.6%	17,069		5.3%
Medical office buildings (MOBs)	56	2,867,862	sq. ft.	702,307		21.9%	79,124		24.7%
Total	289			$	3,201,544	100.0%	$	320,954	100.0%

Operating Statistics by Tenant ($ in 000):

						Q2 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		$	45,273	1.37x	87%	60%
Five Star (Lease No. 2) (5)	50	6,106		49,294		1.37x	82%	52%
Five Star (Lease No. 3) (5)	28	5,618		61,564		1.52x	89%	87%
Five Star (Lease No. 4) (5)	25	2,461		21,144		1.06x	85%	67%
Sunrise / Marriott (6)	14	4,091		32,416		1.44x	89%	69%
Brookdale Senior Living, Inc.	18	894		8,173		2.14x	90%	100%
6 private companies (combined)	8	1,115		6,897		1.96x	81%	24%
Wellness centers	10	812,000	sq. ft.	17,069		2.36x	100%	NA
Multi-tenant MOBs	56	2,867,862	sq. ft.	79,124		NA	98%	NA
Total	289			$	320,954

(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
	9/30/2009		6/30/2009		3/31/2009		12/31/2008		9/30/2008

Shares Outstanding:
Common shares outstanding (at end of period)	127,378		120,464		120,398		114,543		114,531
Weighted average common shares outstanding (1)	121,665		120,455		117,853		114,533		114,493

Common Share Data:
Price at end of period	$	19.11	$	16.32	$	14.02	$	17.92	$	23.83
High during period	$	22.13	$	18.37	$	18.45	$	23.66	$	24.98
Low during period	$	15.01	$	13.34	$	10.68	$	9.82	$	18.82
Annualized dividends paid per share	$	1.44	$	1.44	$	1.40	$	1.40	$	1.40
Annualized dividend yield (at end of period)	7.5%		8.8%		10.0%		7.8%		5.9%

Market Capitalization:
Total debt (book value)	$	984,240	$	707,020	$	653,718	$	730,433	$	567,093
Plus: market value of common shares (at end of period)	2,434,194		1,965,972		1,687,980		2,052,611		2,729,226
Total market capitalization	$	3,418,434	$	2,672,992	$	2,341,698	$	2,783,044	$	3,296,319
Total debt / total market capitalization	28.8%		26.5%		27.9%		26.2%		17.2%

Book Capitalization:
Total debt	$	984,240	$	707,020	$	653,718	$	730,433	$	567,093
Plus: total shareholders’ equity	1,916,065		1,809,573		1,819,399		1,731,358		1,742,620
Total book capitalization	$	2,900,305	$	2,516,593	$	2,473,117	$	2,461,791	$	2,309,713
Total debt / total book capitalization	33.9%		28.1%		26.4%		29.7%		24.6%

Selected Balance Sheet Data:
Total assets	$	2,955,036	$	2,560,198	$	2,508,542	$	2,496,874	$	2,349,042
Total liabilities	$	1,038,971	$	750,625	$	689,143	$	765,516	$	606,422
Gross book value of real estate assets (2)	$	3,201,544	$	2,896,734	$	2,838,751	$	2,807,256	$	2,645,268
Total debt / gross book value of real estate assets (2)	30.7%		24.4%		23.0%		26.0%		21.4%

Selected Income Statement Data:
Total revenues (3)	$	72,365	$	69,585	$	68,585	$	72,921	$	59,673
EBITDA (4)	$	64,852	$	62,253	$	62,798	$	60,072	$	56,646
Income before gain on sale of properties	$	15,565	$	30,511	$	31,533	$	32,368	$	28,881
Net income	$	15,565	$	30,511	$	31,533	$	32,368	$	29,147
Funds from operations (FFO) (5)	$	49,420	$	52,828	$	52,134	$	48,853	$	47,040
Common distributions paid	$	44,582	$	42,162	$	42,139	$	40,090	$	40,085

Per Share Data:
Income before gain on sale of properties	$	0.13	$	0.25	$	0.27	$	0.28	$	0.25
Net income	$	0.13	$	0.25	$	0.27	$	0.28	$	0.25
FFO (5)	$	0.41	$	0.44	$	0.44	$	0.43	$	0.41
Common distributions declared	$	0.36	$	0.36	$	0.35	$	0.35	$	0.35
FFO payout ratio (5)	87.8%		81.8%		79.5%		81.4%		85.4%

Coverage Ratios:
EBITDA (3) / interest expense	4.1x		5.8x		5.8x		5.4x		5.9x

(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

September 30, 2009

CONDENSED CONSOLIDATED BALANCE SHEET

(amounts in thousands, except share data)

(unaudited)

	As of September 30, 2009		As of December 31, 2008
ASSETS
Real estate properties:
Land	$	357,508	$	319,591
Buildings and improvements	2,844,036		2,487,665
	3,201,544		2,807,256
Less accumulated depreciation	435,310		381,339
	2,766,234		2,425,917

Cash and cash equivalents	72,487		5,990
Restricted cash	4,728		4,344
Deferred financing fees, net	14,703		5,068
Acquired real estate leases, net	44,554		30,546
Other assets	52,330		25,009
Total assets	$	2,955,036	$	2,496,874

LIABILITIES AND SHAREHOLDERS’ EQUITY
Unsecured revolving credit facility	$	—	$	257,000
Senior unsecured notes due 2012 and 2015, net of discount	322,124		322,017
Secured debt and capital leases	662,116		151,416
Accrued interest	10,894		11,121
Acquired real estate lease obligations, net	10,071		7,974
Other liabilities	33,766		15,988
Total liabilities	1,038,971		765,516

Commitments and contingencies

Shareholders’ equity:
Common shares of beneficial interest, $0.01 par value:
149,700,000 shares authorized, 127,377,665 and 114,542,584 shares issued and outstanding at September 30, 2009 and December 31, 2008, respectively	1,274		1,145
Additional paid in capital	2,226,473		2,000,865
Cumulative net income	607,927		530,318
Cumulative distributions	(923,255)		(797,639)
Unrealized gain on investments	3,646		(3,331)
Total shareholders’ equity	1,916,065		1,731,358
Total liabilities and shareholders’ equity	$	2,955,036	$		2,496,874

Senior Housing Properties Trust

Supplemental Operating and Financial Data

September 30, 2009

CONDENSED CONSOLIDATED STATEMENT OF INCOME

(amounts in thousands, except per share data)

	For the Three Months Ended				For the Nine Months Ended
	9/30/2009		9/30/2008		9/30/2009			9/30/2008
Revenues:
Rental income (1)	$	72,010	$	58,844	$	209,785		$	160,591
Interest and other income	355		829		750			2,025
Total revenues	72,365		59,673		210,535			162,616

Expenses:
Property operating expenses	4,112		1,024		10,286			1,124
Interest	15,949		9,606		37,432			28,934
Depreciation	19,689		15,859		56,713			43,235
Acquisition costs (2)	517		—		1,911			—
General and administrative	5,284		4,303		15,335			12,506
Impairment of assets (3)	11,249		—		11,249			2,940
Total expenses	56,800		30,792		132,926			88,739

Income before gain on sale of properties	15,565		28,881		77,609			73,877
Gain on sale of properties (4)	—		266		—			266
Net income	$	15,565	$	29,147	$		77,609	$		74,143

Weighted average common shares outstanding	121,665		114,493		120,005			102,004

Earnings per share:
Income before gain on sale of properties	$	0.13	$	0.25	$		0.65	$		0.72
Net income	$	0.13	$	0.25	$		0.65	$		0.73

Additional Data:
General and administrative expenses / rental income	7.34%		7.31%		7.31%			7.79%
General and administrative expenses / total assets (at end of period)	0.18%		0.18%		0.52%			0.53%

Straight-line rent included in rental income (1)	$	1,020	$	82	$		2,915	$		(112)
Lease Value Amortization included in rental income (1)	$	(305)	$	(53)	$		(713)	$		31
Deferred percentage rent (5)	$	2,400	$	2,300	$		6,900	$		6,550
Amortization of deferred financing fees and debt discounts	$	729	$	523	$		1,809	$		1,570
Non-cash stock based compensation	$	502	$	230	$		794	$		788
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)	Commencing January 1, 2009, acquisition costs are expensed under the Business Combinations Topic of The FASB Accounting Standards Codification, or the Codification.
(3)	During the three and nine months ended September 30, 2009, we recognized an impairment of assets charge of $11.2 million related to eight properties. During the nine months ended September 30, 2008, we recognized an impairment of assets charge of $2.9 million related to one property.
(4)	On July 1, 2008, we sold three assisted living facilities for net proceeds of $21.4 million. The carrying value of these properties at the time of sale was $21.1 million, resulting in a gain on sale of $266,000.
(5)	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

September 30, 2009

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(amounts in thousands)

	For the Nine Months Ended
	9/30/2009		9/30/2008
Cash flows from operating activities:
Net income	$	77,609	$	74,143
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	56,713		43,235
Amortization	2,521		953
Impairment of assets	11,249		2,940
Gain on sale of properties	—		(266)
Equity in losses of Affiliates Insurance Company	133		—
Change in assets and liabilities:
Restricted cash	(384)		(801)
Other assets	(6,580)		1,181
Accrued interest	(227)		(2,751)
Other liabilities	19,505		15,091
Cash provided by operating activities	160,539		133,725

Cash flows used for investing activities:
Acquisitions	(423,866)		(688,821)
Investment in Five Star Quality Care, Inc.	(8,960)		—
Investment in Affiliates Insurance Company	(5,110)		—
Proceeds from sale of real estate	3,171		21,336
Cash used for investing activities	(434,765)		(667,485)

Cash flows from financing activities:
Proceeds from issuance of common shares, net	223,974		522,907
Proceeds from borrowings on revolving credit facility	134,000		314,000
Repayments of borrowings on revolving credit facility	(391,000)		(221,000)
Proceeds from issuance of mortgage debt	512,934		—
Repayment of other debt	(2,234)		(14,149)
Deferred financing fees	(11,335)		—
Distributions to shareholders	(125,616)		(104,328)
Cash provided by financing activities	340,723		497,430

Increase (decrease) in cash and cash equivalents	66,497		(36,330)
Cash and cash equivalents at beginning of period	5,990		43,521
Cash and cash equivalents at end of period	$	72,487	$	7,191

Supplemental cash flow information:
Interest paid	$	35,850	$	30,737
Non-cash investing activities:
Acquisitions funded by assumed debt	—		(61,282)

Non-cash financing activities:
Assumption of mortgage notes payable	—		61,282
Issuance of common shares pursuant to our incentive share award plan	1,763		1,487

Senior Housing Properties Trust

Supplemental Operating and Financial Data

September 30, 2009

CALCULATION OF EBITDA

(dollars in thousands)

	For the Three Months Ended				For the Nine Months Ended
	9/30/2009		9/30/2008		9/30/2009		9/30/2008

Income before gain on sale of properties	$	15,565	$	28,881	$	77,609	$	73,877
Plus: interest expense	15,949		9,606		37,432		28,934
depreciation expense	19,689		15,859		56,713		43,235
impairment of assets (1)	11,249		—		11,249		2,940
deferred percentage rent adjustment (2)	2,400		2,300		6,900		6,550
EBITDA	$	64,852	$	56,646	$	189,903	$	155,536

(1)	During the three and nine months ended September 30, 2009, we recognized an impairment of assets charge of $11.2 million related to eight properties. During the nine months ended September 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 estimated amounts of deferred percentage rent. Other companies may calculate EBITDA differently than we do.

Senior Housing Properties Trust

Supplemental Operating and Financial Data

September 30, 2009

CALCULATION OF FUNDS FROM OPERATIONS (FFO)

(amounts in thousands, except per share data)

		For the Three Months Ended				For the Nine Months Ended
		9/30/2009		9/30/2008		9/30/2009		9/30/2008

Income before gain on sale of properties		$	15,565	$	28,881	$	77,609	$	73,877
Plus:	depreciation expense	19,689		15,859		56,713		43,235
	acquisition costs (1)	517		—		1,911		—
	impairment of assets (2)	11,249		—		11,249		2,940
	deferred percentage rent adjustment (3)	2,400		2,300		6,900		6,550
FFO		$	49,420	$	47,040	$	154,382	$	126,602

Weighted average shares outstanding		121,665		114,493		120,005		102,004

FFO per share		$	0.41	$	0.41	$	1.29	$	1.24

(1) Commencing January 1, 2009, acquisition costs are expensed under the Business Combinations Topic of the Codification.

(2) During the three and nine months ended September 30, 2009, we recognized an impairment of assets charge of $11.2 million related to eight properties. During the nine months ended September 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, with net income, and differs from NAREIT’s definition of FFO because we include deferred percentage rent, if any, exclude impairment of assets, if any, and exclude 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 we do.

Senior Housing Properties Trust

Supplemental Operating and Financial Data

September 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	18.2
Mortgage - secured by 16 properties	6.330%	6.970%	33,181		6/2/2012	30,069		2.7
Mortgage - secured by 4 properties	6.420%	6.110%	11,527		11/30/2013	10,218		4.2
Mortgage - secured by 2 properties	6.310%	6.910%	14,830		12/1/2013	13,404		4.2
Mortgage - secured by 1 property (2)	6.500%	6.500%	4,403		1/11/2013	4,137		3.3
Mortgage - secured by 8 properties (3)	6.540%	6.540%	49,584		4/30/2017	43,787		7.6
Mortgage - secured by 28 properties (4)	6.710%	6.710%	307,760		9/1/2019	261,745		9.9
Mortgage - secured by 1 property (2)	7.310%	7.310%	4,005		1/1/2022	41		12.3
Mortgage - secured by 1 property (2)	7.850%	7.850%	1,957		1/1/2022	21		12.3
Capital leases - 2 properties	7.700%	7.700%	14,995		4/30/2026	—		16.6
Weighted average rate / total secured fixed rate debt	6.657%	6.716%	$	456,942		$	378,122	9.3

Secured Floating Rate Debt:
Mortgage - secured by 28 properties (4)	6.415%	6.415%	$	205,174	9/1/2019	$	173,209	9.9

Unsecured Debt:

Unsecured Floating Rate Debt:
Revolving credit facility (LIBOR + 80 b.p.) (5)	1.120%	1.120%	$	—	12/31/2010	$	—	1.3

Unsecured Fixed Rate Debt:
Senior notes due 2012	8.625%	8.625%	$	225,000	1/15/2012	$	225,000	2.3
Senior notes due 2015	7.875%	7.875%	97,500		4/15/2015	97,500		5.5
Weighted average rate / total unsecured fixed rate debt	8.398%	8.398%	$	322,500		$	322,500	3.3

Weighted average rate / total unsecured debt	8.398%	8.398%	$	322,500		$	322,500	3.3


Summary Debt:
Weighted average rate / total secured fixed rate debt	6.657%	6.716%	$	456,942		$	378,122	9.3
Weighted average rate / total secured variable rate debt	6.415%	6.415%	205,174			173,209		9.9
Weighted average rate / total unsecured floating rate debt	1.120%	1.120%	—			—		1.3
Weighted average rate / total unsecured fixed rate debt	8.398%	8.398%	322,500			322,500		3.3
Weighted average rate / total debt	7.177%	7.204%	$	984,616		$	873,831	7.4

(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) On August 4, 2009, we closed on a $512.9 million mortgage financing secured by 28 properties. A portion of the loan requires interest at a fixed rate and a portion of the loan requires interest at a floating rate.

(5) Represents amounts outstanding on SNH’s $550,000 revolving credit facility at September 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

September 30, 2009

DEBT MATURITY SCHEDULE

(dollars in thousands)

	Scheduled Principal Payments During Period
	Secured
	Fixed Rate		Secured		Unsecured		Unsecured
	Debt and		Floating		Floating		Fixed
Year	Capital Leases		Rate Debt		Rate Debt (1)		Rate Debt		Total
2009	$	1,421	569		$	—	$	—	$	1,990
2010	6,405		2,368		—		—		8,773
2011	6,845		2,525		—		—		9,370
2012	36,772		2,691		—		225,000		264,463
2013	34,198		2,869		—		—		37,067
2014	6,181		3,059		—		—		9,240
2015	6,644		3,261		—		97,500		107,405
2016	7,140		3,476		—		—		10,616
2017 and thereafter	351,336		184,356		—		—		535,692
	$	456,942	$	205,174	$	—	$	322,500	$	984,616

(1) Represents amounts outstanding on SNH’s $550,000 revolving credit facility at September 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

September 30, 2009

LEVERAGE RATIOS, COVERAGE RATIOS AND PUBLIC DEBT COVENANTS

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

Total debt / total assets	33.3%	27.6%	26.1%	29.3%	24.1%
Total debt / gross book value of real estate assets (1)	30.7%	24.4%	23.0%	26.0%	21.4%
Total debt / total market capitalization	28.8%	26.5%	27.9%	25.3%	17.2%
Total debt / total book capitalization	33.9%	28.1%	26.4%	29.7%	24.6%
Secured debt / total assets	22.4%	5.9%	6.0%	6.1%	6.5%
Variable rate debt / total debt	20.8%	33.2%	27.7%	35.2%	16.4%

Coverage Ratios:

EBITDA (2) / interest expense	4.1x	5.8x	5.8x	5.35	5.9x

Public Debt Covenants (3):

Total debt / adjusted total assets - allowable maximum 60.0%	29.2%	23.9%	22.4%	25.2%	20.8%
Secured debt / adjusted total assets - allowable maximum 40.0%	19.7%	5.1%	5.2%	5.2%	5.6%
Consolidated income available for debt service / debt service - required minimum 2.00x	4.26x	6.12x	6.14x	5.63x	6.20x
Total unencumbered assets to unsecured debt - required minimum 1.50x	8.13x	4.89x	5.27x	4.52x	5.91x

(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

September 30, 2009

2009 ACQUISITIONS / 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 nine months ended September 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	7.4%	3.7	100.0%	Health Insurance Plan of New York
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		167		7.5%	4.2	87.0%	Gastrointestinal & Liver Specialists
8/6/2009	San Diego, CA	Biotech Laboratory	3	164	115,654		705		7.6%	9.8	100.0%	The Scripps Research Institute
9/1/2009	Oklahoma City, OK	Clinic	4	210	28,911		138		9.4%	7.3	100.0%	Oklahoma Clinics
9/30/2009	Various, WI	Medical Office / Clinic	10	643	169,000		263		9.7%	15.0	100.0%	Aurora Health Care Inc.

	Total YTD MOB Acquisitions		20	1,259	$	383,586	$	305	8.3%	7.5	96.1%

Dispositions:

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

5/15/2009	Worcester, MA	Clinic	1	$	3,090	$	3,090	$	—
9/30/2009	Northbridge, MA	Clinic	1	100		100		—

	Total YTD Dispositions		2	$	3,190	$	3,190	$	—

(1)		During the three and nine months ended September 30, 2009, pursuant to the terms of our leases with Five Star, we purchased from Five Star, at cost, $6.1 million and $30.4 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 $493,000 and $2.4 million, respectively. On August 4, 2009, we acquired $8.5 million of equipment from Five Star in connection with the FNM mortgage financing for $512.9 million.
(2)		Purchase price includes real estate and related intangible assets and liabilities and excludes closing costs.
(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

September 30, 2009

PORTFOLIO SUMMARY BY FACILITY 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)
Facility Type:
Independent living (3)	43	11,524		$	1,119,530	35.1%	$	97.1	$	109,878	34.2%	$	9,535
Assisted living (3)	120	8,472		910,129		28.4%	$	107.4	84,822		26.4%	$	10,012
Nursing homes (3)	58	5,844		228,536		7.1%	$	39.1	20,413		6.4%	$	3,493
Rehabilitation hospitals (4)	2	364		61,025		1.9%	$	167.7	9,648		3.0%	NA
Wellness centers (5)	10	812,000	sq. ft.	180,017		5.6%	$	221.7	17,069		5.3%	NA
Medical office buildings (MOBs) (6)	56	2,867,862	sq. ft.	702,307		21.9%	$	244.9	79,124		24.7%	$	28
Total	289			$	3,201,544	100.0%			$	320,954	100.0%

Tenant:
Five Star (Lease No. 1) (7)	80	5,919		$	533,304	16.7%	$	90.1	$	45,273	14.1%	$	7,649
Five Star (Lease No. 2) (4) (7)	50	6,106		502,738		15.7%	$	82.3	49,294		15.4%	$	6,905
Five Star (Lease No. 3) (7)	28	5,618		617,161		19.3%	$	109.9	61,564		19.2%	$	10,958
Five Star (Lease No. 4) (7)	25	2,461		230,636		7.2%	$	93.7	21,144		6.6%	$	8,592
Sunrise / Marriott (8)	14	4,091		325,165		10.2%	$	79.5	32,416		10.1%	$	7,924
Brookdale Senior Living, Inc.	18	894		61,122		1.9%	$	68.4	8,173		2.5%	$	9,142
6 private companies (combined)	8	1,115		49,094		1.5%	$	44.0	6,897		2.1%	$	6,186
Wellness centers (5)	10	812,000	sq. ft.	180,017		5.6%	$	221.7	17,069		5.3%	NA
Multi-tenant MOBs (6)	56	2,867,862	sq. ft.	702,307		21.9%	$	244.9	79,124		24.7%	$	28
Total	289			$	3,201,544	100.0%			$	320,954	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 September 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 because 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 because these properties have extensive indoor and outdoor recreation space which is 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 minority 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

September 30, 2009

OCCUPANCY BY PROPERTY TYPE AND TENANT

	For the Three Months Ended
	6/30/2009	3/31/2009	12/31/2008	9/30/2008	6/30/2008
Property Type:
Independent living	87%	89%	89%	90%	89%
Assisted living	88%	88%	89%	90%	90%
Nursing homes	83%	84%	85%	86%	85%
Rehabilitation hospitals	61%	62%	62%	66%	61%
Wellness centers	100%	100%	100%	100%	100%
MOBs	98%	99%	99%	99%	99%

Tenant:
Five Star (Lease No. 1) (1)	87%	87%	87%	89%	88%
Five Star (Lease No. 2) (1)	82%	83%	84%	84%	84%
Five Star (Lease No. 3) (1)	89%	90%	91%	92%	91%
Five Star (Lease No. 4) (1)	85%	86%	87%	90%	90%
Sunrise / Marriott	89%	91%	91%	91%	90%
Brookdale Senior Living, Inc.	90%	92%	95%	93%	91%
6 private senior living companies (combined)	81%	82%	83%	82%	83%
Wellness centers	100%	100%	100%	100%	100%
Multi-tenant MOBs	98%	99%	99%	99%	99%

(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

September 30, 2009

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

	For the Three Months Ended
	6/30/2009	3/31/2009	12/31/2008	9/30/2008	6/30/2008
Property Type:
Independent living	78%	78%	81%	82%	83%
Assisted living	92%	92%	93%	94%	94%
Nursing homes	26%	27%	27%	28%	28%
Rehabilitation hospitals	36%	33%	34%	36%	34%

Tenant:
Five Star (Lease No. 1) (2)	60%	60%	61%	61%	60%
Five Star (Lease No. 2) (2)	52%	52%	53%	53%	51%
Five Star (Lease No. 3) (2)	87%	86%	87%	88%	88%
Five Star (Lease No. 4) (2)	67%	67%	68%	68%	69%
Sunrise / Marriott	69%	65%	77%	80%	81%
Brookdale Senior Living, Inc.	100%	100%	99%	99%	99%
6 private senior living companies (combined)	24%	24%	23%	25%	26%

(1) Private pay excludes revenues from the Medicare and Medicaid programs.

(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

September 30, 2009

PORTFOLIO LEASE EXPIRATION SCHEDULE

(dollars in thousands)

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

2009	$	—	$	997	$	—	$	997	0.3%	0.3%
2010	1,333		2,392		—		3,725		1.2%	1.5%
2011	—		2,047		—		2,047		0.6%	2.1%
2012	—		5,951		—		5,951		1.9%	4.0%
2013	32,416		3,658		—		36,074		11.2%	15.2%
2014	—		6,167		—		6,167		1.9%	17.1%
2015	2,072		5,324		—		7,396		2.3%	19.4%
2016	2,888		6,760		—		9,648		3.0%	22.4%
2017	29,317		1,308		—		30,625		9.5%	31.9%
2018	—		1,896		—		1,896		0.6%	32.5%
2019 and after	156,735		42,624		17,069		216,428		67.5%	100.0%
Total	$	224,761	$	79,124	$	17,069	$	320,954	100.0%

Average remaining lease term for all properties (weighted by rent) 12.8 years

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

2009	—	15	—	15	6.8%	6.8%
2010	1	23	—	24	10.9%	17.7%
2011	—	22	—	22	10.0%	27.7%
2012	—	38	—	38	17.2%	44.9%
2013	1	21	—	22	10.0%	54.9%
2014	—	22	—	22	10.0%	64.9%
2015	2	18	—	20	9.0%	73.9%
2016	2	18	—	20	9.0%	82.9%
2017	2	12	—	14	6.3%	89.2%
2018	—	6	—	6	2.7%	91.9%
2019 and after	4	12	2	18	8.1%	100.0%
Total	12	207	2	221	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 Expiring	Cumulative Percentage of Total Living Units or Beds Expiring	MOBs (Square Feet)	Wellness Centers (Square Feet)	Total Square Feet	Percent of Total Square Feet Expiring	Cumulative Percent of Total Square Feet Expiring

2009	—	0.0%	0.0%	26,716	—	26,716	0.7%	0.7%
2010	140	0.5%	0.5%	73,408	—	73,408	2.0%	2.7%
2011	—	0.0%	0.5%	63,458	—	63,458	1.7%	4.4%
2012	—	0.0%	0.5%	296,708	—	296,708	8.2%	12.6%
2013	4,091	15.6%	16.1%	143,974	—	143,974	4.0%	16.6%
2014	—	0.0%	16.1%	157,987	—	157,987	4.4%	21.0%
2015	283	1.1%	17.2%	232,520	—	232,520	6.4%	27.4%
2016	517	2.0%	19.2%	328,525	—	328,525	9.1%	36.5%
2017	3,355	12.8%	32.0%	32,895	—	32,895	0.9%	37.4%
2018	—	0.0%	32.0%	48,174	—	48,174	1.3%	38.7%
2019 and after	17,818	68.0%	100.0%	1,413,562	812,000	2,225,562	61.3%	100.0%
Total	26,204	100.0%		2,817,927	812,000	3,629,927	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 Acquisitions / Dispositions Information	18

PORTFOLIO INFORMATION

	Portfolio Summary by Facility 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

INVESTOR INFORMATION

Board of Trustees

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, Vice President, Investor Relations, or
(website) www.snhreit.com		Katherine L. Johnston, Manager, Investor Relations, at
		(617) 796-8234, tbonang@snhreit.com or kjohnston@snhreit.com.

RESEARCH COVERAGE

Equity Research Coverage

*Bank of America / Merrill Lynch*			*R.W. Baird*
Jeffrey Spector			David AuBuchon
(646) 855-1363			(314) 863-4235

JMP Securities			*Stifel Nicolaus*
Peter Martin			Jerry Doctrow
(415) 835-8904			(443) 224-1309

Oppenheimer			*UBS*
Mark Biffert			Dustin Pizzo
(212) 667-7062			(212) 713-4847

*Raymond James*			*Wells Fargo Securities*
Paul Puryear			Todd Stender
(727) 567-2253			(212) 214-8067

*RBC*
Kevin Ellich
(612) 313-1247

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

	For the Three Months Ended
Tenant	6/30/2009	3/31/2009	12/31/2008	9/30/2008	6/30/2008
Five Star (Lease No. 1) (1)	1.37x	1.23x	1.15x	1.25x	1.23x
Five Star (Lease No. 2) (1)	1.37x	1.24x	1.16x	1.26x	1.44x
Five Star (Lease No. 3) (1)	1.52x	1.63x	1.59x	1.56x	1.56x
Five Star (Lease No. 4) (1)	1.06x	1.12x	1.15x	1.20x	1.38x
Sunrise / Marriott	1.44x	1.45x	1.31x	1.52x	1.43x
Brookdale Senior Living, Inc.	2.14x	2.22x	2.01x	2.01x	2.19x
6 private senior living companies (combined)	1.96x	1.83x	1.98x	1.69x	1.92x
Wellness centers	2.36x	2.27x	2.30x	2.49x	2.37x