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Significant Tenant

9 Months Ended

Sep. 30, 2011

Note 11. Significant Tenant

Our leases with Five Star account for 44.8% of our annualized rental income at September 30, 2011. Five Star also manages a portfolio of 13 senior living communities for our account. The following tables present summary financial information for Five Star for the three and nine months ended September 30, 2011 and 2010, as reported in its Quarterly Report on Form 10-Q.

Summary Financial Information of Five Star Quality Care, Inc.

(unaudited)

	For the Three Months Ended September 30,
	2011			2010
Operations
Total revenues	$	329,475		$	304,803
Operating income	4,159			5,975
Income from continuing operations	3,638			5,942
Net (loss) income	(528		)	5,158

	For the Nine Months Ended September 30,
	2011			2010
Total revenues	$	948,976		$	904,416
Operating income	18,689			19,455
Income from continuing operations	15,533			18,705
Net income	8,800			17,396

Cash Flows
Net cash provided by operating activities	49,755			109,976
Net cash used in discontinued operations	(2,703		)	(597		)
Net cash used in investing activities	(126,906		)	(26,184		)
Net cash provided by (used in) financing activities	101,030			(51,503		)
Change in cash and cash equivalents	21,176			31,692
Cash and cash equivalents at beginning of period	20,770			5,017
Cash and cash equivalents at end of period	41,946			36,709

	As of September 30,
	2011			2010
Financial Position
Current assets	$	154,185		$	136,575
Non-current assets	394,894			251,116
Total indebtedness	132,995			48,922
Current liabilities	208,195			141,019
Non-current liabilities	113,116			87,332
Total shareholders’ equity	227,768			159,340

The summary financial information of Five Star is presented to comply with applicable accounting regulations of the Securities and Exchange Commission, or SEC. References in these financial statements to the Quarterly Report on Form 10-Q for Five Star are included as textual references only, and the information in Five Star’s Quarterly Report on Form 10-Q is not incorporated by reference into these financial statements.