Exhibit 7.1

Information Memorandum

September 2004

Table of Contents

	Section
Executive Summary	I
Overview of the Properties	II
Financial Overview	III
Summary of Indicative Lease Terms	IV
Request for Proposal	V
	Appendix
Detail Historical Financial Data by Property	A

Confidential Information Memorandum

Cohen & Steers Capital Advisors, LLC (“CSCA”) has been engaged by LTC Properties, Inc. (“LTC” or the “Company”) as its financial advisor to identify potential operators of certain assisted living facilities (the “Properties”) currently leased to Assisted Living Concepts, Inc. (“ASLC”).

By acceptance hereof, each recipient agrees that it will not copy, reproduce, or distribute to others this confidential information memorandum (the “Memorandum”) in whole or in part, at any time, without the prior written consent of LTC and that it will keep permanently confidential all information contained herein not already public and will use the Memorandum only for the purpose set forth herein.

The Memorandum has been prepared for the purpose of providing prospective third-parties with general financial and other information concerning the Properties and to gauge the recipient’s potential interest in leasing the Properties.  All information presented in the Memorandum with respect to the existing business and historical operating results of the Properties are based on material prepared by LTC and its management and from information LTC has received from ASLC pursuant to ASLC’s existing lease arrangements.  This Memorandum does not constitute an offer to enter into any transaction and LTC will only be obligated at such time as it executes and delivers definitive transaction documents.

Although the information contained herein is believed to be complete and accurate, LTC and CSCA expressly disclaim any and all liability for representations, expressed or implied, contained in, or for omissions from, the Memorandum.  If and when authorized by LTC, prospective third-parties will be allowed to conduct a comprehensive due diligence review of the Properties’ operations and financial condition, including discussions with senior management of LTC and site visits.

LTC Properties, Inc. reserves the right to require the return of the Memorandum at any time.  All inquiries and requests for additional information concerning the Properties should be directed to:

Cohen & Steers Capital Advisors:
Peter E. Pickette, Managing Director	(212) 446-9173	ppickette@csreit.com
Christine Chan, Associate	(212) 446-9182	cchan@csreit.com
Facsimile	(212) 446-9181
LTC Management:
Wendy Simpson, Vice Chairman and CFO	(805) 981-8646	wendy.simpson@ltcproperties.com
Alex Chavez, Senior Vice President and Treasurer	(805) 981-8651	alex.chavez@ltcproperties.com
Facsimile	(805) 981-8663

Section I – Executive Summary

1

Executive Summary

•Cohen & Steers Capital Advisors, LLC (“CSCA”) has been retained by LTC Properties, Inc. (“LTC”), a publicly-traded real estate investment trust which owns and leases to third-parties assisted living and skilled nursing properties, to identify potential alternative or successor operators of certain assisted living facilities currently leased to Assisted Living Concepts, Inc. (“ASLC”).

•LTC owns 37 properties, currently containing 1,426 units (the “Properties”), which are leased to ASLC under various lease arrangements (the “Existing Leases”).

•In May 2004, ASLC publicly announced the retention of a financial advisor to assist ASLC in exploring various strategic alternatives to maximize shareholder value.  The Existing Leases contain change of control restrictions, which under certain circumstances, in the event of a sale or merger of ASLC could permit LTC to terminate the ASLC leases.

•As disclosed in ASLC’s public filings, certain potential events of default may exist under ASLC’s existing leases with LTC.  While LTC has not declared an event of default under the Existing Leases, if such a default were declared, LTC may desire to transfer the operations of these properties to a new third-party under a new single master lease arrangement.

•LTC has not yet made any determination as to whether it would exercise any rights it may have to terminate the Existing Leases. In view of the foregoing circumstances, LTC has determined that it is in the best interest of LTC’s shareholders to identify potential alternative operators for the Properties currently leased to ASLC.

•CSCA is pleased to present to you an overview of this opportunity and to request, for LTC’s review and consideration, a proposal from your company to lease the Properties.

•This confidential information memorandum (the “Memorandum”) has been prepared to assist interested parties in responding to LTC’s request for a preliminary proposal on an expedited basis.

2

Section II – Overview of the Properties

3

Overview

•37 properties currently with 1,426 units and room for expansion available on certain properties.

•Located in 10 states primarily in middle-market, rural and suburban communities with populations ranging from 10,000 – 40,000.

•The Properties are purpose-built assisted living properties constructed from 1995 to 1998.

•Private pay model with Medicaid waiver program safety-net – 67.6% of revenues are derived from private pay sources (three months ended July 2004).

•Highly profitable portfolio with strong operating performance:

•92.4% average occupancy (July 2004);

•$2,420 total average monthly rate (three months ended July 2004);

•$38.2 million of annualized revenues (three months ended July 2004);

•$15.4 million of annualized cash flow prior to overhead and rent (“EBITDARM”), representing a 40.2% margin (three months ended July 2004);

•All properties have positive EBITDARM.

•Significant in-place cash flow of $5.4 million after proposed rent, prior to management fees or corporate overhead ($3.5 million of annualized cash flow after 5% of revenues management fees).

4

Geographic Overview of the Properties

5

Summary Property Table by State

(Amounts in $000’s)

	# of		July 2004		Three Months Ended July 2004 Annualized
State	Properties	Units	Occupancy		Revenue		EBITDARM		Margins
ASSISTED LIVING PROPERTIES
Arizona	2	76	99.1	%	$	2,249	$	970	43.1	%
Idaho	4	148	93.2	%	3,624		1,376		38.0	%
Illinois	2	78	73.1	%	1,370		400		29.2	%
Iowa	1	35	100.0	%	881		312		35.5	%
Nebraska	4	156	95.7	%	4,860		2,234		46.0	%
New Jersey	1	39	100.0	%	1,342		551		41.0	%
Ohio	5	191	95.4	%	5,423		2,245		41.4	%
Oregon	3	119	95.7	%	3,237		1,485		45.9	%
Texas	7	276	93.5	%	7,727		3,023		39.1	%
Washington	8	308	87.6	%	7,459		2,761		37.0	%
Total Properties	37	1,426	92.4	%	$	38,173	$	15,357	40.2	%

6

Property Table

(Amounts in $000’s)

Property Name	City	State	# of Properties	# of Units	Year Built	July 04 Occupancy		Three Months Ended July 2004 Annualized
								Revenue		EBITDARM		Margins
ASSISTED LIVING PROPERTIES
Arizona
1    Davis	Bullhead City	AZ	1	40	1997	98.9	%	$	1,243	$	578	46.5	%
2    Jasmine	Lake Havasu	AZ	1	36	1997	99.3	%	1,006		392		38.9	%
Subtotal - Arizona			2	76		99.1	%	$	2,249	$	970	43.1	%
Idaho
3    Warren	Burley	ID	1	35	1997	86.2	%	$	901	$	339	37.7	%
4    Annabelle	Caldwell	ID	1	35	1997	91.4	%	876		366		41.8	%
5    Sylvan	Hayden	ID	1	39	1996	95.6	%	953		359		37.7	%
6    Clearwater	Nampa	ID	1	39	1997	98.5	%	893		311		34.8	%
Subtotal - Idaho			4	148		93.2	%	$	3,624	$	1,376	38.0	%
Illinois
7    Beardsley	Elkhart	IN	1	39	1997	57.2	%	$	534	$	111	20.7	%
8    Jewel	Madison	IN	1	39	1997	89.1	%	836		290		34.7	%
Subtotal - Illinois			2	78		73.1	%	$	1,370	$	400	29.2	%
Iowa
9    Reed	N. Denison	IA	1	35	1998	100.0	%	$	881	$	312	35.5	%
Subtotal - Iowa			1	35		100.0	%	$	881	$	312	35.5	%
Nebraska
10  Homestead	Beatrice	NE	1	39	1997	99.5	%	$	1,348	$	696	51.6	%
11  Madison	Norfolk	NE	1	39	1997	92.4	%	1,090		460		42.3	%
12  Saunders	Wahoo	NE	1	39	1997	94.2	%	1,214		530		43.7	%
13  Mahoney	York	NE	1	39	1997	96.6	%	1,208		547		45.3	%
Subtotal - Nebraska			4	156		95.7	%	$	4,860	$	2,234	46.0	%
New Jersey
14  Maurice	Millville	NJ	1	39	1997	100.0	%	$	1,342	$	551	41.0	%
Subtotal - New Jersey			1	39		100.0	%	$	1,342	$	551	41.0	%

7

Property Name	City	State	# of Properties	# of Units	Year Built	July 04 Occupancy		Three Months Ended July 2004 Annualized
								Revenue		EBITDARM		Margins
ASSISTED LIVING PROPERTIES
Ohio
15  Rutherford	Fremont	OH	1	39	1997	97.4	%	$	1,242	$	625	50.3	%
16  Chestnut	Newark	OH	1	39	1997	98.3	%	1,158		376		32.5	%
17  Seneca	Tiffin	OH	1	35	1997	87.5	%	1,001		495		49.5	%
18  Caldwell	Troy	OH	1	39	1997	99.8	%	1,151		448		39.0	%
19  River Bend	Wheelersburg	OH	1	39	1997	93.4	%	871		300		34.4	%
Subtotal - Ohio			5	191		95.4	%	$	5,423	$	2,245	41.4	%
Oregon
20  Sawyer	Eugene	OR	1	47	1997	92.9	%	$	1,254	$	538	42.9	%
21  Linkville	Klamath Falls	OR	1	36	1996	98.2	%	1,024		484		47.3	%
22  Spencer	Newport	OR	1	36	1996	97.1	%	960		462		48.2	%
Subtotal - Oregon			3	119		95.7	%	$	3,237	$	1,485	45.9	%
Texas
23  Lakeland	Athens	TX	1	38	1995	93.0	%	$	1,168	$	482	41.3	%
24  Harrison	Greenville	TX	1	40	1995	97.8	%	1,189		497		41.8	%
25  Angelina	Jacksonville	TX	1	39	1995	97.9	%	1,118		536		47.9	%
26  Alpine	Longview	TX	1	30	1995	100.0	%	1,015		343		33.8	%
27  Oakwood	Marshall	TX	1	40	1995	100.0	%	1,252		503		40.2	%
28  Neches	Lufkin	TX	1	39	1996	97.2	%	1,131		474		41.9	%
29  Arbor	S. Wichita Falls	TX	1	50	1996	74.9	%	853		186		21.9	%
Subtotal - Texas			7	276		93.5	%	$	7,727	$	3,023	39.1	%
Washington
30  Colonial	Battleground	WA	1	40	1996	87.4	%	$	1,036	$	491	47.3	%
31  Mountainview	Camas	WA	1	36	1996	92.6	%	886		301		34.0	%
32  Orchard	Grandview	WA	1	36	1996	62.1	%	650		160		24.7	%
33  Karr	Hoquiam	WA	1	40	1997	96.2	%	1,129		469		41.5	%
34  Crawford	Kelso	WA	1	40	1996	79.4	%	743		124		16.7	%
35  Chenowick	Kennewick	WA	1	36	1995	95.0	%	893		298		33.4	%
36  Lexington	Vancouver	WA	1	44	1996	92.7	%	1,028		413		40.2	%
37  Pioneer	Walla Walla	WA	1	36	1996	94.6	%	1,095		505		46.1	%
Subtotal - Washington			8	308		87.6	%	$	7,459	$	2,761	37.0	%
Total Properties			37	1,426		92.4	%	$	38,173	$	15,357	40.2	%

8

Section III – Financial Overview

9

Historical Consolidated Financial Data

(Amounts in $000’s except Operating Data)

	CY 2002			CY 2003			Three Months Ended July 2004 Ann.
Income Statement Data
Revenues
Private Room and Board	$	23,003		$	23,799		$	19,989
Private Care	—			—			5,803
Total Private Paid	23,003			23,799			25,792
Total State Paid	9,020			10,766			11,978
Other Revenue	379			400			403
Total Revenue	$	32,402		$	34,965		$	38,173
Expenses
Residence Payroll	$	13,377		$	13,663		$	14,681
Tenant Care	225			203			147
Maintenance	967			845			883
Kitchen	2,066			2,252			2,278
Housekeeping	206			217			198
Activities	47			55			51
Utilities	1,559			1,960			1,729
Insurance	622			526			497
Property Taxes	1,333			1,405			1,523
Advertising	168			174			219
Administrative	616			570			548
Bad Debt	62			111			(29		)
Petty Cash	69			70			91
Management Fees (5% of Rev.)	1,620			1,748			1,909
Total Operating Expenses	$	22,938		$	23,800		$	24,724
EBITDAR	$	9,464		$	11,165		$	13,449
Margin	29.2		%	31.9		%	35.2		%
EBITDARM	$	11,084		$	12,913		$	15,357
Margin	34.2		%	36.9		%	40.2		%
Operating Data
Available Units	1,427			1,426			1,426
Number of Units Occupied (Net)	1,241			1,273			1,315
Average Occupancy	87.0		%	89.2		%	92.2		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,150		$	2,263		$	2,394
Avg Total Monthly Rate (in US$)	$	2,176		$	2,290		$	2,420
Avg Resident Occ. - Private	—			63.4		%	62.1		%
Avg Resident Occ. - Medicaid	—			36.6		%	37.9		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

10

	Actual
	Jan-04			Feb-04			Mar-04			Apr-04			May-04			Jun-04			Jul-04			YTD			TTM Ann.
Income Statement Data
Revenues
Private Room and Board	$	1,541		$	1,507		$	1,730		$	1,638		$	1,717		$	1,606		$	1,674		$	11,413		$	19,989
Private Care	463			419			503			473			507			460			485			3,309			5,803
Total Private Paid	2,003			1,926			2,233			2,111			2,224			2,066			2,158			14,722			25,792
Total State Paid	966			889			893			953			958			1,000			1,036			6,695			11,978
Other Revenue	37			37			36			33			32			36			33			243			403
Total Revenue	$	3,007		$	2,852		$	3,162		$	3,097		$	3,214		$	3,102		$	3,227		$	21,661		$	38,173
Expenses
Residence Payroll	$	1,186		$	1,147		$	1,233		$	1,174		$	1,256		$	1,147		$	1,267		$	8,411		$	14,681
Tenant Care	15			19			12			14			10			14			13			97			147
Maintenance	71			79			74			66			73			91			57			509			883
Kitchen	202			191			192			170			195			182			193			1,324			2,278
Housekeeping	13			17			17			15			18			15			17			111			198
Activities	3			3			4			3			4			5			4			25			51
Utilities	204			200			163			144			137			137			157			1,143			1,729
Insurance	43			43			43			43			43			38			43			295			497
Property Taxes	123			125			123			125			125			130			126			877			1,523
Advertising	16			12			20			14			17			18			19			116			219
Administrative	38			40			32			43			48			49			40			289			548
Bad Debt	1			4			(15		)	0			(10		)	(9		)	12			(17		)	(29		)
Petty Cash	7			6			8			8			6			8			9			52			91
Management Fees (5% of Rev.)	150			143			158			155			161			155			161			1,083			1,909
Total Operating Expenses	$	2,072		$	2,029		$	2,063		$	1,972		$	2,082		$	1,980		$	2,118		$	14,317		$	24,724
EBITDAR	$	935		$	823		$	1,099		$	1,125		$	1,132		$	1,122		$	1,109		$	7,344		$	13,449
Margin	31.1		%	28.8		%	34.7		%	36.3		%	35.2		%	36.2		%	34.4		%	33.9		%	35.2		%
EBITDARM	$	1,085		$	965		$	1,257		$	1,280		$	1,293		$	1,277		$	1,270		$	8,427		$	15,357
Margin	36.1		%	33.8		%	39.7		%	41.3		%	40.2		%	41.2		%	39.4		%	38.9		%	40.2		%
Operating Data
Available Units	1,426			1,426			1,426			1,426			1,426			1,426			1,426			1,426			1,426
Number of Units Occupied (Net)	1,282			1,306			1,315			1,318			1,314			1,313			1,318			1,309			1,315
Average Occupancy	89.9		%	91.6		%	92.2		%	92.4		%	92.1		%	92.1		%	92.4		%	91.8		%	92.2		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,316		$	2,156		$	2,378		$	2,325		$	2,422		$	2,336		$	2,424		$	2,337		$	2,394
Avg Total Monthly Rate (in US$)	$	2,345		$	2,184		$	2,405		$	2,350		$	2,447		$	2,363		$	2,449		$	2,363		$	2,420
Avg Resident Occ. - Private	63.2		%	63.6		%	63.4		%	62.9		%	62.9		%	62.1		%	61.2		%	62.8		%	62.1		%
Avg Resident Occ. - Medicaid	36.8		%	36.4		%	36.6		%	37.1		%	37.1		%	37.9		%	38.8		%	37.2		%	37.9		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

11

	Actual
	Jan-03			Feb-03			Mar-03			Apr-03			May-03			Jun-03			Jul-03			Aug-03			Sep-03			Oct-03			Nov-03			Dec-03			Total
Income Statement Data
Revenues
Private Room and Board	$	1,904		$	1,845		$	2,054		$	1,965		$	1,935		$	1,985		$	2,039		$	2,058		$	1,933		$	2,028		$	2,028		$	2,025		$	23,799
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	1,904			1,845			2,054			1,965			1,935			1,985			2,039			2,058			1,933			2,028			2,028			2,025			23,799
Total State Paid	846			803			884			924			958			916			830			928			957			900			885			934			10,766
Other Revenue	41			26			44			32			27			34			33			40			37			31			24			31			400
Total Revenue	$	2,791		$	2,675		$	2,982		$	2,921		$	2,919		$	2,935		$	2,902		$	3,026		$	2,928		$	2,960		$	2,937		$	2,990		$	34,965
Expenses
Residence Payroll	$	1,158		$	1,073		$	1,109		$	1,155		$	1,154		$	1,117		$	1,209		$	1,141		$	1,077		$	1,193		$	1,187		$	1,092		$	13,663
Tenant Care	17			19			19			15			17			13			15			17			15			17			20			20			203
Maintenance	58			61			73			59			65			69			76			73			78			82			67			85			845
Kitchen	178			173			182			170			173			179			159			214			204			199			218			203			2,252
Housekeeping	16			17			17			18			18			18			15			20			23			20			17			18			217
Activities	4			6			5			5			5			5			4			2			5			5			3			5			55
Utilities	179			180			179			157			141			163			166			161			148			156			157			174			1,960
Insurance	42			46			44			45			46			45			46			44			46			46			40			35			526
Property Taxes	128			125			127			129			126			122			120			118			117			101			94			97			1,405
Advertising	15			16			12			13			10			16			12			12			11			25			15			18			174
Administrative	51			45			65			52			44			46			33			48			39			56			43			49			570
Bad Debt	10			6			0			17			7			(8		)	12			34			11			(12		)	18			15			111
Petty Cash	5			4			4			5			6			5			6			5			7			7			8			7			70
Management Fees (5% of Rev.)	140			134			149			146			146			147			145			151			146			148			147			149			1,748
Total Operating Expenses	$	2,002		$	1,905		$	1,985		$	1,985		$	1,959		$	1,936		$	2,019		$	2,040		$	1,928		$	2,040		$	2,034		$	1,967		$	23,800
EBITDAR	$	789		$	770		$	997		$	936		$	960		$	999		$	883		$	985		$	999		$	920		$	903		$	1,023		$	11,165
Margin	28.3		%	28.8		%	33.4		%	32.1		%	32.9		%	34.0		%	30.4		%	32.6		%	34.1		%	31.1		%	30.7		%	34.2		%	31.9		%
EBITDARM	$	929		$	904		$	1,146		$	1,082		$	1,106		$	1,146		$	1,028		$	1,137		$	1,146		$	1,068		$	1,050		$	1,172		$	12,913
Margin	33.3		%	33.8		%	38.4		%	37.1		%	37.9		%	39.0		%	35.4		%	37.6		%	39.1		%	36.1		%	35.7		%	39.2		%	36.9		%
Operating Data
Available Units	1,426			1,426			1,426			1,426			1,426			1,426			1,426			1,426			1,426			1,426			1,426			1,426			1,426
Number of Units Occupied (Net)	1,262			1,257			1,257			1,260			1,249			1,262			1,267			1,285			1,286			1,294			1,299			1,292			1,273
Average Occupancy	88.5		%	88.2		%	88.2		%	88.3		%	87.6		%	88.5		%	88.8		%	90.1		%	90.2		%	90.7		%	91.1		%	90.6		%	89.2		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,179		$	2,107		$	2,337		$	2,293		$	2,316		$	2,298		$	2,264		$	2,323		$	2,247		$	2,263		$	2,243		$	2,290		$	2,263
Avg Total Monthly Rate (in US$)	$	2,212		$	2,128		$	2,372		$	2,319		$	2,337		$	2,325		$	2,291		$	2,354		$	2,276		$	2,287		$	2,261		$	2,314		$	2,290
Avg Resident Occ. - Private	65.1		%	64.0		%	63.2		%	63.2		%	62.9		%	63.0		%	63.0		%	62.8		%	63.3		%	64.1		%	63.6		%	63.1		%	63.4		%
Avg Resident Occ. - Medicaid	34.9		%	36.0		%	36.8		%	36.8		%	37.1		%	37.0		%	37.0		%	37.2		%	36.7		%	35.9		%	36.4		%	36.9		%	36.6		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

12

	Actual
	Jan-02			Feb-02			Mar-02			Apr-02			May-02			Jun-02			Jul-02			Aug-02			Sep-02			Oct-02			Nov-02			Dec-02			Total
Income Statement Data
Revenues
Private Room and Board	$	1,926		$	1,901		$	1,919		$	1,890		$	1,908		$	1,898		$	1,965		$	1,930		$	1,901		$	1,943		$	1,925		$	1,897		$	23,003
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	1,926			1,901			1,919			1,890			1,908			1,898			1,965			1,930			1,901			1,943			1,925			1,897			23,003
Total State Paid	697			691			686			701			705			752			787			790			800			804			764			843			9,020
Other Revenue	11			22			20			21			21			26			38			54			50			42			35			39			379
Total Revenue	$	2,634		$	2,614		$	2,625		$	2,612		$	2,633		$	2,676		$	2,790		$	2,775		$	2,751		$	2,789		$	2,724		$	2,779		$	32,402
Expenses
Residence Payroll	$	1,100		$	1,025		$	1,073		$	1,056		$	1,118		$	1,079		$	1,116		$	1,174		$	1,134		$	1,174		$	1,182		$	1,146		$	13,377
Tenant Care	17			17			18			17			19			19			21			20			19			20			20			19			225
Maintenance	53			52			84			77			99			88			101			105			94			72			77			67			967
Kitchen	180			159			160			171			175			164			169			180			170			178			177			184			2,066
Housekeeping	15			13			20			18			17			15			21			17			19			18			15			18			206
Activities	2			3			3			2			3			2			3			3			5			9			4			6			47
Utilities	161			160			152			125			112			126			137			55			136			128			127			142			1,559
Insurance	48			52			52			52			52			52			52			52			52			52			53			53			622
Property Taxes	120			113			114			110			114			113			115			109			116			115			122			71			1,333
Advertising	14			11			13			11			13			16			15			14			16			15			17			14			168
Administrative	40			56			47			54			65			47			54			53			59			56			46			38			616
Bad Debt	6			7			4			(4		)	(4		)	3			11			5			(10		)	11			11			20			62
Petty Cash	5			6			7			5			6			6			5			6			8			5			4			7			69
Management Fees (5% of Rev.)	132			131			131			131			132			134			139			139			138			139			136			139			1,620
Total Operating Expenses	$	1,894		$	1,804		$	1,877		$	1,824		$	1,922		$	1,864		$	1,961		$	1,930		$	1,955		$	1,992		$	1,991		$	1,924		$	22,938
EBITDAR	$	740		$	810		$	748		$	788		$	712		$	811		$	829		$	845		$	796		$	796		$	733		$	856		$	9,464
Margin	28.1		%	31.0		%	28.5		%	30.2		%	27.0		%	30.3		%	29.7		%	30.5		%	28.9		%	28.6		%	26.9		%	30.8		%	29.2		%
EBITDARM	$	872		$	941		$	879		$	919		$	843		$	945		$	969		$	984		$	933		$	936		$	869		$	995		$	11,084
Margin	33.1		%	36.0		%	33.5		%	35.2		%	32.0		%	35.3		%	34.7		%	35.5		%	33.9		%	33.6		%	31.9		%	35.8		%	34.2		%
Operating Data
Available Units	1,427			1,427			1,427			1,427			1,427			1,427			1,426			1,426			1,426			1,426			1,426			1,426			1,427
Number of Units Occupied (Net)	1,242			1,224			1,211			1,205			1,219			1,233			1,238			1,265			1,267			1,268			1,274			1,247			1,241
Average Occupancy	87.0		%	85.7		%	84.8		%	84.4		%	85.4		%	86.4		%	86.8		%	88.7		%	88.9		%	88.9		%	89.4		%	87.5		%	87.0		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,113		$	2,118		$	2,153		$	2,151		$	2,144		$	2,149		$	2,223		$	2,151		$	2,132		$	2,166		$	2,110		$	2,197		$	2,150
Avg Total Monthly Rate (in US$)	$	2,121		$	2,136		$	2,169		$	2,168		$	2,161		$	2,170		$	2,254		$	2,194		$	2,171		$	2,199		$	2,138		$	2,228		$	2,176
Avg Resident Occ. - Private	—			—			—			—			—			—			—			—			—			—			—			—			—
Avg Resident Occ. - Medicaid	—			—			—			—			—			—			—			—			—			—			—			—			—

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

13

Section IV – Summary of Indicative Lease Terms

14

Summary of Indicative Lease Terms

Lease Structure:	One or more master leases as determined by LTC.
Lessee:	The master leases will be (i) directly with a third-party operator or (ii) with a newly formed subsidiary of a third-party operator with a full guarantee from such operator.
Annual Base Rent:	$10.0 million per year or $833.3K per month for year 1.
Annual Rent Escalators:	2.5% per annum commencing in year 2.
Initial Lease Term:	15 years.
Renewal Options:	2 five-year operator options, assuming no uncured events of default.
Property Tax Escrow:	6 months.
Capital Expenditure Escrow:	$350 per unit per annum.
General Insurance Requirements:	Usual and customary requirements.

Please note: Financial covenants, security deposits, change of control, and other provisions will be negotiated based on credit worthiness of the lessee and guarantor.

15

Section V – Request for Proposal

16

Request for Proposal

•On behalf of LTC, CSCA is pleased to be seeking proposals from qualified operators of assisted living and senior care facilities to lease the Properties described in this Memorandum.

•Your preliminary proposal should include / address the following:

•Detail description of the proposed lessee, outlining experience in the senior housing sector and current base of operations.

•Resumes of key management personnel.

•Detail financial information including most recent audited and year-to-date financial statements.  To the extent the master leases are proposed to be leased to a subsidiary, please provide detail financial information on the parent entity providing the full recourse guarantee.

•Identify the tangible net worth of the lessor and/or parent entity providing the full recourse guarantee.

•Overview of current and proposed insurance programs, including property, GL/PL, and workers’ compensation insurance.

•Identify any due diligence requirements necessary to be completed prior to entering into a master lease agreement.

•We look forward to working with you on an expedited basis and ask that preliminary proposals be received as soon as possible.

17

Section A – Detail Historical Financial Data by Property

LTC Properties, Inc.

Property Level Historical Results

(Amounts in $000’s except Operating Data)

Property Name:	State:
Davis	AZ

	CY 2002			CY 2003			Three Months Ended July 2004 Ann.
Income Statement Data
Revenues
Private Room and Board	$	696		$	726		$	631
Private Care	—			—			279
Total Private Paid	696			726			910
Total State Paid	284			338			319
Other Revenue	6			14			14
Total Revenue	$	986		$	1,078		$	1,243
Expenses
Residence Payroll	$	347		$	409		$	434
Tenant Care	6			7			7
Maintenance	20			31			23
Kitchen	60			66			78
Housekeeping	4			5			5
Activities	2			1			0
Utilities	43			53			55
Insurance	18			16			15
Property Taxes	18			18			25
Advertising	3			5			4
Administrative	15			25			14
Bad Debt	(3		)	4			2
Petty Cash	1			2			1
Management Fees	49			54			62
Total Operating Expenses	$	584		$	696		$	726
EBITDAR	$	402		$	382		$	516
Margin	40.8		%	35.4		%	41.5		%
EBITDARM	$	452		$	436		$	578
Margin	45.8		%	40.4		%	46.5		%
Operating Data
Available Units	40			40			40
Number of Units Occupied (Net)	36			39			39
Average Occupancy	90.9		%	97.8		%	98.3		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,247		$	2,267		$	2,605
Avg Total Monthly Rate (in US$)	$	2,260		$	2,296		$	2,634
Avg Resident Occ. - Private	—			58.3		%	61.1		%
Avg Resident Occ. - Medicaid	—			41.7		%	38.9		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-1

	Actual
	Jan-04			Feb-04			Mar-04			Apr-04			May-04			Jun-04			Jul-04			YTD			TTM Ann.
Income Statement Data
Revenues
Private Room and Board	$	51		$	51		$	50		$	54		$	54		$	52		$	51		$	364		$	631
Private Care	14			16			24			26			24			23			22			149			279
Total Private Paid	64			67			74			80			79			75			73			513			910
Total State Paid	26			23			23			26			28			22			29			177			319
Other Revenue	1			3			2			1			1			2			1			10			14
Total Revenue	$	91		$	94		$	99		$	106		$	108		$	99		$	103		$	700		$	1,243
Expenses																									32402.17624
Residence Payroll	$	40		$	35		$	35		$	37		$	37		$	35		$	36		$	256		$	434
Tenant Care	3			1			0			1			0			1			1			7			7
Maintenance	2			2			2			3			2			2			2			15			23
Kitchen	6			5			5			6			6			7			7			42			78
Housekeeping	0			0			0			1			0			1			0			3			5
Activities	0			0			0			0			0			0			0			1			0
Utilities	5			4			4			4			4			5			5			30			55
Insurance	1			1			1			1			1			1			1			9			15
Property Taxes	4			3			2			3			2			2			2			17			25
Advertising	0			0			0			0			0			0			0			2			4
Administrative	1			2			1			1			1			1			2			8			14
Bad Debt	3			2			(3		)	0			1			1			(1		)	3			2
Petty Cash	0			0			0			0			(0		)	0			0			1			1
Management Fees	5			5			5			5			5			5			5			35			62
Total Operating Expenses	$	71		$	62		$	52		$	63		$	60		$	61		$	61		$	429		$	726
EBITDAR	$	20		$	32		$	46		$	43		$	48		$	39		$	42		$	270		$	516
Margin	21.9		%	34.1		%	46.9		%	40.7		%	44.3		%	39.1		%	41.0		%	38.6		%	41.5		%
EBITDARM	$	24		$	37		$	51		$	49		$	53		$	44		$	48		$	305		$	578
Margin	26.9		%	39.1		%	51.9		%	45.7		%	49.3		%	44.1		%	46.0		%	43.6		%	46.5		%
Operating Data
Available Units	40			40			40			40			40			40			40			40			40
Number of Units Occupied (Net)	40			39			40			40			40			38			40			40			39
Average Occupancy	99.4		%	97.8		%	99.4		%	100.0		%	99.9		%	96.0		%	98.9		%	98.8		%	98.3		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,262		$	2,310		$	2,444		$	2,641		$	2,678		$	2,548		$	2,588		$	2,496		$	2,605
Avg Total Monthly Rate (in US$)	$	2,282		$	2,392		$	2,484		$	2,656		$	2,698		$	2,589		$	2,613		$	2,531		$	2,634
Avg Resident Occ. - Private	59.8		%	64.3		%	64.0		%	63.2		%	61.9		%	62.9		%	58.6		%	62.1		%	61.1		%
Avg Resident Occ. - Medicaid	40.2		%	35.7		%	36.0		%	36.8		%	38.1		%	37.1		%	41.4		%	37.9		%	38.9		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-2

	Actual
	Jan-03			Feb-03			Mar-03			Apr-03			May-03			Jun-03			Jul-03			Aug-03			Sep-03			Oct-03			Nov-03			Dec-03			Total
Income Statement Data
Revenues
Private Room and Board	$	53		$	58		$	66		$	67		$	59		$	64		$	71		$	54		$	56		$	59		$	61		$	59		$	726
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	53			58			66			67			59			64			71			54			56			59			61			59			726
Total State Paid	26			26			29			25			28			32			35			29			29			28			27			25			338
Other Revenue	2			2			2			0			1			1			1			1			2			1			1			0			14
Total Revenue	$	81		$	86		$	96		$	91		$	88		$	96		$	107		$	85		$	86		$	89		$	88		$	84		$	1,078
Expenses
Residence Payroll	$	36		$	31		$	30		$	32		$	35		$	31		$	47		$	35		$	31		$	39		$	30		$	32		$	409
Tenant Care	1			1			1			0			0			0			0			1			1			1			0			1			7
Maintenance	1			2			3			1			2			1			1			5			4			3			3			6			31
Kitchen	5			5			5			6			5			6			7			6			7			5			5			5			66
Housekeeping	0			0			0			0			1			0			0			0			1			0			0			0			5
Activities	0			0			0			0			0			0			0			0			0			0			0			0			1
Utilities	3			4			3			4			4			5			5			6			6			5			4			4			53
Insurance	1			1			1			1			1			1			1			2			1			1			1			1			16
Property Taxes	2			2			2			2			2			1			2			2			2			1			1			1			18
Advertising	0			0			0			1			1			1			0			0			0			2			0			0			5
Administrative	2			2			2			2			1			1			1			2			2			5			2			3			25
Bad Debt	0			(0		)	1			(1		)	0			1			0			3			(1		)	(1		)	1			(1		)	4
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			2
Management Fees	4			4			5			5			4			5			5			4			4			4			4			4			54
Total Operating Expenses	$	56		$	52		$	53		$	53		$	56		$	56		$	72		$	66		$	57		$	66		$	53		$	57		$	696
EBITDAR	$	25		$	35		$	43		$	39		$	32		$	41		$	35		$	18		$	29		$	23		$	35		$	27		$	382
Margin	30.5		%	40.1		%	44.7		%	42.4		%	36.6		%	42.3		%	33.1		%	21.6		%	33.3		%	26.1		%	40.1		%	32.3		%	35.4		%
EBITDARM	$	29		$	39		$	48		$	43		$	37		$	46		$	41		$	23		$	33		$	28		$	40		$	31		$	436
Margin	35.5		%	45.1		%	49.7		%	47.4		%	41.6		%	47.3		%	38.1		%	26.6		%	38.3		%	31.1		%	45.1		%	37.3		%	40.4		%
Operating Data
Available Units	40			40			40			40			40			40			40			40			40			40			40			40			40
Number of Units Occupied (Net)	38			38			38			40			40			39			40			38			39			40			39			40			39
Average Occupancy	95.3		%	95.8		%	95.3		%	100.0		%	99.0		%	98.2		%	99.6		%	94.8		%	96.8		%	100.2		%	98.7		%	99.7		%	97.8		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,067		$	2,201		$	2,474		$	2,283		$	2,203		$	2,427		$	2,666		$	2,201		$	2,173		$	2,188		$	2,215		$	2,104		$	2,267
Avg Total Monthly Rate (in US$)	$	2,116		$	2,257		$	2,516		$	2,284		$	2,218		$	2,450		$	2,684		$	2,238		$	2,216		$	2,224		$	2,233		$	2,116		$	2,296
Avg Resident Occ. - Private	58.1		%	60.2		%	59.6		%	58.9		%	54.3		%	56.8		%	58.4		%	56.3		%	57.4		%	60.1		%	59.6		%	60.1		%	58.3		%
Avg Resident Occ. - Medicaid	41.9		%	39.8		%	40.4		%	41.1		%	45.7		%	43.2		%	41.6		%	43.7		%	42.6		%	39.9		%	40.4		%	39.9		%	41.7		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-3

	Actual
	Jan-02			Feb-02			Mar-02			Apr-02			May-02			Jun-02			Jul-02			Aug-02			Sep-02			Oct-02			Nov-02			Dec-02			Total
Income Statement Data
Revenues
Private Room and Board	$	60		$	60		$	60		$	56		$	60		$	66		$	59		$	61		$	57		$	56		$	50		$	50		$	696
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	60			60			60			56			60			66			59			61			57			56			50			50			696
Total State Paid	22			24			26			20			20			19			23			27			20			23			25			36			284
Other Revenue	0			1			1			0			1			0			2			0			(0		)	(0		)	1			0			6
Total Revenue	$	82		$	85		$	88		$	77		$	81		$	86		$	84		$	88		$	77		$	78		$	75		$	86		$	986
Expenses
Residence Payroll	$	30		$	29		$	29		$	28		$	29		$	26		$	28		$	29		$	30		$	27		$	31		$	29		$	347
Tenant Care	0			0			1			0			0			1			1			0			0			0			1			1			6
Maintenance	2			0			2			3			3			1			1			2			2			2			1			1			20
Kitchen	4			5			5			6			5			5			4			5			5			6			6			5			60
Housekeeping	0			0			0			0			0			1			0			1			0			0			0			0			4
Activities	0			0			0			0			0			0			0			0			0			0			0			0			2
Utilities	3			3			3			0			6			4			5			5			4			3			3			3			43
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			18
Property Taxes	2			2			2			2			2			2			2			2			2			2			2			(0		)	18
Advertising	0			0			0			0			0			0			1			0			0			1			0			0			3
Administrative	1			1			0			2			1			1			1			1			2			1			2			1			15
Bad Debt	(3		)	0			0			(0		)	(0		)	0			0			0			0			0			0			0			(3		)
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			1
Management Fees	4			4			4			4			4			4			4			4			4			4			4			4			49
Total Operating Expenses	$	47		$	46		$	48		$	46		$	52		$	48		$	48		$	51		$	52		$	48		$	52		$	46		$	584
EBITDAR	$	35		$	39		$	39		$	30		$	28		$	38		$	36		$	37		$	25		$	30		$	23		$	40		$	402
Margin	43.1		%	45.4		%	45.0		%	39.7		%	35.2		%	44.5		%	42.6		%	42.2		%	32.8		%	38.7		%	30.7		%	46.8		%	40.8		%
EBITDARM	$	39		$	43		$	44		$	34		$	32		$	42		$	40		$	42		$	29		$	34		$	27		$	44		$	452
Margin	48.1		%	50.4		%	50.0		%	44.7		%	40.2		%	49.5		%	47.6		%	47.2		%	37.8		%	43.7		%	35.7		%	51.8		%	45.8		%
Operating Data
Available Units	40			40			40			40			40			40			40			40			40			40			40			40			40
Number of Units Occupied (Net)	38			37			37			35			37			38			36			37			36			35			38			34			36
Average Occupancy	94.7		%	92.3		%	92.7		%	86.3		%	92.3		%	94.1		%	90.8		%	91.7		%	89.0		%	87.8		%	94.5		%	84.7		%	90.9		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,161		$	2,273		$	2,331		$	2,221		$	2,153		$	2,282		$	2,270		$	2,400		$	2,167		$	2,226		$	1,973		$	2,530		$	2,247
Avg Total Monthly Rate (in US$)	$	2,161		$	2,302		$	2,363		$	2,221		$	2,186		$	2,282		$	2,321		$	2,406		$	2,167		$	2,226		$	1,986		$	2,531		$	2,260
Avg Resident Occ. - Private	—			—			—			—			—			—			—			—			—			—			—			—			—
Avg Resident Occ. - Medicaid	—			—			—			—			—			—			—			—			—			—			—			—			—

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-4

Property Name:	State:
Jasmine	AZ

	CY 2002			CY 2003			YTD July 2004 Ann.
Income Statement Data
Revenues
Private Room and Board	$	523		$	468		$	414
Private Care	—			—			140
Total Private Paid	523			468			554
Total State Paid	360			420			435
Other Revenue	12			11			17
Total Revenue	$	894		$	899		$	1,006
Expenses
Residence Payroll	$	361		$	374		$	417
Tenant Care	6			6			9
Maintenance	25			25			20
Kitchen	54			59			66
Housekeeping	5			4			5
Activities	1			0			0
Utilities	47			58			74
Insurance	16			14			13
Property Taxes	21			18			21
Advertising	2			1			2
Administrative	14			15			9
Bad Debt	2			2			(25		)
Petty Cash	2			1			3
Management Fees	45			45			50
Total Operating Expenses	$	601		$	622		$	665
EBITDAR	$	294		$	277		$	342
Margin	32.8		%	30.9		%	33.9		%
EBITDARM	$	338		$	322		$	392
Margin	37.8		%	35.9		%	38.9		%
Operating Data
Available Units	36			36			36
Number of Units Occupied (Net)	35			34			35
Average Occupancy	97.3		%	95.2		%	97.8		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,101		$	2,159		$	2,343
Avg Total Monthly Rate (in US$)	$	2,129		$	2,185		$	2,383
Avg Resident Occ. - Private	—			42.3		%	45.1		%
Avg Resident Occ. - Medicaid	—			57.7		%	54.9		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-5

	Actual
	Jan-04			Feb-04			Mar-04			Apr-04			May-04			Jun-04			Jul-04			YTD			TTM Ann.
Income Statement Data
Revenues
Private Room and Board	$	35		$	33		$	41		$	33		$	31		$	35		$	38		$	246		$	414
Private Care	9			10			12			11			10			12			13			78			140
Total Private Paid	44			43			53			44			42			46			50			323			554
Total State Paid	32			30			33			39			37			34			39			243			435
Other Revenue	1			0			2			0			3			1			1			7			17
Total Revenue	$	77		$	74		$	88		$	83		$	81		$	81		$	90		$	574		$	1,006
Expenses
Residence Payroll	$	31		$	31		$	33		$	32		$	35		$	33		$	37		$	231		$	417
Tenant Care	0			3			1			1			0			1			1			7			9
Maintenance	2			1			2			1			1			1			2			12			20
Kitchen	6			5			5			5			7			5			5			37			66
Housekeeping	0			0			0			0			0			0			0			3			5
Activities	0			0			0			0			0			0			0			0			0
Utilities	5			5			4			5			5			6			7			38			74
Insurance	1			1			1			1			1			1			1			8			13
Property Taxes	2			2			1			2			2			2			2			13			21
Advertising	0			0			0			0			0			0			0			1			2
Administrative	0			1			2			0			1			1			1			6			9
Bad Debt	4			0			1			0			(5		)	(2		)	0			(0		)	(25		)
Petty Cash	0			0			0			0			0			0			0			1			3
Management Fees	4			4			4			4			4			4			4			29			50
Total Operating Expenses	$	56		$	53		$	56		$	53		$	52		$	53		$	62		$	385		$	665
EBITDAR	$	21		$	21		$	32		$	30		$	29		$	28		$	28		$	189		$	342
Margin	26.8		%	28.4		%	36.6		%	36.1		%	36.0		%	34.8		%	31.3		%	33.0		%	33.9		%
EBITDARM	$	25		$	25		$	37		$	34		$	33		$	32		$	33		$	218		$	392
Margin	31.8		%	33.4		%	41.6		%	41.1		%	41.0		%	39.8		%	36.3		%	38.0		%	38.9		%
Operating Data
Available Units	36			36			36			36			36			36			36			36			36
Number of Units Occupied (Net)	35			34			35			36			34			36			36			35			35
Average Occupancy	96.8		%	95.6		%	97.2		%	99.7		%	94.8		%	99.3		%	99.3		%	97.5		%	97.8		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,183		$	2,146		$	2,469		$	2,311		$	2,298		$	2,240		$	2,488		$	2,306		$	2,343
Avg Total Monthly Rate (in US$)	$	2,215		$	2,146		$	2,523		$	2,317		$	2,380		$	2,260		$	2,508		$	2,336		$	2,383
Avg Resident Occ. - Private	48.3		%	47.2		%	45.0		%	45.8		%	41.5		%	46.8		%	46.8		%	45.9		%	45.1		%
Avg Resident Occ. - Medicaid	51.7		%	52.8		%	55.0		%	54.2		%	58.5		%	53.2		%	53.2		%	54.1		%	54.9		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-6

	Actual
	Jan-03			Feb-03			Mar-03			Apr-03			May-03			Jun-03			Jul-03			Aug-03			Sep-03			Oct-03			Nov-03			Dec-03			Total
Income Statement Data
Revenues
Private Room and Board	$	44		$	39		$	48		$	45		$	37		$	37		$	34		$	34		$	33		$	34		$	42		$	40		$	468
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	44			39			48			45			37			37			34			34			33			34			42			40			468
Total State Paid	33			30			33			29			32			33			37			52			45			37			31			30			420
Other Revenue	1			(0		)	1			0			1			0			(0		)	2			1			2			1			2			11
Total Revenue	$	78		$	69		$	81		$	74		$	69		$	70		$	71		$	88		$	79		$	73		$	74		$	72		$	899
Expenses
Residence Payroll	$	29		$	31		$	32		$	34		$	33		$	29		$	34		$	29		$	30		$	36		$	29		$	28		$	374
Tenant Care	1			1			1			1			0			0			0			0			1			0			0			0			6
Maintenance	2			1			3			1			1			1			3			3			2			2			2			2			25
Kitchen	6			4			5			4			4			6			5			5			5			6			4			5			59
Housekeeping	1			0			0			0			0			0			0			0			1			0			0			0			4
Activities	0			0			0			0			0			0			0			0			0			0			0			0			0
Utilities	4			4			3			4			4			5			6			6			7			6			6			5			58
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			14
Property Taxes	2			2			2			2			2			2			2			2			2			1			1			1			18
Advertising	0			0			0			0			0			0			0			0			0			0			0			0			1
Administrative	2			1			2			1			1			2			1			1			1			1			1			1			15
Bad Debt	0			(2		)	1			3			(1		)	(1		)	(0		)	(2		)	0			2			4			(2		)	2
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			1
Management Fees	4			3			4			4			3			4			4			4			4			4			4			4			45
Total Operating Expenses	$	51		$	47		$	53		$	56		$	49		$	48		$	55		$	51		$	54		$	61		$	52		$	45		$	622
EBITDAR	$	27		$	23		$	28		$	19		$	20		$	22		$	16		$	37		$	25		$	12		$	22		$	27		$	277
Margin	34.4		%	33.0		%	34.6		%	24.9		%	29.5		%	31.7		%	22.2		%	41.9		%	31.5		%	17.0		%	29.9		%	37.0		%	30.9		%
EBITDARM	$	31		$	26		$	32		$	22		$	24		$	26		$	19		$	41		$	29		$	16		$	26		$	30		$	322
Margin	39.4		%	38.0		%	39.6		%	29.9		%	34.5		%	36.7		%	27.2		%	46.9		%	36.5		%	22.0		%	34.9		%	42.0		%	35.9		%
Operating Data
Available Units	36			36			36			36			36			36			36			36			36			36			36			36			36
Number of Units Occupied (Net)	36			35			35			34			34			34			34			35			34			33			34			34			34
Average Occupancy	99.4		%	97.2		%	98.4		%	94.2		%	95.3		%	95.1		%	93.5		%	96.1		%	94.5		%	90.5		%	93.3		%	95.3		%	95.2		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,138		$	1,987		$	2,270		$	2,196		$	2,004		$	2,057		$	2,110		$	2,490		$	2,281		$	2,168		$	2,162		$	2,041		$	2,159
Avg Total Monthly Rate (in US$)	$	2,176		$	1,985		$	2,293		$	2,196		$	2,020		$	2,058		$	2,110		$	2,536		$	2,314		$	2,243		$	2,195		$	2,099		$	2,185
Avg Resident Occ. - Private	46.8		%	47.2		%	47.8		%	46.4		%	39.3		%	40.9		%	34.0		%	34.0		%	35.4		%	40.4		%	46.6		%	48.3		%	42.3		%
Avg Resident Occ. - Medicaid	53.2		%	52.8		%	52.2		%	53.6		%	60.7		%	59.1		%	66.0		%	66.0		%	64.6		%	59.6		%	53.4		%	51.7		%	57.7		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-7

	Actual
	Jan-02			Feb-02			Mar-02			Apr-02			May-02			Jun-02			Jul-02			Aug-02			Sep-02			Oct-02			Nov-02			Dec-02			Total
Income Statement Data
Revenues
Private Room and Board	$	43		$	47		$	47		$	43		$	49		$	43		$	41		$	44		$	39		$	44		$	39		$	43		$	523
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	43			47			47			43			49			43			41			44			39			44			39			43			523
Total State Paid	30			24			20			26			27			35			37			33			31			37			28			34			360
Other Revenue	3			2			0			1			1			1			0			1			1			0			0			1			12
Total Revenue	$	76		$	73		$	67		$	70		$	77		$	79		$	78		$	78		$	71		$	81		$	67		$	78		$	894
Expenses
Residence Payroll	$	31		$	31		$	32		$	29		$	35		$	29		$	31		$	28		$	27		$	29		$	29		$	30		$	361
Tenant Care	0			0			1			0			1			1			1			1			0			1			0			0			6
Maintenance	0			1			2			2			6			2			2			2			4			2			1			2			25
Kitchen	5			3			4			5			4			5			4			5			4			5			5			5			54
Housekeeping	0			0			1			0			0			0			0			0			0			0			0			1			5
Activities	0			0			0			0			0			0			0			0			0			0			0			0			1
Utilities	3			3			3			3			4			5			5			5			5			4			3			3			47
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			16
Property Taxes	4			2			2			2			2			2			2			2			2			2			2			0			21
Advertising	0			0			0			0			0			0			0			0			0			0			0			0			2
Administrative	1			2			0			2			2			1			1			1			1			1			1			1			14
Bad Debt	1			(0		)	(1		)	0			(0		)	0			0			0			0			2			(0		)	(0		)	2
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			2
Management Fees	4			4			3			3			4			4			4			4			4			4			3			4			45
Total Operating Expenses	$	51		$	48		$	49		$	49		$	58		$	49		$	53		$	49		$	50		$	51		$	46		$	47		$	601
EBITDAR	$	25		$	25		$	18		$	21		$	19		$	29		$	25		$	29		$	21		$	29		$	21		$	31		$	294
Margin	33.2		%	34.0		%	27.3		%	30.2		%	24.1		%	37.1		%	31.7		%	36.8		%	29.9		%	36.4		%	31.9		%	39.8		%	32.8		%
EBITDARM	$	29		$	29		$	22		$	25		$	22		$	33		$	29		$	32		$	25		$	33		$	25		$	35		$	338
Margin	38.2		%	39.0		%	32.3		%	35.2		%	29.1		%	42.1		%	36.7		%	41.8		%	34.9		%	41.4		%	36.9		%	44.8		%	37.8		%
Operating Data
Available Units	36			36			36			36			36			36			36			36			36			36			36			36			36
Number of Units Occupied (Net)	34			35			35			33			37			36			34			35			35			36			35			35			35
Average Occupancy	95.4		%	97.1		%	97.2		%	92.0		%	102.2		%	98.9		%	95.5		%	97.1		%	96.9		%	99.9		%	97.1		%	97.8		%	97.3		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,133		$	2,033		$	1,909		$	2,087		$	2,063		$	2,181		$	2,265		$	2,199		$	1,997		$	2,242		$	1,919		$	2,183		$	2,101
Avg Total Monthly Rate (in US$)	$	2,223		$	2,095		$	1,916		$	2,107		$	2,090		$	2,206		$	2,265		$	2,219		$	2,031		$	2,249		$	1,920		$	2,225		$	2,129
Avg Resident Occ. - Private	—			—			—			—			—			—			—			—			—			—			—			—			—
Avg Resident Occ. - Medicaid	—			—			—			—			—			—			—			—			—			—			—			—			—

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-8

Property Name:	State:
Warren	ID

	CY 2002			CY 2003			YTD July 2004 Ann.
Income Statement Data
Revenues
Private Room and Board	$	636		$	659		$	477
Private Care	—			—			171
Total Private Paid	636			659			648
Total State Paid	157			261			247
Other Revenue	9			16			5
Total Revenue	$	802		$	936		$	901
Expenses
Residence Payroll	$	323		$	386		$	379
Tenant Care	3			3			3
Maintenance	18			13			11
Kitchen	58			67			71
Housekeeping	5			8			2
Activities	1			1			1
Utilities	35			45			33
Insurance	15			14			13
Property Taxes	28			33			35
Advertising	7			4			3
Administrative	17			14			19
Bad Debt	(3		)	10			(9		)
Petty Cash	2			3			0
Management Fees	40			47			45
Total Operating Expenses	$	550		$	648		$	606
EBITDAR	$	253		$	288		$	294
Margin	31.5		%	30.7		%	32.7		%
EBITDARM	$	293		$	335		$	339
Margin	36.5		%	35.7		%	37.7		%
Operating Data
Available Units	35			35			35
Number of Units Occupied (Net)	33			35			32
Average Occupancy	93.0		%	99.2		%	90.6		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,033		$	2,209		$	2,353
Avg Total Monthly Rate (in US$)	$	2,055		$	2,247		$	2,367
Avg Resident Occ. - Private	—			64.3		%	60.2		%
Avg Resident Occ. - Medicaid	—			35.7		%	39.8		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-9

	Actual
	Jan-04			Feb-04			Mar-04			Apr-04			May-04			Jun-04			Jul-04			YTD			TTM Ann.
Income Statement Data
Revenues
Private Room and Board	$	41		$	38		$	48		$	44		$	46		$	37		$	37		$	290		$	477
Private Care	16			16			19			16			17			13			12			110			171
Total Private Paid	56			54			67			60			63			50			49			399			648
Total State Paid	21			19			17			19			18			21			23			137			247
Other Revenue	1			1			1			1			0			0			0			6			5
Total Revenue	$	77		$	74		$	85		$	80		$	82		$	71		$	72		$	543		$	901
Expenses
Residence Payroll	$	32		$	28		$	29		$	28		$	33		$	31		$	30		$	212		$	379
Tenant Care	0			0			0			0			0			0			0			2			3
Maintenance	1			0			2			1			2			1			1			7			11
Kitchen	6			5			5			4			8			5			5			37			71
Housekeeping	1			0			0			0			(0		)	0			0			2			2
Activities	0			0			0			0			0			0			0			1			1
Utilities	5			4			4			3			2			3			3			24			33
Insurance	1			1			1			1			1			1			1			8			13
Property Taxes	3			3			3			3			3			3			3			20			35
Advertising	1			1			1			0			0			0			0			3			3
Administrative	1			1			1			1			1			1			2			8			19
Bad Debt	1			1			(0		)	0			(1		)	(3		)	1			(1		)	(9		)
Petty Cash	0			0			0			0			0			0			0			1			0
Management Fees	4			4			4			4			4			4			4			27			45
Total Operating Expenses	$	55		$	49		$	50		$	46		$	55		$	46		$	51		$	352		$	606
EBITDAR	$	22		$	26		$	35		$	34		$	27		$	25		$	21		$	191		$	294
Margin	28.5		%	34.7		%	41.2		%	42.4		%	33.2		%	35.4		%	29.5		%	35.1		%	32.7		%
EBITDARM	$	26		$	30		$	39		$	38		$	31		$	29		$	25		$	218		$	339
Margin	33.5		%	39.7		%	46.2		%	47.4		%	38.2		%	40.4		%	34.5		%	40.1		%	37.7		%
Operating Data
Available Units	35			35			35			35			35			35			35			35			35
Number of Units Occupied (Net)	34			34			35			34			33			32			30			33			32
Average Occupancy	97.1		%	97.9		%	98.6		%	96.9		%	93.8		%	91.8		%	86.2		%	94.6		%	90.6		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,262		$	2,132		$	2,437		$	2,326		$	2,483		$	2,201		$	2,374		$	2,316		$	2,353
Avg Total Monthly Rate (in US$)	$	2,278		$	2,170		$	2,473		$	2,364		$	2,497		$	2,215		$	2,387		$	2,340		$	2,367
Avg Resident Occ. - Private	64.7		%	65.9		%	68.1		%	64.8		%	63.5		%	59.9		%	56.9		%	63.5		%	60.2		%
Avg Resident Occ. - Medicaid	35.3		%	34.1		%	31.9		%	35.2		%	36.5		%	40.1		%	43.1		%	36.5		%	39.8		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-10

	Actual
	Jan-03			Feb-03			Mar-03			Apr-03			May-03			Jun-03			Jul-03			Aug-03			Sep-03			Oct-03			Nov-03			Dec-03			Total
Income Statement Data
Revenues
Private Room and Board	$	56		$	56		$	50		$	51		$	57		$	57		$	57		$	52		$	54		$	57		$	56		$	57		$	659
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	56			56			50			51			57			57			57			52			54			57			56			57			659
Total State Paid	15			20			29			23			25			23			19			20			24			22			20			21			261
Other Revenue	2			0			2			1			2			0			3			3			1			0			1			1			16
Total Revenue	$	73		$	77		$	80		$	75		$	84		$	80		$	79		$	75		$	78		$	80		$	77		$	79		$	936
Expenses
Residence Payroll	$	36		$	34		$	30		$	29		$	32		$	35		$	32		$	31		$	29		$	31		$	32		$	35		$	386
Tenant Care	0			0			0			1			0			0			0			0			(0		)	0			0			1			3
Maintenance	1			1			1			1			1			1			1			1			1			2			2			0			13
Kitchen	7			5			6			6			4			4			4			7			5			7			7			6			67
Housekeeping	1			1			1			1			0			2			0			0			1			1			0			0			8
Activities	0			0			0			0			0			0			0			0			0			0			0			0			1
Utilities	3			4			3			3			4			6			4			3			2			4			4			4			45
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			14
Property Taxes	3			3			3			3			3			2			3			3			3			3			4			4			33
Advertising	0			0			0			0			(0		)	0			0			0			0			1			1			1			4
Administrative	1			1			2			1			1			1			2			1			0			1			1			1			14
Bad Debt	1			1			1			(1		)	1			(1		)	(0		)	8			2			(5		)	2			2			10
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			3
Management Fees	4			4			4			4			4			4			4			4			4			4			4			4			47
Total Operating Expenses	$	58		$	55		$	52		$	49		$	52		$	56		$	52		$	60		$	48		$	50		$	57		$	59		$	648
EBITDAR	$	15		$	21		$	28		$	26		$	31		$	24		$	27		$	15		$	30		$	30		$	20		$	20		$	288
Margin	21.0		%	27.9		%	34.8		%	34.5		%	37.6		%	29.9		%	34.3		%	20.3		%	38.4		%	37.4		%	25.9		%	25.2		%	30.7		%
EBITDARM	$	19		$	25		$	32		$	29		$	36		$	28		$	31		$	19		$	34		$	34		$	24		$	24		$	335
Margin	26.0		%	32.9		%	39.8		%	39.5		%	42.6		%	34.9		%	39.3		%	25.3		%	43.4		%	42.4		%	30.9		%	30.2		%	35.7		%
Operating Data
Available Units	35			35			35			35			35			35			35			35			35			35			35			35			35
Number of Units Occupied (Net)	35			35			35			34			35			36			34			35			35			35			34			34			35
Average Occupancy	99.0		%	99.9		%	99.5		%	97.2		%	100.1		%	103.3		%	97.1		%	98.8		%	100.0		%	99.6		%	97.7		%	98.1		%	99.2		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,050		$	2,181		$	2,249		$	2,159		$	2,339		$	2,209		$	2,258		$	2,075		$	2,218		$	2,270		$	2,226		$	2,271		$	2,209
Avg Total Monthly Rate (in US$)	$	2,102		$	2,190		$	2,301		$	2,192		$	2,386		$	2,212		$	2,335		$	2,174		$	2,233		$	2,283		$	2,266		$	2,287		$	2,247
Avg Resident Occ. - Private	69.9		%	63.3		%	63.0		%	63.2		%	63.2		%	64.1		%	64.8		%	61.4		%	61.1		%	66.5		%	65.9		%	65.1		%	64.3		%
Avg Resident Occ. - Medicaid	30.1		%	36.7		%	37.0		%	36.8		%	36.8		%	35.9		%	35.2		%	38.6		%	38.9		%	33.5		%	34.1		%	34.9		%	35.7		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-11

	Actual
	Jan-02			Feb-02			Mar-02			Apr-02			May-02			Jun-02			Jul-02			Aug-02			Sep-02			Oct-02			Nov-02			Dec-02			Total
Income Statement Data
Revenues
Private Room and Board	$	49		$	52		$	51		$	57		$	53		$	54		$	56		$	49		$	53		$	54		$	54		$	54		$	636
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	49			52			51			57			53			54			56			49			53			54			54			54			636
Total State Paid	11			14			15			16			9			11			10			11			12			17			14			18			157
Other Revenue	0			1			0			1			1			1			1			2			2			0			0			1			9
Total Revenue	$	60		$	66		$	66		$	74		$	62		$	66		$	66		$	62		$	67		$	71		$	68		$	72		$	802
Expenses
Residence Payroll	$	28		$	25		$	26		$	26		$	27		$	26		$	29		$	25		$	26		$	27		$	30		$	29		$	323
Tenant Care	0			0			1			0			0			1			0			0			0			0			0			0			3
Maintenance	1			1			1			3			2			2			1			3			2			1			1			2			18
Kitchen	6			5			2			5			5			5			4			4			4			5			4			7			58
Housekeeping	0			0			1			1			0			0			0			0			0			0			0			0			5
Activities	(0		)	0			0			0			0			0			0			0			0			0			0			0			1
Utilities	3			4			4			3			3			2			2			2			2			2			2			3			35
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			15
Property Taxes	1			2			2			2			2			2			2			2			2			2			2			2			28
Advertising	2			0			1			1			0			1			0			0			0			0			1			0			7
Administrative	2			2			2			1			2			1			2			2			1			1			1			1			17
Bad Debt	1			(2		)	(2		)	1			(1		)	0			0			(0		)	0			0			(0		)	0			(3		)
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			2
Management Fees	3			3			3			4			3			3			3			3			3			4			3			4			40
Total Operating Expenses	$	49		$	42		$	43		$	50		$	46		$	45		$	46		$	45		$	42		$	45		$	46		$	50		$	550
EBITDAR	$	12		$	24		$	23		$	24		$	16		$	21		$	20		$	17		$	25		$	26		$	22		$	23		$	253
Margin	19.1		%	36.5		%	34.8		%	32.7		%	26.2		%	32.1		%	30.3		%	27.0		%	36.8		%	36.7		%	32.1		%	31.2		%	31.5		%
EBITDARM	$	15		$	28		$	26		$	28		$	19		$	24		$	23		$	20		$	28		$	30		$	25		$	26		$	293
Margin	24.1		%	41.5		%	39.8		%	37.7		%	31.2		%	37.1		%	35.3		%	32.0		%	41.8		%	41.7		%	37.1		%	36.2		%	36.5		%
Operating Data
Available Units	35			35			35			35			35			35			35			35			35			35			35			35			35
Number of Units Occupied (Net)	33			34			33			31			30			30			31			33			34			34			33			34			33
Average Occupancy	95.7		%	97.0		%	95.3		%	89.0		%	84.6		%	86.0		%	89.1		%	93.7		%	95.9		%	96.8		%	95.2		%	97.3		%	93.0		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	1,790		$	1,936		$	1,988		$	2,339		$	2,086		$	2,159		$	2,102		$	1,832		$	1,946		$	2,105		$	2,042		$	2,107		$	2,033
Avg Total Monthly Rate (in US$)	$	1,803		$	1,951		$	1,989		$	2,373		$	2,108		$	2,186		$	2,127		$	1,882		$	2,000		$	2,105		$	2,054		$	2,121		$	2,055
Avg Resident Occ. - Private	—			—			—			—			—			—			—			—			—			—			—			—			—
Avg Resident Occ. - Medicaid	—			—			—			—			—			—			—			—			—			—			—			—			—

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-12

Property Name:	State:
Annabelle	ID

	CY 2002			CY 2003			YTD July 2004 Ann.
Income Statement Data
Revenues
Private Room and Board	$	662		$	655		$	357
Private Care	—			—			121
Total Private Paid	662			655			478
Total State Paid	254			358			389
Other Revenue	12			8			9
Total Revenue	$	928		$	1,022		$	876
Expenses
Residence Payroll	$	295		$	332		$	334
Tenant Care	3			2			3
Maintenance	16			17			13
Kitchen	52			57			44
Housekeeping	5			5			4
Activities	0			0			1
Utilities	40			37			36
Insurance	16			15			15
Property Taxes	44			41			44
Advertising	2			3			4
Administrative	8			11			12
Bad Debt	1			7			(1		)
Petty Cash	2			3			2
Management Fees	46			51			44
Total Operating Expenses	$	530		$	582		$	554
EBITDAR	$	398		$	440		$	323
Margin	42.8		%	43.1		%	36.8		%
EBITDARM	$	444		$	491		$	366
Margin	47.8		%	48.1		%	41.8		%
Operating Data
Available Units	35			35			35
Number of Units Occupied (Net)	34			35			32
Average Occupancy	97.5		%	99.8		%	91.3		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,237		$	2,419		$	2,262
Avg Total Monthly Rate (in US$)	$	2,267		$	2,439		$	2,286
Avg Resident Occ. - Private	—			55.4		%	45.7		%
Avg Resident Occ. - Medicaid	—			44.6		%	54.3		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-13

	Actual
	Jan-04			Feb-04			Mar-04			Apr-04			May-04			Jun-04			Jul-04			YTD			TTM Ann.
Income Statement Data
Revenues
Private Room and Board	$	39		$	22		$	40		$	38		$	38		$	23		$	28		$	229		$	357
Private Care	13			11			13			13			12			9			10			81			121
Total Private Paid	52			33			53			51			50			32			38			310			478
Total State Paid	36			47			30			24			28			32			37			234			389
Other Revenue	0			0			0			1			0			0			2			3			9
Total Revenue	$	88		$	80		$	83		$	77		$	79		$	64		$	76		$	548		$	876
Expenses
Residence Payroll	$	28		$	30		$	28		$	29		$	31		$	26		$	27		$	199		$	334
Tenant Care	0			0			0			0			0			0			0			2			3
Maintenance	2			1			2			1			1			1			1			9			13
Kitchen	6			5			5			4			5			3			4			31			44
Housekeeping	0			0			0			0			0			0			0			2			4
Activities	0			0			0			0			0			0			0			0			1
Utilities	4			3			2			4			3			3			3			22			36
Insurance	1			1			1			1			1			1			1			9			15
Property Taxes	4			4			4			4			4			4			4			26			44
Advertising	0			0			0			0			0			0			1			2			4
Administrative	1			1			1			1			1			1			1			6			12
Bad Debt	(7		)	(1		)	4			0			5			(6		)	(0		)	(4		)	(1		)
Petty Cash	0			0			0			0			0			0			0			1			2
Management Fees	4			4			4			4			4			3			4			27			44
Total Operating Expenses	$	44		$	50		$	53		$	48		$	55		$	38		$	46		$	333		$	554
EBITDAR	$	45		$	30		$	30		$	29		$	23		$	26		$	31		$	215		$	323
Margin	50.6		%	37.5		%	36.4		%	37.5		%	29.8		%	41.4		%	40.2		%	39.2		%	36.8		%
EBITDARM	$	49		$	34		$	34		$	33		$	27		$	30		$	35		$	242		$	366
Margin	55.6		%	42.5		%	41.4		%	42.5		%	34.8		%	46.4		%	45.2		%	44.2		%	41.8		%
Operating Data
Available Units	35			35			35			35			35			35			35			35			35
Number of Units Occupied (Net)	34			33			33			34			33			31			32			33			32
Average Occupancy	98.1		%	93.2		%	93.8		%	98.0		%	94.0		%	88.4		%	91.4		%	93.8		%	91.3		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,572		$	2,466		$	2,528		$	2,209		$	2,384		$	2,063		$	2,330		$	2,367		$	2,262
Avg Total Monthly Rate (in US$)	$	2,572		$	2,467		$	2,528		$	2,242		$	2,392		$	2,068		$	2,388		$	2,383		$	2,286
Avg Resident Occ. - Private	50.0		%	48.4		%	56.7		%	56.0		%	53.8		%	40.1		%	42.9		%	49.8		%	45.7		%
Avg Resident Occ. - Medicaid	50.0		%	51.6		%	43.3		%	44.0		%	46.2		%	59.9		%	57.1		%	50.2		%	54.3		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-14

	Actual
	Jan-03			Feb-03			Mar-03			Apr-03			May-03			Jun-03			Jul-03			Aug-03			Sep-03			Oct-03			Nov-03			Dec-03			Total
Income Statement Data
Revenues
Private Room and Board	$	50		$	53		$	56		$	55		$	57		$	57		$	54		$	63		$	57		$	50		$	52		$	51		$	655
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	50			53			56			55			57			57			54			63			57			50			52			51			655
Total State Paid	31			25			27			31			31			34			29			28			28			33			28			33			358
Other Revenue	1			0			0			2			0			2			2			0			2			(1		)	0			1			8
Total Revenue	$	82		$	78		$	83		$	88		$	87		$	93		$	85		$	91		$	86		$	82		$	81		$	85		$	1,022
Expenses
Residence Payroll	$	27		$	24		$	26		$	32		$	27		$	26		$	29		$	27		$	22		$	31		$	30		$	31		$	332
Tenant Care	0			0			1			0			0			0			0			0			0			0			0			0			2
Maintenance	2			1			2			1			1			1			2			1			1			1			2			1			17
Kitchen	5			4			4			3			6			5			2			5			4			6			6			6			57
Housekeeping	0			0			1			0			0			0			0			1			0			1			1			0			5
Activities	0			0			0			0			0			0			0			0			0			0			0			0			0
Utilities	3			3			3			3			3			4			3			3			2			3			2			4			37
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			15
Property Taxes	4			4			4			4			4			3			4			4			4			4			4			1			41
Advertising	0			0			0			0			0			0			0			0			0			0			0			0			3
Administrative	0			1			1			0			1			1			1			1			0			1			2			2			11
Bad Debt	0			0			1			(2		)	0			1			1			3			0			5			(4		)	1			7
Petty Cash	0			0			0			0			0			0			0			0			0			1			0			0			3
Management Fees	4			4			4			4			4			5			4			5			4			4			4			4			51
Total Operating Expenses	$	48		$	43		$	48		$	47		$	48		$	48		$	48		$	52		$	41		$	58		$	48		$	54		$	582
EBITDAR	$	35		$	35		$	35		$	41		$	39		$	45		$	38		$	39		$	45		$	24		$	33		$	31		$	440
Margin	42.2		%	44.7		%	42.1		%	46.7		%	44.9		%	48.6		%	44.1		%	43.1		%	52.5		%	29.2		%	40.5		%	36.9		%	43.1		%
EBITDARM	$	39		$	39		$	39		$	45		$	44		$	50		$	42		$	44		$	50		$	28		$	37		$	36		$	491
Margin	47.2		%	49.7		%	47.1		%	51.7		%	49.9		%	53.6		%	49.1		%	48.1		%	57.5		%	34.2		%	45.5		%	41.9		%	48.1		%
Operating Data
Available Units	35			35			35			35			35			35			35			35			35			35			35			35			35
Number of Units Occupied (Net)	35			35			35			35			34			35			36			35			35			35			35			35			35
Average Occupancy	99.6		%	100.1		%	100.3		%	100.2		%	98.2		%	100.0		%	104.1		%	98.7		%	99.3		%	98.7		%	98.8		%	99.1		%	99.8		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,346		$	2,228		$	2,352		$	2,448		$	2,544		$	2,602		$	2,282		$	2,633		$	2,430		$	2,395		$	2,340		$	2,435		$	2,419
Avg Total Monthly Rate (in US$)	$	2,360		$	2,237		$	2,357		$	2,502		$	2,544		$	2,648		$	2,341		$	2,633		$	2,478		$	2,372		$	2,340		$	2,458		$	2,439
Avg Resident Occ. - Private	56.9		%	58.6		%	54.0		%	56.4		%	55.9		%	57.9		%	58.8		%	58.5		%	53.5		%	52.1		%	52.1		%	50.0		%	55.4		%
Avg Resident Occ. - Medicaid	43.1		%	41.4		%	46.0		%	43.6		%	44.1		%	42.1		%	41.2		%	41.5		%	46.5		%	47.9		%	47.9		%	50.0		%	44.6		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-15

	Actual
	Jan-02			Feb-02			Mar-02			Apr-02			May-02			Jun-02			Jul-02			Aug-02			Sep-02			Oct-02			Nov-02			Dec-02			Total
Income Statement Data
Revenues
Private Room and Board	$	57		$	62		$	62		$	59		$	61		$	46		$	61		$	54		$	56		$	41		$	58		$	46		$	662
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	57			62			62			59			61			46			61			54			56			41			58			46			662
Total State Paid	12			15			14			18			13			18			21			28			26			34			25			32			254
Other Revenue	0			0			1			1			0			0			3			2			1			3			1			0			12
Total Revenue	$	70		$	77		$	76		$	78		$	73		$	64		$	84		$	83		$	82		$	78		$	84		$	77		$	928
Expenses
Residence Payroll	$	24		$	23		$	25		$	25		$	24		$	24		$	24		$	25		$	25		$	25		$	25		$	25		$	295
Tenant Care	0			0			0			0			0			0			0			0			0			0			0			0			3
Maintenance	1			1			1			1			2			1			1			1			1			3			1			2			16
Kitchen	5			4			4			4			5			4			4			4			5			4			4			5			52
Housekeeping	0			0			1			1			0			0			0			0			0			0			0			1			5
Activities	(0		)	0			0			0			0			0			0			0			0			0			0			0			0
Utilities	3			3			3			3			2			3			3			3			4			6			3			4			40
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			16
Property Taxes	4			4			3			3			3			3			3			3			3			4			3			5			44
Advertising	0			0			0			0			0			0			0			0			1			0			0			0			2
Administrative	1			1			1			0			1			0			1			1			1			1			1			1			8
Bad Debt	(0		)	0			0			0			2			(2		)	(1		)	1			(1		)	0			0			1			1
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			2
Management Fees	3			4			4			4			4			3			4			4			4			4			4			4			46
Total Operating Expenses	$	44		$	41		$	44		$	43		$	46		$	40		$	42		$	44		$	45		$	48		$	43		$	51		$	530
EBITDAR	$	25		$	36		$	32		$	36		$	28		$	24		$	42		$	39		$	37		$	30		$	41		$	27		$	398
Margin	36.6		%	46.7		%	41.8		%	45.7		%	37.9		%	37.9		%	50.0		%	46.7		%	45.2		%	38.4		%	49.2		%	34.6		%	42.8		%
EBITDARM	$	29		$	40		$	36		$	40		$	32		$	27		$	46		$	43		$	41		$	34		$	45		$	31		$	444
Margin	41.6		%	51.7		%	46.8		%	50.7		%	42.9		%	42.9		%	55.0		%	51.7		%	50.2		%	43.4		%	54.2		%	39.6		%	47.8		%
Operating Data
Available Units	35			35			35			35			35			35			35			35			35			35			35			35			35
Number of Units Occupied (Net)	33			34			35			34			33			34			34			34			35			35			35			35			34
Average Occupancy	93.9		%	95.9		%	99.6		%	96.9		%	94.9		%	96.4		%	96.0		%	96.5		%	99.6		%	100.0		%	100.0		%	99.8		%	97.5		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,108		$	2,295		$	2,160		$	2,276		$	2,211		$	1,884		$	2,433		$	2,406		$	2,339		$	2,146		$	2,367		$	2,214		$	2,237
Avg Total Monthly Rate (in US$)	$	2,115		$	2,301		$	2,193		$	2,312		$	2,211		$	1,891		$	2,510		$	2,469		$	2,363		$	2,226		$	2,391		$	2,218		$	2,267
Avg Resident Occ. - Private	—			—			—			—			—			—			—			—			—			—			—			—			—
Avg Resident Occ. - Medicaid	—			—			—			—			—			—			—			—			—			—			—			—			—

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-16

Property Name:	State:
Sylvan	ID

	CY 2002			CY 2003			YTD July 2004 Ann.
Income Statement Data
Revenues
Private Room and Board	$	637		$	479		$	298
Private Care	—			—			162
Total Private Paid	637			479			460
Total State Paid	182			317			481
Other Revenue	9			8			12
Total Revenue	$	828		$	805		$	953
Expenses
Residence Payroll	$	361		$	366		$	407
Tenant Care	4			5			1
Maintenance	17			20			12
Kitchen	58			62			71
Housekeeping	4			6			8
Activities	0			1			1
Utilities	48			51			44
Insurance	17			12			11
Property Taxes	28			31			33
Advertising	3			3			4
Administrative	12			17			10
Bad Debt	11			13			(14		)
Petty Cash	2			2			5
Management Fees	41			40			48
Total Operating Expenses	$	607		$	631		$	642
EBITDAR	$	222		$	174		$	312
Margin	26.8		%	21.7		%	32.7		%
EBITDARM	$	263		$	215		$	359
Margin	31.8		%	26.7		%	37.7		%
Operating Data
Available Units	39			39			39
Number of Units Occupied (Net)	34			34			38
Average Occupancy	86.1		%	86.2		%	98.3		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,032		$	1,975		$	2,047
Avg Total Monthly Rate (in US$)	$	2,056		$	1,996		$	2,073
Avg Resident Occ. - Private	—			50.4		%	39.8		%
Avg Resident Occ. - Medicaid	—			49.6		%	60.2		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-17

	Actual
	Jan-04			Feb-04			Mar-04			Apr-04			May-04			Jun-04			Jul-04			YTD			TTM Ann.
Income Statement Data
Revenues
Private Room and Board	$	25		$	29		$	26		$	27		$	28		$	25		$	22		$	181		$	298
Private Care	15			15			15			14			16			12			12			98			162
Total Private Paid	40			43			41			40			44			37			34			279			460
Total State Paid	43			38			36			34			38			41			41			270			481
Other Revenue	1			1			2			1			1			2			1			8			12
Total Revenue	$	83		$	82		$	78		$	75		$	83		$	80		$	75		$	557		$	953
Expenses
Residence Payroll	$	35		$	31		$	33		$	33		$	28		$	38		$	35		$	233		$	407
Tenant Care	0			1			0			0			1			(0		)	(0		)	2			1
Maintenance	2			2			2			1			1			1			1			9			12
Kitchen	5			5			5			5			7			6			5			38			71
Housekeeping	0			0			1			0			1			0			1			4			8
Activities	0			0			0			0			0			0			0			0			1
Utilities	6			6			5			5			2			4			4			32			44
Insurance	1			1			1			1			1			1			1			7			11
Property Taxes	3			3			3			3			3			3			3			19			33
Advertising	0			0			0			0			0			0			0			2			4
Administrative	1			0			1			1			1			1			1			6			10
Bad Debt	(2		)	7			(7		)	0			(4		)	0			0			(6		)	(14		)
Petty Cash	0			0			0			0			0			0			1			2			5
Management Fees	4			4			4			4			4			4			4			28			48
Total Operating Expenses	$	56		$	60		$	48		$	53		$	46		$	59		$	56		$	377		$	642
EBITDAR	$	27		$	22		$	30		$	23		$	37		$	21		$	20		$	180		$	312
Margin	32.8		%	26.8		%	38.7		%	30.2		%	45.0		%	26.4		%	26.0		%	32.3		%	32.7		%
EBITDARM	$	31		$	26		$	34		$	26		$	41		$	25		$	23		$	208		$	359
Margin	37.8		%	31.8		%	43.7		%	35.2		%	50.0		%	31.4		%	31.0		%	37.3		%	37.7		%
Operating Data
Available Units	39			39			39			39			39			39			39			39			39
Number of Units Occupied (Net)	39			38			38			39			39			39			37			38			38
Average Occupancy	99.5		%	97.8		%	96.2		%	98.8		%	100.0		%	99.2		%	95.6		%	98.2		%	98.3		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,117		$	2,137		$	2,037		$	1,916		$	2,110		$	2,024		$	2,005		$	2,050		$	2,047
Avg Total Monthly Rate (in US$)	$	2,145		$	2,161		$	2,079		$	1,955		$	2,127		$	2,067		$	2,023		$	2,080		$	2,073
Avg Resident Occ. - Private	42.7		%	40.8		%	39.4		%	41.8		%	42.5		%	40.3		%	36.5		%	40.6		%	39.8		%
Avg Resident Occ. - Medicaid	57.3		%	59.2		%	60.6		%	58.2		%	57.5		%	59.7		%	63.5		%	59.4		%	60.2		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-18

	Actual
	Jan-03			Feb-03			Mar-03			Apr-03			May-03			Jun-03			Jul-03			Aug-03			Sep-03			Oct-03			Nov-03			Dec-03			Total
Income Statement Data
Revenues
Private Room and Board	$	35		$	40		$	40		$	34		$	37		$	41		$	45		$	56		$	41		$	40		$	28		$	43		$	479
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	35			40			40			34			37			41			45			56			41			40			28			43			479
Total State Paid	25			21			22			19			31			24			22			37			33			28			27			30			317
Other Revenue	1			1			(1		)	0			0			0			0			3			1			1			(0		)	1			8
Total Revenue	$	60		$	62		$	62		$	53		$	68		$	65		$	67		$	95		$	75		$	69		$	54		$	75		$	805
Expenses
Residence Payroll	$	31		$	27		$	32		$	36		$	30		$	24		$	27		$	30		$	30		$	31		$	37		$	31		$	366
Tenant Care	1			0			0			0			(0		)	1			0			1			0			1			1			0			5
Maintenance	1			0			5			1			1			2			1			2			2			2			2			1			20
Kitchen	6			4			5			6			5			5			2			5			6			6			6			5			62
Housekeeping	1			0			1			0			0			0			0			1			0			1			1			1			6
Activities	0			0			0			0			0			0			0			0			0			0			0			0			1
Utilities	4			5			4			4			5			4			6			6			3			3			4			3			51
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			12
Property Taxes	3			3			3			3			3			2			2			2			2			2			3			3			31
Advertising	0			0			0			0			0			0			0			1			0			0			0			0			3
Administrative	1			3			2			1			1			2			1			1			1			2			2			1			17
Bad Debt	4			1			(1		)	1			1			3			(1		)	7			2			(0		)	(6		)	2			13
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			2
Management Fees	3			3			3			3			3			3			3			5			4			3			3			4			40
Total Operating Expenses	$	57		$	48		$	55		$	55		$	50		$	48		$	44		$	61		$	53		$	53		$	54		$	52		$	631
EBITDAR	$	3		$	15		$	7		$	(3	)	$	18		$	16		$	24		$	34		$	22		$	16		$	0		$	23		$	174
Margin	5.0		%	23.3		%	11.5		%	-5.0		%	26.5		%	25.4		%	35.0		%	35.5		%	29.6		%	22.6		%	0.7		%	30.3		%	21.7		%
EBITDARM	$	6		$	18		$	10		$	0		$	22		$	20		$	27		$	39		$	26		$	19		$	3		$	26		$	215
Margin	10.0		%	28.3		%	16.5		%	0.0		%	31.5		%	30.4		%	40.0		%	40.5		%	34.6		%	27.6		%	5.7		%	35.3		%	26.7		%
Operating Data
Available Units	39			39			39			39			39			39			39			39			39			39			39			39			39
Number of Units Occupied (Net)	31			31			29			29			30			32			33			38			38			38			37			38			34
Average Occupancy	79.8		%	78.7		%	73.5		%	74.2		%	76.1		%	81.5		%	84.8		%	98.1		%	97.7		%	97.3		%	95.9		%	96.4		%	86.2		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	1,903		$	1,990		$	2,194		$	1,810		$	2,290		$	2,026		$	2,023		$	2,418		$	1,943		$	1,780		$	1,457		$	1,945		$	1,975
Avg Total Monthly Rate (in US$)	$	1,921		$	2,029		$	2,173		$	1,824		$	2,301		$	2,034		$	2,034		$	2,488		$	1,959		$	1,819		$	1,450		$	1,983		$	1,996
Avg Resident Occ. - Private	57.6		%	53.8		%	52.0		%	49.5		%	51.7		%	51.6		%	49.0		%	52.1		%	50.9		%	45.9		%	45.5		%	47.4		%	50.4		%
Avg Resident Occ. - Medicaid	42.4		%	46.2		%	48.0		%	50.5		%	48.3		%	48.4		%	51.0		%	47.9		%	49.1		%	54.1		%	54.5		%	52.6		%	49.6		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-19

	Actual
	Jan-02			Feb-02			Mar-02			Apr-02			May-02			Jun-02			Jul-02			Aug-02			Sep-02			Oct-02			Nov-02			Dec-02			Total
Income Statement Data
Revenues
Private Room and Board	$	45		$	54		$	59		$	57		$	53		$	55		$	55		$	44		$	49		$	54		$	54		$	59		$	637
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	45			54			59			57			53			55			55			44			49			54			54			59			637
Total State Paid	9			9			8			10			15			16			19			26			20			19			15			17			182
Other Revenue	0			2			(3		)	1			0			0			0			1			5			1			1			0			9
Total Revenue	$	54		$	65		$	64		$	67		$	68		$	71		$	73		$	70		$	75		$	74		$	70		$	76		$	828
Expenses
Residence Payroll	$	24		$	24		$	30		$	28		$	32		$	32		$	30		$	31		$	29		$	29		$	35		$	36		$	361
Tenant Care	0			0			0			0			1			0			2			(1		)	0			0			0			1			4
Maintenance	1			1			1			2			2			2			1			2			2			2			0			1			17
Kitchen	5			5			5			6			6			5			5			5			4			5			5			5			58
Housekeeping	0			1			0			1			0			0			0			0			0			0			1			0			4
Activities	0			0			0			0			0			0			0			0			0			0			0			0			0
Utilities	5			5			5			4			4			4			3			4			3			4			4			4			48
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			17
Property Taxes	0			3			3			3			3			3			3			3			3			3			3			1			28
Advertising	0			0			0			0			0			0			0			0			0			0			0			0			3
Administrative	1			1			0			1			1			1			1			1			1			1			1			2			12
Bad Debt	(0		)	0			1			0			(1		)	0			3			2			2			2			(1		)	3			11
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			2
Management Fees	3			3			3			3			3			4			4			4			4			4			4			4			41
Total Operating Expenses	$	42		$	44		$	50		$	50		$	52		$	52		$	53		$	51		$	50		$	52		$	53		$	59		$	607
EBITDAR	$	13		$	21		$	14		$	17		$	16		$	19		$	21		$	19		$	24		$	22		$	18		$	17		$	222
Margin	23.1		%	32.3		%	21.8		%	25.7		%	23.4		%	27.3		%	28.2		%	27.6		%	32.7		%	30.1		%	25.0		%	22.7		%	26.8		%
EBITDARM	$	15		$	24		$	17		$	21		$	19		$	23		$	24		$	23		$	28		$	26		$	21		$	21		$	263
Margin	28.1		%	37.3		%	26.8		%	30.7		%	28.4		%	32.3		%	33.2		%	32.6		%	37.7		%	35.1		%	30.0		%	27.7		%	31.8		%
Operating Data
Available Units	39			39			39			39			39			39			39			39			39			39			39			39			39
Number of Units Occupied (Net)	27			33			34			32			35			36			36			36			34			33			34			33			34
Average Occupancy	70.0		%	84.4		%	86.8		%	81.6		%	90.8		%	92.6		%	92.0		%	92.3		%	87.4		%	84.5		%	87.5		%	83.4		%	86.1		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	1,990		$	1,919		$	1,986		$	2,080		$	1,904		$	1,976		$	2,044		$	1,939		$	2,030		$	2,197		$	2,021		$	2,324		$	2,032
Avg Total Monthly Rate (in US$)	$	1,990		$	1,980		$	1,898		$	2,107		$	1,915		$	1,978		$	2,044		$	1,955		$	2,188		$	2,238		$	2,060		$	2,339		$	2,056
Avg Resident Occ. - Private	—			—			—			—			—			—			—			—			—			—			—			—			—
Avg Resident Occ. - Medicaid	—			—			—			—			—			—			—			—			—			—			—			—			—

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-20

Property Name:	State:
Clearwater	ID

	CY 2002			CY 2003			YTD July 2004 Ann.
Income Statement Data
Revenues
Private Room and Board	$	708		$	630		$	357
Private Care	—			—			70
Total Private Paid	708			630			427
Total State Paid	236			337			466
Other Revenue	7			3			1
Total Revenue	$	951		$	970		$	893
Expenses
Residence Payroll	$	319		$	351		$	379
Tenant Care	3			4			4
Maintenance	19			17			19
Kitchen	62			63			53
Housekeeping	5			6			7
Activities	1			0			0
Utilities	36			37			27
Insurance	17			15			14
Property Taxes	46			47			51
Advertising	3			4			7
Administrative	10			10			9
Bad Debt	1			0			11
Petty Cash	2			2			2
Management Fees	48			49			45
Total Operating Expenses	$	569		$	606		$	627
EBITDAR	$	381		$	365		$	266
Margin	40.1		%	37.6		%	29.8		%
EBITDARM	$	429		$	413		$	311
Margin	45.1		%	42.6		%	34.8		%
Operating Data
Available Units	39			39			39
Number of Units Occupied (Net)	38			38			37
Average Occupancy	97.4		%	97.2		%	95.7		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,070		$	2,128		$	1,992
Avg Total Monthly Rate (in US$)	$	2,085		$	2,134		$	1,994
Avg Resident Occ. - Private	—			55.2		%	43.0		%
Avg Resident Occ. - Medicaid	—			44.8		%	57.0		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-21

	Actual
	Jan-04			Feb-04			Mar-04			Apr-04			May-04			Jun-04			Jul-04			YTD			TTM Ann.
Income Statement Data
Revenues
Private Room and Board	$	28		$	34		$	42		$	34		$	36		$	20		$	33		$	226		$	357
Private Care	7			9			12			11			10			1			6			56			70
Total Private Paid	35			43			53			45			47			20			40			283			427
Total State Paid	39			35			27			31			34			47			35			249			466
Other Revenue	0			1			0			0			0			0			0			2			1
Total Revenue	$	74		$	79		$	80		$	76		$	80		$	68		$	75		$	533		$	893
Expenses
Residence Payroll	$	29		$	29		$	31		$	32		$	31		$	29		$	35		$	216		$	379
Tenant Care	0			0			0			0			0			0			1			2			4
Maintenance	2			1			2			2			2			1			2			12			19
Kitchen	6			6			5			4			5			4			4			35			53
Housekeeping	0			0			0			1			0			0			1			3			7
Activities	0			0			0			0			0			0			0			0			0
Utilities	4			4			3			3			2			2			2			20			27
Insurance	1			1			1			1			1			1			1			8			14
Property Taxes	4			4			4			4			4			4			4			30			51
Advertising	0			0			0			0			0			1			1			3			7
Administrative	0			0			1			1			0			1			1			4			9
Bad Debt	2			(0		)	(1		)	0			2			1			(0		)	4			11
Petty Cash	0			0			0			0			0			0			0			1			2
Management Fees	4			4			4			4			4			3			4			27			45
Total Operating Expenses	$	54		$	50		$	52		$	52		$	53		$	47		$	57		$	364		$	627
EBITDAR	$	21		$	29		$	29		$	24		$	27		$	20		$	19		$	169		$	266
Margin	27.8		%	36.8		%	35.7		%	31.2		%	34.2		%	30.1		%	24.8		%	31.7		%	29.8		%
EBITDARM	$	24		$	33		$	33		$	28		$	32		$	24		$	22		$	195		$	311
Margin	32.8		%	41.8		%	40.7		%	36.2		%	39.2		%	35.1		%	29.8		%	36.7		%	34.8		%
Operating Data
Available Units	39			39			39			39			39			39			39			39			39
Number of Units Occupied (Net)	39			39			38			39			36			37			38			38			37
Average Occupancy	99.0		%	98.9		%	96.7		%	99.6		%	93.3		%	95.4		%	98.5		%	97.3		%	95.7		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	1,912		$	2,031		$	2,132		$	1,954		$	2,205		$	1,818		$	1,957		$	2,000		$	1,992
Avg Total Monthly Rate (in US$)	$	1,922		$	2,054		$	2,134		$	1,957		$	2,208		$	1,820		$	1,959		$	2,007		$	1,994
Avg Resident Occ. - Private	45.8		%	47.2		%	49.2		%	46.5		%	44.7		%	39.8		%	44.3		%	45.4		%	43.0		%
Avg Resident Occ. - Medicaid	54.2		%	52.8		%	50.8		%	53.5		%	55.3		%	60.2		%	55.7		%	54.6		%	57.0		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-22

	Actual
	Jan-03			Feb-03			Mar-03			Apr-03			May-03			Jun-03			Jul-03			Aug-03			Sep-03			Oct-03			Nov-03			Dec-03			Total
Income Statement Data
Revenues
Private Room and Board	$	58		$	54		$	61		$	53		$	56		$	58		$	53		$	46		$	50		$	48		$	55		$	37		$	630
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	58			54			61			53			56			58			53			46			50			48			55			37			630
Total State Paid	20			25			27			28			27			27			31			31			31			36			26			28			337
Other Revenue	0			0			1			0			0			0			0			0			0			0			0			1			3
Total Revenue	$	78		$	79		$	89		$	81		$	83		$	86		$	84		$	77		$	82		$	85		$	81		$	66		$	970
Expenses
Residence Payroll	$	28		$	27		$	28		$	33		$	29		$	30		$	34		$	31		$	28		$	27		$	28		$	30		$	351
Tenant Care	0			0			0			0			0			0			0			1			0			0			1			0			4
Maintenance	1			1			1			1			1			1			1			1			3			2			1			2			17
Kitchen	4			5			6			5			6			6			1			8			6			4			8			6			63
Housekeeping	1			0			0			0			1			0			0			0			1			0			1			0			6
Activities	0			0			0			0			0			0			0			0			0			0			0			0			0
Utilities	4			4			3			3			4			4			3			3			1			2			2			3			37
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			15
Property Taxes	4			4			4			4			4			4			4			4			4			4			4			3			47
Advertising	0			0			0			0			0			1			0			1			0			0			0			1			4
Administrative	1			1			1			1			0			1			1			1			1			1			1			1			10
Bad Debt	1			0			0			0			1			1			1			(1		)	1			(4		)	2			(2		)	0
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			2
Management Fees	4			4			4			4			4			4			4			4			4			4			4			3			49
Total Operating Expenses	$	49		$	47		$	51		$	54		$	52		$	54		$	51		$	53		$	50		$	42		$	54		$	48		$	606
EBITDAR	$	30		$	31		$	38		$	27		$	31		$	32		$	32		$	24		$	32		$	42		$	27		$	18		$	365
Margin	37.7		%	39.8		%	42.9		%	33.4		%	37.1		%	37.1		%	38.6		%	31.2		%	39.3		%	50.0		%	33.3		%	27.6		%	37.6		%
EBITDARM	$	33		$	35		$	42		$	31		$	35		$	36		$	37		$	28		$	36		$	47		$	31		$	22		$	413
Margin	42.7		%	44.8		%	47.9		%	38.4		%	42.1		%	42.1		%	43.6		%	36.2		%	44.3		%	55.0		%	38.3		%	32.6		%	42.6		%
Operating Data
Available Units	39			39			39			39			39			39			39			39			39			39			39			39			39
Number of Units Occupied (Net)	38			37			38			39			37			37			36			38			39			38			37			39			38
Average Occupancy	98.5		%	94.9		%	98.2		%	99.2		%	95.0		%	95.0		%	93.3		%	97.4		%	100.6		%	98.6		%	95.8		%	99.4		%	97.2		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,036		$	2,128		$	2,298		$	2,086		$	2,236		$	2,312		$	2,295		$	2,023		$	2,085		$	2,201		$	2,174		$	1,685		$	2,128
Avg Total Monthly Rate (in US$)	$	2,039		$	2,131		$	2,313		$	2,089		$	2,238		$	2,314		$	2,303		$	2,025		$	2,092		$	2,204		$	2,177		$	1,711		$	2,134
Avg Resident Occ. - Private	62.0		%	59.0		%	57.6		%	57.0		%	55.3		%	55.0		%	52.1		%	51.2		%	54.1		%	55.1		%	52.9		%	50.9		%	55.2		%
Avg Resident Occ. - Medicaid	38.0		%	41.0		%	42.4		%	43.0		%	44.7		%	45.0		%	47.9		%	48.8		%	45.9		%	44.9		%	47.1		%	49.1		%	44.8		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-23

	Actual
	Jan-02			Feb-02			Mar-02			Apr-02			May-02			Jun-02			Jul-02			Aug-02			Sep-02			Oct-02			Nov-02			Dec-02			Total
Income Statement Data
Revenues
Private Room and Board	$	51		$	52		$	63		$	62		$	64		$	66		$	60		$	59		$	58		$	56		$	59		$	59		$	708
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	51			52			63			62			64			66			60			59			58			56			59			59			708
Total State Paid	16			16			17			21			17			16			20			23			23			23			21			24			236
Other Revenue	0			1			0			1			1			1			1			0			2			0			0			0			7
Total Revenue	$	67		$	69		$	80		$	83		$	81		$	84		$	81		$	82		$	82		$	79		$	80		$	83		$	951
Expenses
Residence Payroll	$	26		$	24		$	26		$	26		$	28		$	25		$	28		$	27		$	26		$	27		$	29		$	28		$	319
Tenant Care	0			0			0			0			0			0			0			1			0			0			0			0			3
Maintenance	3			1			3			2			2			1			2			1			1			1			1			2			19
Kitchen	6			3			5			6			5			5			5			5			5			5			4			6			62
Housekeeping	0			0			1			0			0			0			1			0			0			0			0			0			5
Activities	0			0			0			0			0			0			0			0			0			0			0			0			1
Utilities	4			4			3			3			3			3			3			3			3			2			3			3			36
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			17
Property Taxes	3			4			4			4			4			4			4			4			4			4			4			5			46
Advertising	0			0			0			0			0			0			0			0			0			0			0			0			3
Administrative	1			1			1			1			1			1			1			1			1			1			1			1			10
Bad Debt	0			0			8			(1		)	(4		)	(1		)	1			(1		)	(1		)	0			0			(0		)	1
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			2
Management Fees	3			3			4			4			4			4			4			4			4			4			4			4			48
Total Operating Expenses	$	47		$	43		$	56		$	48		$	45		$	44		$	50		$	46		$	45		$	46		$	47		$	52		$	569
EBITDAR	$	20		$	26		$	24		$	35		$	36		$	39		$	31		$	35		$	38		$	32		$	33		$	32		$	381
Margin	29.7		%	38.0		%	29.7		%	42.1		%	45.0		%	47.1		%	38.4		%	43.3		%	45.6		%	41.2		%	40.8		%	37.9		%	40.1		%
EBITDARM	$	23		$	30		$	28		$	39		$	40		$	44		$	35		$	40		$	42		$	36		$	37		$	36		$	429
Margin	34.7		%	43.0		%	34.7		%	47.1		%	50.0		%	52.1		%	43.4		%	48.3		%	50.6		%	46.2		%	45.8		%	42.9		%	45.1		%
Operating Data
Available Units	39			39			39			39			39			39			39			39			39			39			39			39			39
Number of Units Occupied (Net)	34			37			38			38			38			38			39			39			39			39			39			39			38
Average Occupancy	86.7		%	93.9		%	96.4		%	96.7		%	98.4		%	98.1		%	100.1		%	100.0		%	99.8		%	100.0		%	99.1		%	99.6		%	97.4		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	1,983		$	1,858		$	2,129		$	2,175		$	2,091		$	2,156		$	2,045		$	2,098		$	2,067		$	2,015		$	2,070		$	2,140		$	2,070
Avg Total Monthly Rate (in US$)	$	1,995		$	1,872		$	2,132		$	2,194		$	2,110		$	2,188		$	2,068		$	2,101		$	2,113		$	2,018		$	2,071		$	2,144		$	2,085
Avg Resident Occ. - Private	—			—			—			—			—			—			—			—			—			—			—			—			—
Avg Resident Occ. - Medicaid	—			—			—			—			—			—			—			—			—			—			—			—			—

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-24

Property Name:	State:
Beardsley	IN

	CY 2002			CY 2003			YTD July 2004 Ann.
Income Statement Data
Revenues
Private Room and Board	$	366		$	479		$	479
Private Care	—			—			52
Total Private Paid	366			479			531
Total State Paid	0			0			0
Other Revenue	18			9			3
Total Revenue	$	383		$	488		$	534
Expenses
Residence Payroll	$	247		$	241		$	245
Tenant Care	20			14			0
Maintenance	26			20			23
Kitchen	25			32			35
Housekeeping	4			3			2
Activities	1			2			3
Utilities	39			50			41
Insurance	17			7			7
Property Taxes	33			44			47
Advertising	6			7			8
Administrative	12			12			11
Bad Debt	(0		)	3			(2		)
Petty Cash	1			1			3
Management Fees	19			24			27
Total Operating Expenses	$	450		$	461		$	450
EBITDAR	$	(66	)	$	26		$	84
Margin	-17.3		%	5.4		%	15.7		%
EBITDARM	$	(47	)	$	51		$	111
Margin	-12.3		%	10.4		%	20.7		%
Operating Data
Available Units	39			39			39
Number of Units Occupied (Net)	16			21			21
Average Occupancy	41.3		%	52.7		%	54.6		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	1,891		$	1,941		$	2,076
Avg Total Monthly Rate (in US$)	$	1,982		$	1,978		$	2,090
Avg Resident Occ. - Private	—			100.0		%	100.0		%
Avg Resident Occ. - Medicaid	—			0.0		%	0.0		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-25

	Actual
	Jan-04			Feb-04			Mar-04			Apr-04			May-04			Jun-04			Jul-04			YTD			TTM Ann.
Income Statement Data
Revenues
Private Room and Board	$	28		$	38		$	43		$	45		$	36		$	42		$	41		$	274		$	479
Private Care	4			4			4			7			5			3			5			32			52
Total Private Paid	32			42			47			52			41			46			46			306			531
Total State Paid	0			0			0			0			0			0			0			0			0
Other Revenue	0			0			0			0			0			0			0			1			3
Total Revenue	$	32		$	42		$	47		$	52		$	41		$	46		$	47		$	307		$	534
Expenses
Residence Payroll	$	23		$	19		$	23		$	22		$	21		$	19		$	22		$	148		$	245
Tenant Care	1			1			1			0			0			0			0			3			0
Maintenance	1			4			0			1			1			3			1			12			23
Kitchen	3			3			3			3			3			3			3			20			35
Housekeeping	0			0			0			0			0			0			0			2			2
Activities	0			0			0			0			0			0			0			2			3
Utilities	5			6			4			3			3			3			4			28			41
Insurance	1			1			1			1			1			1			1			4			7
Property Taxes	4			4			4			4			4			4			4			28			47
Advertising	1			1			1			1			1			0			1			6			8
Administrative	1			1			1			1			1			1			1			7			11
Bad Debt	(2		)	0			(0		)	0			(1		)	(0		)	0			(2		)	(2		)
Petty Cash	0			0			0			0			0			0			0			1			3
Management Fees	2			2			2			3			2			2			2			15			27
Total Operating Expenses	$	39		$	42		$	40		$	38		$	37		$	36		$	39		$	272		$	450
EBITDAR	$	(7	)	$	(1	)	$	7		$	14		$	4		$	10		$	7		$	35		$	84
Margin	-21.4		%	-1.3		%	14.7		%	27.7		%	10.2		%	21.0		%	15.4		%	11.4		%	15.7		%
EBITDARM	$	(5	)	$	2		$	9		$	17		$	6		$	12		$	10		$	50		$	111
Margin	-16.4		%	3.7		%	19.7		%	32.7		%	15.2		%	26.0		%	20.4		%	16.4		%	20.7		%
Operating Data
Available Units	39			39			39			39			39			39			39			39			39
Number of Units Occupied (Net)	18			20			23			23			20			22			22			21			21
Average Occupancy	46.2		%	50.9		%	58.1		%	59.5		%	50.3		%	56.5		%	57.2		%	54.1		%	54.6		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	1,775		$	2,094		$	2,088		$	2,259		$	2,089		$	2,071		$	2,070		$	2,072		$	2,076
Avg Total Monthly Rate (in US$)	$	1,786		$	2,094		$	2,090		$	2,259		$	2,099		$	2,080		$	2,091		$	2,080		$	2,090
Avg Resident Occ. - Private	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%
Avg Resident Occ. - Medicaid	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-26

	Actual
	Jan-03			Feb-03			Mar-03			Apr-03			May-03			Jun-03			Jul-03			Aug-03			Sep-03			Oct-03			Nov-03			Dec-03			Total
Income Statement Data
Revenues
Private Room and Board	$	38		$	40		$	42		$	37		$	39		$	45		$	47		$	40		$	39		$	35		$	41		$	34		$	479
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	38			40			42			37			39			45			47			40			39			35			41			34			479
Total State Paid	0			0			0			0			0			0			0			0			0			0			0			0			0
Other Revenue	2			1			2			1			2			1			1			0			0			0			0			0			9
Total Revenue	$	40		$	41		$	44		$	38		$	41		$	46		$	48		$	40		$	39		$	35		$	41		$	34		$	488
Expenses
Residence Payroll	$	25		$	22		$	21		$	22		$	16		$	20		$	20		$	21		$	16		$	20		$	17		$	21		$	241
Tenant Care	1			2			2			1			1			1			0			1			0			2			1			1			14
Maintenance	2			3			1			2			2			1			2			(0		)	1			2			1			2			20
Kitchen	3			3			3			5			1			1			3			2			3			2			4			2			32
Housekeeping	0			0			0			0			1			0			0			0			0			0			0			0			3
Activities	0			0			0			0			0			0			0			0			0			0			0			0			2
Utilities	4			5			5			4			4			4			4			3			4			7			3			4			50
Insurance	1			0			1			1			1			1			1			1			1			1			0			0			7
Property Taxes	3			3			3			5			4			4			5			2			3			3			3			3			44
Advertising	0			1			0			1			1			1			1			(0		)	0			2			0			1			7
Administrative	1			1			1			1			1			1			0			2			1			2			1			1			12
Bad Debt	0			0			0			0			0			0			0			(0		)	2			(1		)	2			0			3
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			1
Management Fees	2			2			2			2			2			2			2			2			2			2			2			2			24
Total Operating Expenses	$	43		$	42		$	41		$	44		$	34		$	36		$	38		$	34		$	34		$	41		$	37		$	38		$	461
EBITDAR	$	(4	)	$	(0	)	$	4		$	(6	)	$	7		$	11		$	10		$	6		$	5		$	(6	)	$	5		$	(4	)	$	26
Margin	-9.2		%	-0.5		%	8.0		%	-16.5		%	18.2		%	22.9		%	20.1		%	14.6		%	12.5		%	-16.1		%	11.2		%	-12.6		%	5.4		%
EBITDARM	$	(2	)	$	2		$	6		$	(4	)	$	10		$	13		$	12		$	8		$	7		$	(4	)	$	7		$	(3	)	$	51
Margin	-4.2		%	4.5		%	13.0		%	-11.5		%	23.2		%	27.9		%	25.1		%	19.6		%	17.5		%	-11.1		%	16.2		%	-7.6		%	10.4		%
Operating Data
Available Units	39			39			39			39			39			39			39			39			39			39			39			39			39
Number of Units Occupied (Net)	22			23			21			19			20			22			22			21			20			21			19			17			21
Average Occupancy	56.9		%	57.8		%	54.4		%	48.8		%	52.1		%	55.2		%	57.2		%	52.9		%	51.5		%	53.4		%	48.2		%	43.7		%	52.7		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	1,718		$	1,793		$	1,989		$	1,942		$	1,941		$	2,104		$	2,108		$	1,921		$	1,930		$	1,691		$	2,205		$	1,998		$	1,941
Avg Total Monthly Rate (in US$)	$	1,790		$	1,832		$	2,074		$	1,990		$	2,020		$	2,145		$	2,140		$	1,921		$	1,952		$	1,703		$	2,205		$	1,998		$	1,978
Avg Resident Occ. - Private	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%
Avg Resident Occ. - Medicaid	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-27

	Actual
	Jan-02			Feb-02			Mar-02			Apr-02			May-02			Jun-02			Jul-02			Aug-02			Sep-02			Oct-02			Nov-02			Dec-02			Total
Income Statement Data
Revenues
Private Room and Board	$	24		$	24		$	20		$	25		$	27		$	29		$	35		$	30		$	39		$	37		$	39		$	37		$	366
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	24			24			20			25			27			29			35			30			39			37			39			37			366
Total State Paid	0			0			0			0			0			0			0			0			0			0			0			0			0
Other Revenue	0			0			0			1			1			1			2			5			2			3			2			1			18
Total Revenue	$	24		$	24		$	20		$	25		$	28		$	30		$	37		$	35		$	41		$	40		$	41		$	37		$	383
Expenses
Residence Payroll	$	19		$	17		$	20		$	17		$	17		$	19		$	21		$	22		$	23		$	22		$	25		$	24		$	247
Tenant Care	1			1			1			1			1			4			2			1			2			2			2			2			20
Maintenance	1			2			2			1			2			2			1			9			3			2			2			1			26
Kitchen	2			1			1			2			1			2			2			2			3			3			3			3			25
Housekeeping	0			0			0			0			0			0			0			1			0			1			0			0			4
Activities	0			0			0			0			0			0			0			0			0			0			0			0			1
Utilities	4			3			3			3			3			3			4			3			3			3			4			3			39
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			17
Property Taxes	3			3			3			(1		)	3			3			3			3			4			3			3			3			33
Advertising	1			1			1			1			1			0			0			0			0			0			1			0			6
Administrative	0			1			1			1			1			1			1			2			1			1			1			1			12
Bad Debt	1			0			(1		)	0			0			0			1			(1		)	(0		)	0			(0		)	0			0
Petty Cash	0			0			0			0			0			0			(0		)	0			0			0			0			0			1
Management Fees	1			1			1			1			1			1			2			2			2			2			2			2			19
Total Operating Expenses	$	34		$	32		$	34		$	28		$	33		$	36		$	39		$	46		$	42		$	42		$	44		$	40		$	450
EBITDAR	$	(10	)	$	(8	)	$	(13	)	$	(3	)	$	(5	)	$	(6	)	$	(2	)	$	(10	)	$	(2	)	$	(1	)	$	(2	)	$	(3	)	$	(66	)
Margin	-41.7		%	-34.6		%	-65.7		%	-10.0		%	-18.3		%	-20.9		%	-5.9		%	-28.9		%	-4.4		%	-3.3		%	-6.0		%	-7.3		%	-17.3		%
EBITDARM	$	(9	)	$	(7	)	$	(12	)	$	(1	)	$	(4	)	$	(5	)	$	(0	)	$	(8	)	$	0		$	1		$	(0	)	$	(1	)	$	(47	)
Margin	-36.7		%	-29.6		%	-60.7		%	-5.0		%	-13.3		%	-15.9		%	-0.9		%	-23.9		%	0.6		%	1.7		%	-1.0		%	-2.3		%	-12.3		%
Operating Data
Available Units	39			39			39			39			39			39			39			39			39			39			39			39			39
Number of Units Occupied (Net)	12			12			10			12			13			15			17			18			22			21			22			20			16
Average Occupancy	31.3		%	30.8		%	25.7		%	30.8		%	32.6		%	38.2		%	42.5		%	46.4		%	56.2		%	54.0		%	56.5		%	50.7		%	41.3		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	1,992		$	1,981		$	1,991		$	2,042		$	2,128		$	1,924		$	2,098		$	1,678		$	1,780		$	1,769		$	1,786		$	1,847		$	1,891
Avg Total Monthly Rate (in US$)	$	1,992		$	1,998		$	2,031		$	2,092		$	2,175		$	2,005		$	2,218		$	1,960		$	1,853		$	1,921		$	1,873		$	1,882		$	1,982
Avg Resident Occ. - Private	—			—			—			—			—			—			—			—			—			—			—			—			—
Avg Resident Occ. - Medicaid	—			—			—			—			—			—			—			—			—			—			—			—			—

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-28

Property Name:	State:
Jewel	IN

	CY 2002			CY 2003			YTD July 2004 Ann.
Income Statement Data
Revenues
Private Room and Board	$	561		$	604		$	707
Private Care	—			—			109
Total Private Paid	561			604			816
Total State Paid	0			0			0
Other Revenue	13			6			20
Total Revenue	$	574		$	611		$	836
Expenses
Residence Payroll	$	247		$	259		$	318
Tenant Care	22			23			4
Maintenance	29			22			31
Kitchen	32			44			64
Housekeeping	7			6			5
Activities	1			1			1
Utilities	39			43			41
Insurance	17			9			9
Property Taxes	29			32			46
Advertising	5			9			5
Administrative	17			16			22
Bad Debt	(0		)	(2		)	0
Petty Cash	0			0			1
Management Fees	29			31			42
Total Operating Expenses	$	474		$	493		$	588
EBITDAR	$	100		$	117		$	248
Margin	17.5		%	19.2		%	29.7		%
EBITDARM	$	129		$	148		$	290
Margin	22.5		%	24.2		%	34.7		%
Operating Data
Available Units	39			39			39
Number of Units Occupied (Net)	24			26			34
Average Occupancy	62.3		%	66.9		%	86.7		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	1,924		$	1,931		$	2,012
Avg Total Monthly Rate (in US$)	$	1,969		$	1,950		$	2,060
Avg Resident Occ. - Private	—			100.0		%	100.0		%
Avg Resident Occ. - Medicaid	—			0.0		%	0.0		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-29

	Actual
	Jan-04			Feb-04			Mar-04			Apr-04			May-04			Jun-04			Jul-04			YTD			TTM Ann.
Income Statement Data
Revenues
Private Room and Board	$	42		$	41		$	45		$	49		$	56		$	58		$	63		$	353		$	707
Private Care	8			5			7			10			9			10			9			57			109
Total Private Paid	49			46			52			59			65			68			71			410			816
Total State Paid	0			0			0			0			0			0			0			0			0
Other Revenue	0			0			0			1			1			2			2			7			20
Total Revenue	$	50		$	47		$	52		$	60		$	66		$	70		$	73		$	417		$	836
Expenses
Residence Payroll	$	18		$	16		$	23		$	22		$	25		$	28		$	27		$	159		$	318
Tenant Care	1			1			(0		)	0			0			0			0			4			4
Maintenance	3			2			3			1			3			2			2			16			31
Kitchen	4			4			4			4			5			5			7			31			64
Housekeeping	0			0			0			1			0			0			0			3			5
Activities	0			0			0			0			0			0			0			0			1
Utilities	5			5			3			3			3			3			4			26			41
Insurance	1			1			1			1			1			1			1			5			9
Property Taxes	3			4			4			4			4			4			4			26			46
Advertising	0			2			1			0			0			1			0			5			5
Administrative	1			1			1			1			3			1			1			10			22
Bad Debt	(0		)	0			(0		)	0			0			0			0			(0		)	0
Petty Cash	0			0			0			0			0			0			0			1			1
Management Fees	2			2			3			3			3			3			4			21			42
Total Operating Expenses	$	37		$	38		$	43		$	41		$	49		$	49		$	49		$	306		$	588
EBITDAR	$	12		$	9		$	10		$	19		$	17		$	21		$	24		$	112		$	248
Margin	24.7		%	19.2		%	18.4		%	31.8		%	26.0		%	30.0		%	32.7		%	26.8		%	29.7		%
EBITDARM	$	15		$	11		$	12		$	22		$	21		$	25		$	27		$	133		$	290
Margin	29.7		%	24.2		%	23.4		%	36.8		%	31.0		%	35.0		%	37.7		%	31.8		%	34.7		%
Operating Data
Available Units	39			39			39			39			39			39			39			39			39
Number of Units Occupied (Net)	25			26			26			30			32			34			35			30			34
Average Occupancy	64.1		%	66.8		%	67.7		%	76.3		%	83.3		%	87.6		%	89.1		%	76.4		%	86.7		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	1,973		$	1,778		$	1,969		$	1,967		$	1,993		$	1,990		$	2,050		$	1,966		$	2,012
Avg Total Monthly Rate (in US$)	$	1,984		$	1,796		$	1,987		$	2,006		$	2,038		$	2,046		$	2,095		$	2,001		$	2,060
Avg Resident Occ. - Private	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%
Avg Resident Occ. - Medicaid	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-30

	Actual
	Jan-03			Feb-03			Mar-03			Apr-03			May-03			Jun-03			Jul-03			Aug-03			Sep-03			Oct-03			Nov-03			Dec-03			Total
Income Statement Data
Revenues
Private Room and Board	$	51		$	50		$	56		$	51		$	46		$	50		$	51		$	56		$	49		$	49		$	48		$	48		$	604
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	51			50			56			51			46			50			51			56			49			49			48			48			604
Total State Paid	0			0			0			0			0			0			0			0			0			0			0			0			0
Other Revenue	0			1			(0		)	2			1			0			0			1			1			0			0			1			6
Total Revenue	$	51		$	51		$	56		$	52		$	47		$	51		$	51		$	56		$	49		$	49		$	48		$	48		$	611
Expenses
Residence Payroll	$	20		$	17		$	20		$	18		$	22		$	17		$	23		$	20		$	27		$	19		$	28		$	29		$	259
Tenant Care	2			2			2			2			4			2			3			2			2			1			2			0			23
Maintenance	1			2			1			2			3			0			3			1			2			4			1			2			22
Kitchen	3			3			4			6			1			3			6			3			4			4			4			2			44
Housekeeping	0			1			0			1			0			0			1			1			1			1			0			1			6
Activities	0			0			0			0			0			0			(0		)	(0		)	0			0			0			0			1
Utilities	4			5			4			4			2			4			4			2			3			3			4			4			43
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			9
Property Taxes	3			3			3			4			3			3			3			3			3			3			(0		)	(0		)	32
Advertising	0			2			0			1			0			1			1			0			0			1			1			1			9
Administrative	2			2			2			1			1			1			1			2			1			1			1			2			16
Bad Debt	(1		)	(2		)	0			0			1			(0		)	(0		)	1			(0		)	0			(0		)	1			(2		)
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			0
Management Fees	3			3			3			3			2			3			3			3			2			2			2			2			31
Total Operating Expenses	$	38		$	38		$	40		$	42		$	40		$	35		$	48		$	39		$	46		$	42		$	43		$	43		$	493
EBITDAR	$	14		$	13		$	16		$	10		$	7		$	15		$	3		$	17		$	4		$	7		$	6		$	5		$	117
Margin	27.0		%	25.4		%	28.6		%	18.9		%	14.3		%	30.4		%	6.7		%	30.3		%	7.4		%	15.0		%	11.9		%	10.9		%	19.2		%
EBITDARM	$	16		$	16		$	19		$	13		$	9		$	18		$	6		$	20		$	6		$	10		$	8		$	8		$	148
Margin	32.0		%	30.4		%	33.6		%	23.9		%	19.3		%	35.4		%	11.7		%	35.3		%	12.4		%	20.0		%	16.9		%	15.9		%	24.2		%
Operating Data
Available Units	39			39			39			39			39			39			39			39			39			39			39			39			39
Number of Units Occupied (Net)	26			27			28			27			27			26			25			27			26			25			25			24			26
Average Occupancy	66.7		%	68.2		%	71.8		%	69.4		%	68.0		%	65.6		%	64.7		%	69.2		%	67.5		%	65.2		%	63.8		%	62.8		%	66.9		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	1,969		$	1,872		$	2,004		$	1,873		$	1,748		$	1,970		$	2,017		$	2,064		$	1,842		$	1,918		$	1,938		$	1,954		$	1,931
Avg Total Monthly Rate (in US$)	$	1,976		$	1,917		$	1,993		$	1,933		$	1,775		$	1,978		$	2,025		$	2,094		$	1,871		$	1,929		$	1,938		$	1,975		$	1,950
Avg Resident Occ. - Private	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%
Avg Resident Occ. - Medicaid	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-31

	Actual
	Jan-02			Feb-02			Mar-02			Apr-02			May-02			Jun-02			Jul-02			Aug-02			Sep-02			Oct-02			Nov-02			Dec-02			Total
Income Statement Data
Revenues
Private Room and Board	$	48		$	45		$	48		$	48		$	46		$	42		$	44		$	49		$	48		$	49		$	45		$	50		$	561
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	48			45			48			48			46			42			44			49			48			49			45			50			561
Total State Paid	0			0			0			0			0			0			0			0			0			0			0			0			0
Other Revenue	1			1			1			0			(0		)	0			1			0			2			3			0			3			13
Total Revenue	$	49		$	45		$	49		$	48		$	46		$	42		$	45		$	49		$	49		$	53		$	45		$	52		$	574
Expenses
Residence Payroll	$	21		$	19		$	18		$	16		$	21		$	16		$	22		$	21		$	21		$	20		$	27		$	26		$	247
Tenant Care	2			2			2			2			2			2			2			2			2			2			2			2			22
Maintenance	1			1			1			2			3			1			2			9			5			1			3			0			29
Kitchen	3			2			3			3			3			2			3			3			2			3			3			3			32
Housekeeping	0			0			0			0			1			0			2			0			0			1			0			0			7
Activities	0			0			0			0			0			0			0			0			0			1			0			0			1
Utilities	3			3			3			3			3			3			3			3			3			3			3			4			39
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			17
Property Taxes	2			2			2			2			2			2			2			2			3			2			2			2			29
Advertising	0			0			0			0			0			0			1			0			0			1			1			0			5
Administrative	1			1			0			1			1			1			1			1			2			3			2			3			17
Bad Debt	(1		)	1			2			(3		)	0			0			0			0			0			1			(1		)	0			(0		)
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			0
Management Fees	2			2			2			2			2			2			2			2			2			3			2			3			29
Total Operating Expenses	$	36		$	36		$	37		$	30		$	40		$	32		$	41		$	46		$	42		$	42		$	47		$	45		$	474
EBITDAR	$	13		$	10		$	12		$	18		$	6		$	10		$	5		$	4		$	7		$	10		$	(1	)	$	8		$	100
Margin	25.9		%	21.7		%	24.9		%	37.1		%	12.6		%	23.1		%	10.0		%	7.4		%	14.7		%	19.6		%	-3.2		%	14.9		%	17.5		%
EBITDARM	$	15		$	12		$	15		$	20		$	8		$	12		$	7		$	6		$	10		$	13		$	1		$	10		$	129
Margin	30.9		%	26.7		%	29.9		%	42.1		%	17.6		%	28.1		%	15.0		%	12.4		%	19.7		%	24.6		%	1.8		%	19.9		%	22.5		%
Operating Data
Available Units	39			39			39			39			39			39			39			39			39			39			39			39			39
Number of Units Occupied (Net)	24			24			24			25			23			21			23			23			24			25			27			29			24
Average Occupancy	60.7		%	60.4		%	62.2		%	64.8		%	59.4		%	53.8		%	58.4		%	60.1		%	60.3		%	65.2		%	68.7		%	73.9		%	62.3		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,022		$	1,894		$	1,993		$	1,882		$	1,991		$	1,986		$	1,926		$	2,088		$	2,028		$	1,938		$	1,693		$	1,729		$	1,924
Avg Total Monthly Rate (in US$)	$	2,056		$	1,928		$	2,039		$	1,898		$	1,990		$	2,005		$	1,983		$	2,105		$	2,105		$	2,072		$	1,693		$	1,819		$	1,969
Avg Resident Occ. - Private	—			—			—			—			—			—			—			—			—			—			—			—			—
Avg Resident Occ. - Medicaid	—			—			—			—			—			—			—			—			—			—			—			—			—

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-32

Property Name:	State:
Reed	IA

	CY 2002			CY 2003			YTD July 2004 Ann.
Income Statement Data
Revenues
Private Room and Board	$	544		$	773		$	673
Private Care	—			—			196
Total Private Paid	544			773			869
Total State Paid	0			0			0
Other Revenue	13			11			12
Total Revenue	$	557		$	784		$	881
Expenses
Residence Payroll	$	298		$	319		$	360
Tenant Care	7			6			3
Maintenance	18			13			18
Kitchen	32			49			48
Housekeeping	3			5			5
Activities	1			1			1
Utilities	35			40			37
Insurance	16			11			11
Property Taxes	62			63			69
Advertising	7			6			5
Administrative	17			10			9
Bad Debt	0			0			0
Petty Cash	2			1			1
Management Fees	28			39			44
Total Operating Expenses	$	526		$	563		$	612
EBITDAR	$	32		$	221		$	268
Margin	5.7		%	28.2		%	30.5		%
EBITDARM	$	59		$	260		$	312
Margin	10.7		%	33.2		%	35.5		%
Operating Data
Available Units	35			35			35
Number of Units Occupied (Net)	21			32			35
Average Occupancy	61.3		%	92.5		%	98.6		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,113		$	1,990		$	2,098
Avg Total Monthly Rate (in US$)	$	2,163		$	2,018		$	2,126
Avg Resident Occ. - Private	—			100.0		%	100.0		%
Avg Resident Occ. - Medicaid	—			0.0		%	0.0		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-33

	Actual
	Jan-04			Feb-04			Mar-04			Apr-04			May-04			Jun-04			Jul-04			YTD			TTM Ann.
Income Statement Data
Revenues
Private Room and Board	$	53		$	49		$	57		$	53		$	56		$	55		$	58		$	380		$	673
Private Care	16			16			17			15			16			16			17			112			196
Total Private Paid	68			65			73			68			71			71			75			492			869
Total State Paid	0			0			0			0			0			0			0			0			0
Other Revenue	1			1			1			1			1			1			1			7			12
Total Revenue	$	69		$	66		$	75		$	69		$	72		$	72		$	75		$	499		$	881
Expenses
Residence Payroll	$	32		$	29		$	29		$	29		$	32		$	27		$	31		$	209		$	360
Tenant Care	0			0			0			0			0			0			0			2			3
Maintenance	1			3			2			2			1			2			2			12			18
Kitchen	4			5			4			4			4			4			4			29			48
Housekeeping	0			0			1			0			0			0			0			3			5
Activities	0			0			0			0			0			0			0			0			1
Utilities	4			5			3			3			3			3			4			24			37
Insurance	1			1			1			1			1			1			1			7			11
Property Taxes	6			6			6			6			6			6			6			40			69
Advertising	0			0			0			0			0			0			1			2			5
Administrative	1			1			1			2			1			0			1			6			9
Bad Debt	(0		)	0			0			0			0			0			0			(0		)	0
Petty Cash	0			0			0			0			0			0			0			1			1
Management Fees	3			3			4			3			4			4			4			25			44
Total Operating Expenses	$	53		$	53		$	50		$	50		$	52		$	48		$	54		$	359		$	612
EBITDAR	$	17		$	13		$	25		$	19		$	21		$	25		$	22		$	140		$	268
Margin	24.0		%	19.2		%	32.9		%	27.8		%	28.4		%	34.2		%	28.9		%	28.1		%	30.5		%
EBITDARM	$	20		$	16		$	28		$	23		$	24		$	28		$	26		$	165		$	312
Margin	29.0		%	24.2		%	37.9		%	32.8		%	33.4		%	39.2		%	33.9		%	33.1		%	35.5		%
Operating Data
Available Units	35			35			35			35			35			35			35			35			35
Number of Units Occupied (Net)	35			35			34			34			34			35			35			35			35
Average Occupancy	99.5		%	99.2		%	98.3		%	97.6		%	97.1		%	98.7		%	100.0		%	98.6		%	98.6		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	1,967		$	1,871		$	2,128		$	2,001		$	2,091		$	2,070		$	2,133		$	2,037		$	2,098
Avg Total Monthly Rate (in US$)	$	1,993		$	1,893		$	2,170		$	2,027		$	2,131		$	2,097		$	2,151		$	2,066		$	2,126
Avg Resident Occ. - Private	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%
Avg Resident Occ. - Medicaid	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-34

	Actual
	Jan-03			Feb-03			Mar-03			Apr-03			May-03			Jun-03			Jul-03			Aug-03			Sep-03			Oct-03			Nov-03			Dec-03			Total
Income Statement Data
Revenues
Private Room and Board	$	59		$	58		$	61		$	62		$	61		$	64		$	67		$	70		$	66		$	69		$	67		$	69		$	773
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	59			58			61			62			61			64			67			70			66			69			67			69			773
Total State Paid	0			0			0			0			0			0			0			0			0			0			0			0			0
Other Revenue	1			0			1			0			1			2			1			1			2			0			0			2			11
Total Revenue	$	60		$	59		$	61		$	63		$	62		$	66		$	68		$	71		$	67		$	69		$	67		$	71		$	784
Expenses
Residence Payroll	$	31		$	28		$	20		$	25		$	28		$	28		$	28		$	29		$	25		$	23		$	27		$	27		$	319
Tenant Care	1			0			1			0			0			1			0			0			0			1			1			0			6
Maintenance	0			0			2			1			1			1			1			1			1			2			0			1			13
Kitchen	4			3			5			3			4			5			3			4			4			5			5			5			49
Housekeeping	0			0			0			0			0			1			0			0			1			1			0			1			5
Activities	0			0			0			0			0			0			0			0			0			0			0			0			1
Utilities	4			4			4			3			1			3			3			4			3			3			3			3			40
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			11
Property Taxes	6			6			6			6			6			5			5			5			5			5			5			5			63
Advertising	0			0			0			1			0			1			0			0			0			0			1			0			6
Administrative	1			(0		)	1			1			1			1			1			1			1			1			1			1			10
Bad Debt	0			0			0			0			0			0			(0		)	0			0			0			0			0			0
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			1
Management Fees	3			3			3			3			3			3			3			4			3			3			3			4			39
Total Operating Expenses	$	52		$	46		$	42		$	44		$	46		$	51		$	47		$	49		$	44		$	46		$	48		$	49		$	563
EBITDAR	$	8		$	13		$	19		$	19		$	16		$	15		$	21		$	22		$	23		$	23		$	19		$	23		$	221
Margin	13.3		%	21.9		%	31.4		%	29.6		%	25.6		%	22.6		%	30.8		%	31.0		%	34.6		%	33.9		%	28.4		%	31.9		%	28.2		%
EBITDARM	$	11		$	16		$	22		$	22		$	19		$	18		$	24		$	26		$	27		$	27		$	22		$	26		$	260
Margin	18.3		%	26.9		%	36.4		%	34.6		%	30.6		%	27.6		%	35.8		%	36.0		%	39.6		%	38.9		%	33.4		%	36.9		%	33.2		%
Operating Data
Available Units	35			35			35			35			35			35			35			35			35			35			35			35			35
Number of Units Occupied (Net)	28			30			29			30			30			34			34			34			34			35			34			35			32
Average Occupancy	81.3		%	85.2		%	83.8		%	86.8		%	86.8		%	96.8		%	96.8		%	98.0		%	97.7		%	100.0		%	97.1		%	100.0		%	92.5		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,068		$	1,959		$	2,065		$	2,045		$	2,019		$	1,894		$	1,973		$	2,054		$	1,925		$	1,958		$	1,962		$	1,983		$	1,990
Avg Total Monthly Rate (in US$)	$	2,096		$	1,967		$	2,093		$	2,059		$	2,047		$	1,943		$	2,001		$	2,085		$	1,971		$	1,969		$	1,973		$	2,034		$	2,018
Avg Resident Occ. - Private	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%
Avg Resident Occ. - Medicaid	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-35

	Actual
	Jan-02			Feb-02			Mar-02			Apr-02			May-02			Jun-02			Jul-02			Aug-02			Sep-02			Oct-02			Nov-02			Dec-02			Total
Income Statement Data
Revenues
Private Room and Board	$	47		$	46		$	46		$	44		$	45		$	46		$	42		$	41		$	35		$	41		$	55		$	55		$	544
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	47			46			46			44			45			46			42			41			35			41			55			55			544
Total State Paid	0			0			0			0			0			0			0			0			0			0			0			0			0
Other Revenue	0			0			0			0			0			0			2			0			2			3			3			1			13
Total Revenue	$	47		$	47		$	46		$	44		$	46		$	47		$	43		$	41		$	38		$	44		$	59		$	56		$	557
Expenses
Residence Payroll	$	25		$	20		$	24		$	24		$	27		$	25		$	26		$	27		$	22		$	24		$	27		$	27		$	298
Tenant Care	0			0			0			1			1			1			1			0			0			1			1			1			7
Maintenance	3			1			1			1			3			2			1			2			0			1			2			2			18
Kitchen	3			3			3			2			3			2			2			2			2			3			3			5			32
Housekeeping	0			0			0			0			1			0			0			0			0			0			0			0			3
Activities	0			0			0			0			0			0			0			0			0			0			0			0			1
Utilities	3			3			3			3			2			3			3			3			3			3			3			3			35
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			16
Property Taxes	5			5			5			5			5			5			5			5			5			5			5			2			62
Advertising	0			0			0			0			1			1			1			0			0			1			1			1			7
Administrative	0			2			1			2			1			3			2			1			1			1			1			2			17
Bad Debt	0			0			0			0			0			0			1			0			(0		)	0			(0		)	0			0
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			2
Management Fees	2			2			2			2			2			2			2			2			2			2			3			3			28
Total Operating Expenses	$	44		$	39		$	42		$	41		$	47		$	47		$	45		$	45		$	37		$	44		$	48		$	46		$	526
EBITDAR	$	3		$	8		$	4		$	3		$	(2	)	$	(0	)	$	(2	)	$	(4	)	$	0		$	0		$	10		$	10		$	32
Margin	6.8		%	16.3		%	9.6		%	6.6		%	-3.5		%	-0.8		%	-3.7		%	-8.8		%	0.5		%	0.3		%	17.5		%	17.9		%	5.7		%
EBITDARM	$	6		$	10		$	7		$	5		$	1		$	2		$	1		$	(2	)	$	2		$	2		$	13		$	13		$	59
Margin	11.8		%	21.3		%	14.6		%	11.6		%	1.5		%	4.2		%	1.3		%	-3.8		%	5.5		%	5.3		%	22.5		%	22.9		%	10.7		%
Operating Data
Available Units	35			35			35			35			35			35			35			35			35			35			35			35			35
Number of Units Occupied (Net)	23			21			21			20			20			20			18			18			18			21			28			29			21
Average Occupancy	66.7		%	60.5		%	60.0		%	57.7		%	57.4		%	57.7		%	51.8		%	50.3		%	52.0		%	59.4		%	79.9		%	82.5		%	61.3		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,018		$	2,193		$	2,190		$	2,180		$	2,255		$	2,292		$	2,300		$	2,310		$	1,942		$	1,967		$	1,978		$	1,907		$	2,113
Avg Total Monthly Rate (in US$)	$	2,025		$	2,203		$	2,199		$	2,192		$	2,270		$	2,312		$	2,397		$	2,331		$	2,066		$	2,104		$	2,095		$	1,944		$	2,163
Avg Resident Occ. - Private	—			—			—			—			—			—			—			—			—			—			—			—			—
Avg Resident Occ. - Medicaid	—			—			—			—			—			—			—			—			—			—			—			—			—

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-36

Property Name:	State:
Homestead	NE

	CY 2002			CY 2003			YTD July 2004 Ann.
Income Statement Data
Revenues
Private Room and Board	$	1,013		$	1,181		$	951
Private Care	—			—			265
Total Private Paid	1,013			1,181			1,216
Total State Paid	68			47			113
Other Revenue	13			4			19
Total Revenue	$	1,094		$	1,232		$	1,348
Expenses
Residence Payroll	$	396		$	404		$	426
Tenant Care	5			3			3
Maintenance	34			21			25
Kitchen	66			71			59
Housekeeping	7			9			8
Activities	1			1			1
Utilities	40			52			36
Insurance	17			18			17
Property Taxes	29			38			50
Advertising	7			8			14
Administrative	19			14			11
Bad Debt	0			0			0
Petty Cash	3			2			2
Management Fees	55			62			67
Total Operating Expenses	$	676		$	703		$	719
EBITDAR	$	418		$	529		$	629
Margin	38.2		%	42.9		%	46.6		%
EBITDARM	$	472		$	591		$	696
Margin	43.2		%	47.9		%	51.6		%
Operating Data
Available Units	39			39			39
Number of Units Occupied (Net)	38			39			39
Average Occupancy	98.5		%	99.7		%	100.2		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,345		$	2,631		$	2,833
Avg Total Monthly Rate (in US$)	$	2,372		$	2,639		$	2,873
Avg Resident Occ. - Private	—			94.7		%	87.2		%
Avg Resident Occ. - Medicaid	—			5.3		%	12.8		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-37

	Actual
	Jan-04			Feb-04			Mar-04			Apr-04			May-04			Jun-04			Jul-04			YTD			TTM Ann.
Income Statement Data
Revenues
Private Room and Board	$	73		$	70		$	76		$	75		$	81		$	78		$	79		$	532		$	951
Private Care	21			20			20			21			23			22			21			149			265
Total Private Paid	94			90			96			96			104			99			100			681			1,216
Total State Paid	8			10			9			13			10			9			9			68			113
Other Revenue	1			0			1			0			1			1			2			7			19
Total Revenue	$	103		$	101		$	106		$	109		$	115		$	110		$	112		$	756		$	1,348
Expenses
Residence Payroll	$	34		$	36		$	36		$	36		$	38		$	32		$	36		$	247		$	426
Tenant Care	0			0			0			0			0			0			0			2			3
Maintenance	3			3			2			1			2			3			1			15			25
Kitchen	6			6			7			4			6			4			5			38			59
Housekeeping	0			1			1			1			0			1			1			4			8
Activities	0			0			0			0			0			0			0			1			1
Utilities	6			5			4			4			3			2			4			28			36
Insurance	2			2			2			2			2			1			2			10			17
Property Taxes	3			4			4			4			4			4			4			27			50
Advertising	1			0			1			1			1			1			2			7			14
Administrative	1			1			1			2			1			1			1			8			11
Bad Debt	0			1			(1		)	0			0			0			0			0			0
Petty Cash	0			0			0			0			0			0			0			1			2
Management Fees	5			5			5			5			6			5			6			38			67
Total Operating Expenses	$	61		$	65		$	61		$	59		$	63		$	55		$	61		$	426		$	719
EBITDAR	$	42		$	36		$	45		$	50		$	52		$	54		$	51		$	329		$	629
Margin	40.6		%	35.5		%	42.4		%	45.6		%	45.2		%	49.5		%	45.4		%	43.6		%	46.6		%
EBITDARM	$	47		$	41		$	50		$	55		$	58		$	60		$	57		$	367		$	696
Margin	45.6		%	40.5		%	47.4		%	50.6		%	50.2		%	54.5		%	50.4		%	48.6		%	51.6		%
Operating Data
Available Units	39			39			39			39			39			39			39			39			39
Number of Units Occupied (Net)	38			39			38			39			39			39			39			39			39
Average Occupancy	97.3		%	98.8		%	98.5		%	99.7		%	100.9		%	100.3		%	99.5		%	99.3		%	100.2		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,682		$	2,613		$	2,727		$	2,805		$	2,896		$	2,774		$	2,828		$	2,762		$	2,833
Avg Total Monthly Rate (in US$)	$	2,715		$	2,615		$	2,760		$	2,807		$	2,928		$	2,801		$	2,891		$	2,789		$	2,873
Avg Resident Occ. - Private	90.0		%	87.7		%	87.8		%	88.0		%	88.2		%	88.3		%	85.0		%	87.8		%	87.2		%
Avg Resident Occ. - Medicaid	10.0		%	12.3		%	12.2		%	12.0		%	11.8		%	11.7		%	15.0		%	12.2		%	12.8		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-38

	Actual
	Jan-03			Feb-03			Mar-03			Apr-03			May-03			Jun-03			Jul-03			Aug-03			Sep-03			Oct-03			Nov-03			Dec-03			Total
Income Statement Data
Revenues
Private Room and Board	$	94		$	91		$	99		$	100		$	102		$	100		$	103		$	103		$	97		$	97		$	99		$	97		$	1,181
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	94			91			99			100			102			100			103			103			97			97			99			97			1,181
Total State Paid	4			4			4			4			4			4			4			4			4			4			4			6			47
Other Revenue	1			0			0			1			0			1			0			0			0			1			0			0			4
Total Revenue	$	98		$	94		$	103		$	104		$	106		$	104		$	107		$	107		$	101		$	102		$	102		$	103		$	1,232
Expenses
Residence Payroll	$	41		$	32		$	29		$	33		$	32		$	34		$	37		$	36		$	28		$	33		$	33		$	34		$	404
Tenant Care	0			1			0			0			0			0			1			0			0			0			0			0			3
Maintenance	1			2			2			1			3			2			2			1			2			2			2			2			21
Kitchen	5			7			6			4			6			8			4			7			7			6			5			8			71
Housekeeping	1			1			1			1			1			1			0			1			0			1			1			1			9
Activities	0			0			0			0			0			0			0			0			0			1			(0		)	0			1
Utilities	5			7			5			4			3			4			5			4			3			3			6			5			52
Insurance	1			2			2			2			2			2			2			2			2			2			1			1			18
Property Taxes	3			3			3			3			3			4			4			4			4			2			3			3			38
Advertising	1			0			1			0			0			1			0			0			0			1			0			2			8
Administrative	2			1			2			1			1			1			0			1			1			1			1			2			14
Bad Debt	0			0			0			0			0			0			0			0			0			0			0			0			0
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			2
Management Fees	5			5			5			5			5			5			5			5			5			5			5			5			62
Total Operating Expenses	$	66		$	60		$	54		$	55		$	55		$	62		$	60		$	60		$	52		$	57		$	58		$	63		$	703
EBITDAR	$	32		$	34		$	49		$	50		$	51		$	43		$	47		$	47		$	48		$	45		$	44		$	40		$	529
Margin	32.4		%	36.7		%	47.6		%	47.5		%	48.2		%	40.7		%	43.7		%	43.6		%	48.0		%	44.2		%	42.8		%	38.8		%	42.9		%
EBITDARM	$	37		$	39		$	54		$	55		$	56		$	48		$	52		$	52		$	53		$	50		$	49		$	45		$	591
Margin	37.4		%	41.7		%	52.6		%	52.5		%	53.2		%	45.7		%	48.7		%	48.6		%	53.0		%	49.2		%	47.8		%	43.8		%	47.9		%
Operating Data
Available Units	39			39			39			39			39			39			39			39			39			39			39			39			39
Number of Units Occupied (Net)	39			39			39			39			39			39			39			39			38			39			39			38			39
Average Occupancy	100.6		%	100.0		%	100.0		%	99.8		%	100.0		%	100.0		%	100.0		%	100.0		%	97.5		%	100.3		%	100.0		%	98.6		%	99.7		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,484		$	2,411		$	2,644		$	2,656		$	2,714		$	2,653		$	2,731		$	2,740		$	2,649		$	2,585		$	2,620		$	2,687		$	2,631
Avg Total Monthly Rate (in US$)	$	2,505		$	2,411		$	2,644		$	2,682		$	2,714		$	2,678		$	2,731		$	2,740		$	2,649		$	2,611		$	2,620		$	2,688		$	2,639
Avg Resident Occ. - Private	95.1		%	95.1		%	95.1		%	95.1		%	95.1		%	95.1		%	95.1		%	95.1		%	95.0		%	95.0		%	95.1		%	90.1		%	94.7		%
Avg Resident Occ. - Medicaid	4.9		%	4.9		%	4.9		%	4.9		%	4.9		%	4.9		%	4.9		%	4.9		%	5.0		%	5.0		%	4.9		%	9.9		%	5.3		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-39

	Actual
	Jan-02			Feb-02			Mar-02			Apr-02			May-02			Jun-02			Jul-02			Aug-02			Sep-02			Oct-02			Nov-02			Dec-02			Total
Income Statement Data
Revenues
Private Room and Board	$	78		$	78		$	71		$	80		$	83		$	87		$	89		$	87		$	90		$	90		$	90		$	90		$	1,013
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	78			78			71			80			83			87			89			87			90			90			90			90			1,013
Total State Paid	9			9			8			8			3			5			5			5			5			4			4			3			68
Other Revenue	0			0			1			2			1			2			2			2			1			0			0			1			13
Total Revenue	$	87		$	87		$	81		$	90		$	87		$	94		$	97		$	95		$	96		$	94		$	93		$	93		$	1,094
Expenses
Residence Payroll	$	31		$	31		$	31		$	31		$	32		$	33		$	35		$	37		$	31		$	35		$	37		$	32		$	396
Tenant Care	0			0			0			(0		)	2			0			0			0			0			1			1			0			5
Maintenance	1			2			4			3			5			3			3			5			1			2			4			2			34
Kitchen	5			6			5			5			5			5			5			6			5			5			5			7			66
Housekeeping	1			0			1			0			1			0			1			0			0			1			1			1			7
Activities	0			0			0			0			0			0			0			0			0			0			0			0			1
Utilities	2			4			4			4			3			3			3			4			3			3			3			4			40
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			17
Property Taxes	3			3			3			3			3			3			3			(1		)	3			3			3			(1		)	29
Advertising	0			0			1			0			1			1			0			1			0			1			1			1			7
Administrative	0			2			2			1			2			2			2			1			1			2			1			2			19
Bad Debt	0			0			0			0			0			0			(0		)	0			0			0			0			0			0
Petty Cash	0			0			0			0			0			0			0			0			1			0			0			0			3
Management Fees	4			4			4			5			4			5			5			5			5			5			5			5			55
Total Operating Expenses	$	50		$	56		$	56		$	54		$	59		$	57		$	58		$	61		$	52		$	58		$	62		$	54		$	676
EBITDAR	$	37		$	31		$	25		$	36		$	28		$	37		$	39		$	34		$	44		$	36		$	32		$	39		$	418
Margin	42.3		%	36.1		%	30.6		%	39.6		%	32.4		%	39.6		%	40.1		%	36.1		%	45.9		%	38.4		%	33.9		%	42.0		%	38.2		%
EBITDARM	$	41		$	36		$	29		$	40		$	33		$	42		$	44		$	39		$	49		$	41		$	36		$	44		$	472
Margin	47.3		%	41.1		%	35.6		%	44.6		%	37.4		%	44.6		%	45.1		%	41.1		%	50.9		%	43.4		%	38.9		%	47.0		%	43.2		%
Operating Data
Available Units	39			39			39			39			39			39			39			39			39			39			39			39			39
Number of Units Occupied (Net)	39			38			37			38			39			39			39			39			39			39			39			38			38
Average Occupancy	99.7		%	97.1		%	94.6		%	96.8		%	98.8		%	99.0		%	99.5		%	98.9		%	99.7		%	100.0		%	100.0		%	98.2		%	98.5		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,231		$	2,294		$	2,155		$	2,342		$	2,229		$	2,385		$	2,431		$	2,411		$	2,429		$	2,413		$	2,397		$	2,407		$	2,345
Avg Total Monthly Rate (in US$)	$	2,231		$	2,305		$	2,187		$	2,384		$	2,260		$	2,432		$	2,488		$	2,462		$	2,460		$	2,418		$	2,397		$	2,428		$	2,372
Avg Resident Occ. - Private	—			—			—			—			—			—			—			—			—			—			—			—			—
Avg Resident Occ. - Medicaid	—			—			—			—			—			—			—			—			—			—			—			—			—

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-40

Property Name:	State:
Madison	NE

	CY 2002			CY 2003			YTD July 2004 Ann.
Income Statement Data
Revenues
Private Room and Board	$	621		$	670		$	517
Private Care	—			—			155
Total Private Paid	621			670			673
Total State Paid	217			323			403
Other Revenue	15			14			14
Total Revenue	$	853		$	1,007		$	1,090
Expenses
Residence Payroll	$	345		$	372		$	379
Tenant Care	9			9			8
Maintenance	35			31			32
Kitchen	53			70			68
Housekeeping	8			8			7
Activities	1			1			2
Utilities	55			67			51
Insurance	17			15			14
Property Taxes	35			37			44
Advertising	6			8			11
Administrative	17			18			10
Bad Debt	1			2			(2		)
Petty Cash	3			2			4
Management Fees	43			50			54
Total Operating Expenses	$	628		$	690		$	684
EBITDAR	$	225		$	317		$	406
Margin	26.4		%	31.5		%	37.3		%
EBITDARM	$	267		$	368		$	460
Margin	31.4		%	36.5		%	42.3		%
Operating Data
Available Units	39			39			39
Number of Units Occupied (Net)	32			36			37
Average Occupancy	83.0		%	92.8		%	95.4		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,157		$	2,286		$	2,408
Avg Total Monthly Rate (in US$)	$	2,197		$	2,318		$	2,440
Avg Resident Occ. - Private	—			60.4		%	56.8		%
Avg Resident Occ. - Medicaid	—			39.6		%	43.2		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-41

	Actual
	Jan-04			Feb-04			Mar-04			Apr-04			May-04			Jun-04			Jul-04			YTD			TTM Ann.
Income Statement Data
Revenues
Private Room and Board	$	33		$	38		$	46		$	40		$	45		$	40		$	44		$	287		$	517
Private Care	10			9			12			12			14			12			13			82			155
Total Private Paid	42			48			58			52			59			52			58			368			673
Total State Paid	32			29			38			36			40			33			29			236			403
Other Revenue	2			1			1			1			1			1			1			10			14
Total Revenue	$	77		$	78		$	97		$	90		$	100		$	85		$	87		$	614		$	1,090
Expenses
Residence Payroll	$	31		$	32		$	32		$	29		$	32		$	29		$	33		$	218		$	379
Tenant Care	1			0			1			1			0			1			1			4			8
Maintenance	2			3			2			2			3			2			3			18			32
Kitchen	5			5			5			5			6			6			5			37			68
Housekeeping	0			0			0			0			1			0			1			3			7
Activities	0			0			0			0			0			0			0			1			2
Utilities	7			7			6			5			4			4			5			38			51
Insurance	1			1			1			1			1			1			1			9			14
Property Taxes	3			3			4			3			3			4			4			24			44
Advertising	1			0			1			1			1			1			1			6			11
Administrative	3			1			1			2			1			1			1			9			10
Bad Debt	(3		)	3			(2		)	0			(0		)	0			(0		)	(3		)	(2		)
Petty Cash	0			0			0			0			0			0			0			2			4
Management Fees	4			4			5			4			5			4			4			31			54
Total Operating Expenses	$	54		$	61		$	56		$	55		$	57		$	54		$	59		$	397		$	684
EBITDAR	$	22		$	17		$	41		$	35		$	43		$	31		$	28		$	217		$	406
Margin	29.0		%	21.6		%	42.6		%	39.2		%	42.7		%	36.4		%	31.9		%	35.4		%	37.3		%
EBITDARM	$	26		$	21		$	46		$	40		$	48		$	35		$	32		$	248		$	460
Margin	34.0		%	26.6		%	47.6		%	44.2		%	47.7		%	41.4		%	36.9		%	40.4		%	42.3		%
Operating Data
Available Units	39			39			39			39			39			39			39			39			39
Number of Units Occupied (Net)	35			35			39			39			40			36			36			37			37
Average Occupancy	89.4		%	89.9		%	99.5		%	100.0		%	101.4		%	92.5		%	92.4		%	95.0		%	95.4		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,135		$	2,180		$	2,465		$	2,269		$	2,492		$	2,336		$	2,389		$	2,328		$	2,408
Avg Total Monthly Rate (in US$)	$	2,195		$	2,223		$	2,504		$	2,301		$	2,527		$	2,363		$	2,423		$	2,367		$	2,440
Avg Resident Occ. - Private	54.6		%	54.4		%	53.0		%	51.2		%	54.3		%	54.8		%	61.5		%	54.8		%	56.8		%
Avg Resident Occ. - Medicaid	45.4		%	45.6		%	47.0		%	48.8		%	45.7		%	45.2		%	38.5		%	45.2		%	43.2		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-42

	Actual
	Jan-03			Feb-03			Mar-03			Apr-03			May-03			Jun-03			Jul-03			Aug-03			Sep-03			Oct-03			Nov-03			Dec-03			Total
Income Statement Data
Revenues
Private Room and Board	$	54		$	49		$	58		$	53		$	56		$	52		$	59		$	66		$	49		$	57		$	59		$	57		$	670
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	54			49			58			53			56			52			59			66			49			57			59			57			670
Total State Paid	27			23			26			28			28			22			24			26			29			28			30			31			323
Other Revenue	2			1			1			1			1			2			1			1			1			1			1			2			14
Total Revenue	$	83		$	73		$	85		$	83		$	85		$	75		$	83		$	93		$	79		$	87		$	90		$	90		$	1,007
Expenses
Residence Payroll	$	33		$	31		$	31		$	29		$	32		$	30		$	33		$	30		$	30		$	31		$	30		$	33		$	372
Tenant Care	1			1			1			0			1			0			1			1			1			1			1			1			9
Maintenance	2			4			2			3			(1		)	4			2			2			3			5			2			4			31
Kitchen	5			5			5			5			7			7			4			7			6			6			8			5			70
Housekeeping	0			1			1			1			1			1			1			0			1			1			0			1			8
Activities	0			0			0			0			0			0			0			0			0			0			0			0			1
Utilities	6			8			7			6			3			5			6			6			5			5			5			6			67
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			15
Property Taxes	3			3			3			3			3			3			3			3			3			3			3			3			37
Advertising	1			1			0			0			0			1			0			0			1			1			1			1			8
Administrative	2			1			2			1			1			2			1			2			1			2			1			1			18
Bad Debt	1			1			0			(1		)	(2		)	1			(1		)	0			1			(1		)	0			3			2
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			2
Management Fees	4			4			4			4			4			4			4			5			4			4			5			5			50
Total Operating Expenses	$	58		$	60		$	57		$	51		$	50		$	58		$	57		$	58		$	59		$	60		$	59		$	63		$	690
EBITDAR	$	25		$	13		$	28		$	31		$	35		$	17		$	27		$	35		$	20		$	27		$	32		$	28		$	317
Margin	29.7		%	17.6		%	32.8		%	37.7		%	41.2		%	22.7		%	32.2		%	38.0		%	25.1		%	31.4		%	35.2		%	30.6		%	31.5		%
EBITDARM	$	29		$	17		$	32		$	35		$	39		$	21		$	31		$	40		$	24		$	32		$	36		$	32		$	368
Margin	34.7		%	22.6		%	37.8		%	42.7		%	46.2		%	27.7		%	37.2		%	43.0		%	30.1		%	36.4		%	40.2		%	35.6		%	36.5		%
Operating Data
Available Units	39			39			39			39			39			39			39			39			39			39			39			39			39
Number of Units Occupied (Net)	36			35			36			37			35			35			34			38			37			38			39			35			36
Average Occupancy	92.3		%	90.0		%	92.4		%	94.3		%	90.7		%	89.5		%	88.3		%	96.7		%	93.9		%	97.5		%	99.2		%	89.1		%	92.8		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,264		$	2,056		$	2,337		$	2,220		$	2,379		$	2,108		$	2,390		$	2,432		$	2,139		$	2,257		$	2,305		$	2,542		$	2,286
Avg Total Monthly Rate (in US$)	$	2,306		$	2,081		$	2,366		$	2,246		$	2,407		$	2,151		$	2,419		$	2,460		$	2,165		$	2,283		$	2,338		$	2,599		$	2,318
Avg Resident Occ. - Private	63.5		%	62.0		%	61.5		%	59.3		%	61.4		%	62.9		%	63.2		%	62.8		%	59.6		%	57.4		%	58.2		%	53.8		%	60.4		%
Avg Resident Occ. - Medicaid	36.5		%	38.0		%	38.5		%	40.7		%	38.6		%	37.1		%	36.8		%	37.2		%	40.4		%	42.6		%	41.8		%	46.2		%	39.6		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-43

	Actual
	Jan-02			Feb-02			Mar-02			Apr-02			May-02			Jun-02			Jul-02			Aug-02			Sep-02			Oct-02			Nov-02			Dec-02			Total
Income Statement Data
Revenues
Private Room and Board	$	45		$	44		$	40		$	46		$	47		$	54		$	54		$	62		$	60		$	56		$	57		$	56		$	621
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	45			44			40			46			47			54			54			62			60			56			57			56			621
Total State Paid	15			15			14			15			11			12			18			20			19			22			26			30			217
Other Revenue	0			0			0			1			1			3			3			3			1			(0		)	1			1			15
Total Revenue	$	60		$	59		$	54		$	63		$	59		$	68		$	75		$	85		$	80		$	78		$	84		$	87		$	853
Expenses
Residence Payroll	$	28		$	26		$	27		$	26		$	30		$	27		$	29		$	30		$	30		$	31		$	31		$	30		$	345
Tenant Care	1			0			1			1			1			1			1			1			1			1			1			1			9
Maintenance	1			2			4			2			4			(1		)	10			3			2			2			4			2			35
Kitchen	4			4			4			3			4			4			3			6			5			4			6			5			53
Housekeeping	0			1			1			1			1			0			1			0			1			0			0			1			8
Activities	0			0			0			0			0			0			0			0			0			0			0			0			1
Utilities	4			5			5			4			3			3			6			6			5			4			5			6			55
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			17
Property Taxes	3			3			3			3			3			3			3			3			3			3			3			2			35
Advertising	1			1			0			0			0			1			0			0			1			0			0			0			6
Administrative	1			1			1			2			2			1			1			2			2			2			1			1			17
Bad Debt	0			0			(0		)	1			(1		)	(0		)	0			1			0			(1		)	(0		)	2			1
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			3
Management Fees	3			3			3			3			3			3			4			4			4			4			4			4			43
Total Operating Expenses	$	47		$	48		$	51		$	48		$	52		$	44		$	60		$	58		$	55		$	53		$	56		$	56		$	628
EBITDAR	$	12		$	11		$	3		$	15		$	8		$	24		$	15		$	27		$	25		$	25		$	28		$	31		$	225
Margin	20.7		%	19.2		%	5.5		%	23.9		%	12.8		%	35.5		%	20.1		%	31.8		%	31.1		%	32.0		%	33.2		%	35.8		%	26.4		%
EBITDARM	$	15		$	14		$	6		$	18		$	11		$	28		$	19		$	31		$	29		$	29		$	32		$	36		$	267
Margin	25.7		%	24.2		%	10.5		%	28.9		%	17.8		%	40.5		%	25.1		%	36.8		%	36.1		%	37.0		%	38.2		%	40.8		%	31.4		%
Operating Data
Available Units	39			39			39			39			39			39			39			39			39			39			39			39			39
Number of Units Occupied (Net)	29			28			27			28			27			31			33			37			36			37			37			38			32
Average Occupancy	73.4		%	72.5		%	70.1		%	72.6		%	68.5		%	79.1		%	84.9		%	94.6		%	92.4		%	95.5		%	94.9		%	97.1		%	83.0		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,083		$	2,062		$	1,977		$	2,176		$	2,178		$	2,131		$	2,165		$	2,211		$	2,197		$	2,098		$	2,253		$	2,278		$	2,157
Avg Total Monthly Rate (in US$)	$	2,084		$	2,079		$	1,980		$	2,224		$	2,225		$	2,212		$	2,261		$	2,304		$	2,229		$	2,094		$	2,275		$	2,305		$	2,197
Avg Resident Occ. - Private	—			—			—			—			—			—			—			—			—			—			—			—			—
Avg Resident Occ. - Medicaid	—			—			—			—			—			—			—			—			—			—			—			—			—

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-44

Property Name:	State:
Saunders	NE

	CY 2002			CY 2003			YTD July 2004 Ann.
Income Statement Data
Revenues
Private Room and Board	$	892		$	934		$	794
Private Care	—			—			222
Total Private Paid	892			934			1,016
Total State Paid	50			117			185
Other Revenue	12			16			13
Total Revenue	$	954		$	1,068		$	1,214
Expenses
Residence Payroll	$	422		$	396		$	376
Tenant Care	9			6			6
Maintenance	40			27			29
Kitchen	55			61			67
Housekeeping	7			5			5
Activities	2			7			7
Utilities	43			52			37
Insurance	17			16			15
Property Taxes	46			56			55
Advertising	7			7			8
Administrative	16			14			10
Bad Debt	3			3			63
Petty Cash	5			2			4
Management Fees	48			53			61
Total Operating Expenses	$	720		$	706		$	745
EBITDAR	$	234		$	362		$	469
Margin	24.5		%	33.9		%	38.7		%
EBITDARM	$	282		$	416		$	530
Margin	29.5		%	38.9		%	43.7		%
Operating Data
Available Units	39			39			39
Number of Units Occupied (Net)	36			37			37
Average Occupancy	93.2		%	95.6		%	96.0		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,159		$	2,352		$	2,672
Avg Total Monthly Rate (in US$)	$	2,186		$	2,388		$	2,701
Avg Resident Occ. - Private	—			86.5		%	82.3		%
Avg Resident Occ. - Medicaid	—			13.5		%	17.7		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-45

	Actual
	Jan-04			Feb-04			Mar-04			Apr-04			May-04			Jun-04			Jul-04			YTD			TTM Ann.
Income Statement Data
Revenues
Private Room and Board	$	59		$	55		$	65		$	65		$	70		$	63		$	66		$	442		$	794
Private Care	17			15			19			18			19			18			19			124			222
Total Private Paid	76			70			83			83			89			81			85			566			1,016
Total State Paid	13			10			10			17			15			15			15			96			185
Other Revenue	0			0			2			3			2			0			2			9			13
Total Revenue	$	89		$	81		$	96		$	102		$	106		$	96		$	102		$	671		$	1,214
Expenses
Residence Payroll	$	35		$	33		$	37		$	35		$	30		$	30		$	34		$	234		$	376
Tenant Care	0			0			1			0			1			1			1			3			6
Maintenance	2			3			8			2			2			2			4			21			29
Kitchen	6			5			6			5			5			7			5			39			67
Housekeeping	0			0			1			0			0			1			1			3			5
Activities	1			0			1			1			1			1			1			4			7
Utilities	5			6			4			4			3			3			4			28			37
Insurance	1			1			1			1			1			1			1			9			15
Property Taxes	4			4			5			4			4			5			5			31			55
Advertising	2			0			2			0			0			1			1			7			8
Administrative	1			1			1			2			1			1			1			7			10
Bad Debt	(1		)	(1		)	1			0			(1		)	1			16			15			63
Petty Cash	0			0			0			0			0			0			1			1			4
Management Fees	4			4			5			5			5			5			5			34			61
Total Operating Expenses	$	61		$	59		$	71		$	60		$	52		$	56		$	78		$	436		$	745
EBITDAR	$	28		$	22		$	25		$	43		$	53		$	40		$	24		$	235		$	469
Margin	31.2		%	27.4		%	26.2		%	41.8		%	50.6		%	41.5		%	23.6		%	35.0		%	38.7		%
EBITDARM	$	32		$	26		$	30		$	48		$	59		$	45		$	29		$	268		$	530
Margin	36.2		%	32.4		%	31.2		%	46.8		%	55.6		%	46.5		%	28.6		%	40.0		%	43.7		%
Operating Data
Available Units	39			39			39			39			39			39			39			39			39
Number of Units Occupied (Net)	36			35			36			38			39			37			37			37			37
Average Occupancy	93.1		%	90.0		%	93.2		%	96.2		%	99.1		%	94.8		%	94.2		%	94.4		%	96.0		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,439		$	2,292		$	2,564		$	2,642		$	2,693		$	2,597		$	2,725		$	2,568		$	2,672
Avg Total Monthly Rate (in US$)	$	2,445		$	2,298		$	2,631		$	2,722		$	2,732		$	2,598		$	2,772		$	2,603		$	2,701
Avg Resident Occ. - Private	87.0		%	86.3		%	84.5		%	83.4		%	83.0		%	82.0		%	81.9		%	84.0		%	82.3		%
Avg Resident Occ. - Medicaid	13.0		%	13.7		%	15.5		%	16.6		%	17.0		%	18.0		%	18.1		%	16.0		%	17.7		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-46

	Actual
	Jan-03			Feb-03			Mar-03			Apr-03			May-03			Jun-03			Jul-03			Aug-03			Sep-03			Oct-03			Nov-03			Dec-03			Total
Income Statement Data
Revenues
Private Room and Board	$	72		$	74		$	77		$	74		$	76		$	74		$	78		$	78		$	78		$	84		$	83		$	86		$	934
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	72			74			77			74			76			74			78			78			78			84			83			86			934
Total State Paid	4			3			10			9			15			9			9			10			13			10			12			13			117
Other Revenue	5			4			1			2			0			3			0			2			1			1			(3		)	2			16
Total Revenue	$	81		$	81		$	88		$	85		$	91		$	86		$	88		$	90		$	91		$	96		$	92		$	100		$	1,068
Expenses
Residence Payroll	$	38		$	34		$	34		$	33		$	33		$	29		$	34		$	32		$	30		$	32		$	33		$	33		$	396
Tenant Care	0			0			1			1			0			1			0			0			1			0			0			1			6
Maintenance	1			3			2			2			(0		)	4			1			3			2			3			2			4			27
Kitchen	5			5			5			4			6			5			4			5			4			5			5			7			61
Housekeeping	1			1			0			0			0			1			0			0			1			0			0			1			5
Activities	1			1			1			1			1			1			1			0			1			1			1			1			7
Utilities	5			7			5			5			3			3			6			4			2			3			4			5			52
Insurance	1			1			2			1			1			1			2			1			1			1			1			1			16
Property Taxes	4			4			4			4			4			4			4			4			4			4			7			7			56
Advertising	1			1			0			0			0			0			0			1			1			1			0			1			7
Administrative	2			1			2			1			1			1			3			2			1			1			1			1			14
Bad Debt	0			0			1			(0		)	(2		)	0			1			(1		)	3			(1		)	(2		)	3			3
Petty Cash	0			0			1			0			0			0			0			0			0			0			1			0			2
Management Fees	4			4			4			4			5			4			4			4			5			5			5			5			53
Total Operating Expenses	$	64		$	63		$	61		$	57		$	53		$	55		$	60		$	56		$	55		$	55		$	58		$	69		$	706
EBITDAR	$	17		$	19		$	27		$	28		$	38		$	31		$	27		$	34		$	37		$	41		$	34		$	31		$	362
Margin	21.4		%	23.0		%	30.2		%	32.9		%	41.5		%	35.8		%	31.0		%	38.0		%	40.1		%	42.4		%	36.6		%	31.3		%	33.9		%
EBITDARM	$	21		$	23		$	31		$	32		$	42		$	35		$	32		$	39		$	41		$	45		$	38		$	36		$	416
Margin	26.4		%	28.0		%	35.2		%	37.9		%	46.5		%	40.8		%	36.0		%	43.0		%	45.1		%	47.4		%	41.6		%	36.3		%	38.9		%
Operating Data
Available Units	39			39			39			39			39			39			39			39			39			39			39			39			39
Number of Units Occupied (Net)	35			36			38			38			36			37			37			38			37			39			39			37			37
Average Occupancy	89.5		%	91.3		%	96.5		%	98.0		%	93.5		%	96.0		%	95.6		%	97.8		%	94.2		%	100.0		%	100.0		%	94.4		%	95.6		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,183		$	2,172		$	2,303		$	2,175		$	2,489		$	2,229		$	2,350		$	2,319		$	2,457		$	2,420		$	2,437		$	2,680		$	2,352
Avg Total Monthly Rate (in US$)	$	2,317		$	2,281		$	2,338		$	2,214		$	2,489		$	2,300		$	2,350		$	2,359		$	2,484		$	2,450		$	2,354		$	2,721		$	2,388
Avg Resident Occ. - Private	94.3		%	84.7		%	84.1		%	84.4		%	86.1		%	86.5		%	86.8		%	85.5		%	86.2		%	87.8		%	85.4		%	86.9		%	86.5		%
Avg Resident Occ. - Medicaid	5.7		%	15.3		%	15.9		%	15.6		%	13.9		%	13.5		%	13.2		%	14.5		%	13.8		%	12.2		%	14.6		%	13.1		%	13.5		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-47

	Actual
	Jan-02			Feb-02			Mar-02			Apr-02			May-02			Jun-02			Jul-02			Aug-02			Sep-02			Oct-02			Nov-02			Dec-02			Total
Income Statement Data
Revenues
Private Room and Board	$	79		$	78		$	76		$	74		$	75		$	68		$	74		$	71		$	76		$	75		$	74		$	73		$	892
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	79			78			76			74			75			68			74			71			76			75			74			73			892
Total State Paid	5			4			5			4			5			5			5			2			4			5			4			4			50
Other Revenue	0			1			0			0			1			0			1			6			2			0			0			0			12
Total Revenue	$	84		$	83		$	82		$	79		$	81		$	72		$	80		$	79		$	81		$	79		$	77		$	76		$	954
Expenses
Residence Payroll	$	33		$	34		$	35		$	33		$	35		$	34		$	36		$	38		$	35		$	34		$	37		$	35		$	422
Tenant Care	1			1			1			1			0			1			1			1			1			1			1			1			9
Maintenance	3			2			4			3			3			4			3			3			3			3			5			4			40
Kitchen	5			4			4			4			4			5			4			6			5			6			5			5			55
Housekeeping	0			1			1			0			1			1			1			0			1			0			1			0			7
Activities	0			0			0			0			0			0			0			0			0			0			0			1			2
Utilities	5			5			5			5			1			2			3			4			3			3			2			4			43
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			17
Property Taxes	4			4			4			4			4			4			4			4			4			4			4			3			46
Advertising	1			0			0			1			0			1			0			0			1			0			1			1			7
Administrative	2			2			2			1			1			1			1			1			1			2			1			1			16
Bad Debt	(0		)	3			3			(5		)	0			2			0			0			1			1			(1		)	0			3
Petty Cash	0			0			0			0			1			0			0			0			1			0			0			1			5
Management Fees	4			4			4			4			4			4			4			4			4			4			4			4			48
Total Operating Expenses	$	59		$	62		$	64		$	52		$	57		$	60		$	58		$	63		$	61		$	59		$	61		$	62		$	720
EBITDAR	$	24		$	21		$	18		$	27		$	23		$	12		$	22		$	15		$	20		$	20		$	16		$	14		$	234
Margin	29.2		%	25.7		%	22.3		%	34.1		%	28.8		%	17.1		%	27.0		%	19.7		%	24.6		%	25.3		%	20.4		%	18.8		%	24.5		%
EBITDARM	$	29		$	25		$	22		$	31		$	27		$	16		$	26		$	19		$	24		$	24		$	20		$	18		$	282
Margin	34.2		%	30.7		%	27.3		%	39.1		%	33.8		%	22.1		%	32.0		%	24.7		%	29.6		%	30.3		%	25.4		%	23.8		%	29.5		%
Operating Data
Available Units	39			39			39			39			39			39			39			39			39			39			39			39			39
Number of Units Occupied (Net)	38			37			38			36			36			35			34			36			37			37			36			35			36
Average Occupancy	98.6		%	94.0		%	98.3		%	93.5		%	92.1		%	89.7		%	87.9		%	93.4		%	95.5		%	94.1		%	92.3		%	89.3		%	93.2		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,175		$	2,242		$	2,137		$	2,159		$	2,223		$	2,060		$	2,294		$	2,002		$	2,134		$	2,162		$	2,142		$	2,188		$	2,159
Avg Total Monthly Rate (in US$)	$	2,176		$	2,265		$	2,148		$	2,170		$	2,245		$	2,062		$	2,332		$	2,156		$	2,185		$	2,162		$	2,142		$	2,195		$	2,186
Avg Resident Occ. - Private	—			—			—			—			—			—			—			—			—			—			—			—			—
Avg Resident Occ. - Medicaid	—			—			—			—			—			—			—			—			—			—			—			—			—

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-48

Property Name:	State:
Mahoney	NE

	CY 2002			CY 2003			YTD July 2004 Ann.
Income Statement Data
Revenues
Private Room and Board	$	849		$	961		$	912
Private Care	—			—			253
Total Private Paid	849			961			1,165
Total State Paid	105			97			36
Other Revenue	12			23			7
Total Revenue	$	967		$	1,080		$	1,208
Expenses
Residence Payroll	$	369		$	404		$	412
Tenant Care	6			4			1
Maintenance	40			26			33
Kitchen	65			69			69
Housekeeping	7			9			8
Activities	2			1			1
Utilities	39			49			41
Insurance	17			16			15
Property Taxes	40			47			58
Advertising	6			2			10
Administrative	22			15			9
Bad Debt	1			6			0
Petty Cash	4			2			3
Management Fees	48			54			60
Total Operating Expenses	$	667		$	705		$	721
EBITDAR	$	300		$	376		$	487
Margin	31.0		%	34.8		%	40.3		%
EBITDARM	$	348		$	430		$	547
Margin	36.0		%	39.8		%	45.3		%
Operating Data
Available Units	39			39			39
Number of Units Occupied (Net)	36			37			37
Average Occupancy	92.4		%	96.0		%	94.4		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,207		$	2,355		$	2,720
Avg Total Monthly Rate (in US$)	$	2,235		$	2,405		$	2,735
Avg Resident Occ. - Private	—			88.5		%	95.4		%
Avg Resident Occ. - Medicaid	—			11.5		%	4.6		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-49

	Actual
	Jan-04			Feb-04			Mar-04			Apr-04			May-04			Jun-04			Jul-04			YTD			TTM Ann.
Income Statement Data
Revenues
Private Room and Board	$	64		$	66		$	74		$	68		$	77		$	73		$	78		$	500		$	912
Private Care	16			18			21			20			23			20			21			139			253
Total Private Paid	80			85			95			88			100			92			99			639			1,165
Total State Paid	4			2			6			6			4			2			3			27			36
Other Revenue	3			0			0			0			1			0			0			6			7
Total Revenue	$	87		$	88		$	101		$	94		$	105		$	94		$	102		$	672		$	1,208
Expenses
Residence Payroll	$	29		$	31		$	33		$	31		$	36		$	31		$	36		$	227		$	412
Tenant Care	0			0			0			0			0			0			0			1			1
Maintenance	2			5			(1		)	2			2			4			2			17			33
Kitchen	5			5			6			5			6			6			6			39			69
Housekeeping	1			1			0			1			1			0			1			4			8
Activities	0			0			0			0			0			0			0			0			1
Utilities	5			5			4			3			3			4			4			27			41
Insurance	1			1			1			1			1			1			1			9			15
Property Taxes	4			4			4			4			6			4			4			31			58
Advertising	0			0			1			0			1			1			1			4			10
Administrative	1			1			1			2			1			0			1			8			9
Bad Debt	(3		)	0			0			0			0			0			0			(3		)	0
Petty Cash	0			0			0			0			0			0			0			2			3
Management Fees	4			4			5			5			5			5			5			34			60
Total Operating Expenses	$	50		$	60		$	54		$	54		$	62		$	57		$	61		$	399		$	721
EBITDAR	$	37		$	28		$	46		$	40		$	43		$	38		$	41		$	273		$	487
Margin	42.4		%	31.8		%	46.0		%	42.1		%	40.8		%	39.9		%	40.2		%	40.6		%	40.3		%
EBITDARM	$	41		$	32		$	51		$	44		$	48		$	42		$	46		$	306		$	547
Margin	47.4		%	36.8		%	51.0		%	47.1		%	45.8		%	44.9		%	45.2		%	45.6		%	45.3		%
Operating Data
Available Units	39			39			39			39			39			39			39			39			39
Number of Units Occupied (Net)	35			36			36			36			37			35			38			36			37
Average Occupancy	89.7		%	91.5		%	92.3		%	91.6		%	95.9		%	90.7		%	96.6		%	92.6		%	94.4		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,405		$	2,444		$	2,799		$	2,622		$	2,788		$	2,665		$	2,703		$	2,635		$	2,720
Avg Total Monthly Rate (in US$)	$	2,498		$	2,454		$	2,800		$	2,635		$	2,816		$	2,671		$	2,715		$	2,658		$	2,735
Avg Resident Occ. - Private	94.4		%	94.5		%	91.9		%	91.8		%	93.7		%	97.3		%	95.2		%	94.1		%	95.4		%
Avg Resident Occ. - Medicaid	5.6		%	5.5		%	8.1		%	8.2		%	6.3		%	2.7		%	4.8		%	5.9		%	4.6		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-50

	Actual
	Jan-03			Feb-03			Mar-03			Apr-03			May-03			Jun-03			Jul-03			Aug-03			Sep-03			Oct-03			Nov-03			Dec-03			Total
Income Statement Data
Revenues
Private Room and Board	$	70		$	71		$	85		$	81		$	84		$	78		$	82		$	86		$	84		$	85		$	83		$	72		$	961
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	70			71			85			81			84			78			82			86			84			85			83			72			961
Total State Paid	5			3			6			13			9			9			9			9			9			9			6			8			97
Other Revenue	5			2			5			(0		)	1			2			2			0			1			3			0			3			23
Total Revenue	$	80		$	76		$	95		$	93		$	94		$	89		$	93		$	96		$	94		$	98		$	89		$	83		$	1,080
Expenses
Residence Payroll	$	35		$	33		$	31		$	35		$	40		$	35		$	34		$	31		$	31		$	33		$	36		$	31		$	404
Tenant Care	0			0			0			1			0			0			1			(0		)	0			0			0			0			4
Maintenance	2			2			3			2			(1		)	3			1			3			4			3			3			1			26
Kitchen	5			4			5			6			5			6			5			7			7			8			5			5			69
Housekeeping	0			0			1			1			1			1			0			1			1			1			0			1			9
Activities	0			0			0			0			0			0			0			0			0			0			0			0			1
Utilities	5			4			4			4			3			4			5			6			4			3			3			4			49
Insurance	1			2			1			1			1			1			1			1			1			1			1			1			16
Property Taxes	4			4			6			4			4			3			3			3			3			3			4			4			47
Advertising	0			0			0			0			0			0			0			0			0			0			0			0			2
Administrative	2			1			2			0			1			3			1			1			1			1			1			1			15
Bad Debt	0			0			0			0			0			0			0			3			(0		)	(0		)	6			(3		)	6
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			2
Management Fees	4			4			5			5			5			4			5			5			5			5			4			4			54
Total Operating Expenses	$	57		$	55		$	60		$	58		$	60		$	62		$	56		$	63		$	58		$	59		$	65		$	51		$	705
EBITDAR	$	23		$	21		$	35		$	35		$	35		$	27		$	37		$	33		$	36		$	39		$	24		$	32		$	376
Margin	28.2		%	27.5		%	37.1		%	37.8		%	36.7		%	30.2		%	40.0		%	34.4		%	38.3		%	39.3		%	26.6		%	38.3		%	34.8		%
EBITDARM	$	27		$	25		$	40		$	40		$	39		$	31		$	42		$	38		$	41		$	43		$	28		$	36		$	430
Margin	33.2		%	32.5		%	42.1		%	42.8		%	41.7		%	35.2		%	45.0		%	39.4		%	43.3		%	44.3		%	31.6		%	43.3		%	39.8		%
Operating Data
Available Units	39			39			39			39			39			39			39			39			39			39			39			39			39
Number of Units Occupied (Net)	35			36			37			39			39			40			39			38			39			38			34			35			37
Average Occupancy	89.9		%	92.0		%	95.1		%	100.0		%	100.0		%	102.1		%	99.1		%	98.5		%	99.6		%	98.4		%	87.4		%	89.3		%	96.0		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,141		$	2,080		$	2,446		$	2,409		$	2,399		$	2,184		$	2,356		$	2,492		$	2,398		$	2,465		$	2,596		$	2,287		$	2,355
Avg Total Monthly Rate (in US$)	$	2,282		$	2,121		$	2,570		$	2,396		$	2,418		$	2,227		$	2,398		$	2,496		$	2,427		$	2,553		$	2,606		$	2,375		$	2,405
Avg Resident Occ. - Private	91.5		%	91.9		%	87.2		%	87.8		%	87.3		%	87.4		%	87.6		%	87.3		%	87.4		%	87.7		%	89.7		%	90.1		%	88.5		%
Avg Resident Occ. - Medicaid	8.5		%	8.1		%	12.8		%	12.2		%	12.7		%	12.6		%	12.4		%	12.7		%	12.6		%	12.3		%	10.3		%	9.9		%	11.5		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-51

	Actual
	Jan-02			Feb-02			Mar-02			Apr-02			May-02			Jun-02			Jul-02			Aug-02			Sep-02			Oct-02			Nov-02			Dec-02			Total
Income Statement Data
Revenues
Private Room and Board	$	73		$	73		$	74		$	71		$	69		$	71		$	71		$	73		$	72		$	66		$	68		$	69		$	849
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	73			73			74			71			69			71			71			73			72			66			68			69			849
Total State Paid	12			10			8			9			11			11			10			8			9			7			5			5			105
Other Revenue	1			1			0			1			1			0			1			2			2			1			2			0			12
Total Revenue	$	86		$	83		$	83		$	81		$	82		$	82		$	82		$	82		$	83		$	74		$	75		$	74		$	967
Expenses
Residence Payroll	$	31		$	29		$	31		$	30		$	30		$	33		$	34		$	33		$	31		$	31		$	28		$	30		$	369
Tenant Care	0			0			0			1			0			1			1			0			1			1			1			0			6
Maintenance	2			1			4			3			3			6			5			2			4			5			2			1			40
Kitchen	6			5			5			5			5			5			6			6			6			5			5			5			65
Housekeeping	1			0			1			1			0			0			1			1			1			0			1			1			7
Activities	0			0			0			0			(0		)	0			0			0			0			0			0			0			2
Utilities	3			4			4			3			2			3			4			4			3			3			3			3			39
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			17
Property Taxes	4			4			4			4			4			4			4			2			4			4			4			1			40
Advertising	0			1			0			0			1			1			1			0			0			1			(0		)	0			6
Administrative	1			1			1			1			2			1			2			3			3			3			1			2			22
Bad Debt	0			0			0			0			(0		)	0			0			0			0			1			0			0			1
Petty Cash	0			0			0			0			0			1			0			0			0			0			0			0			4
Management Fees	4			4			4			4			4			4			4			4			4			4			4			4			48
Total Operating Expenses	$	54		$	52		$	57		$	53		$	52		$	60		$	64		$	57		$	58		$	60		$	50		$	49		$	667
EBITDAR	$	32		$	32		$	26		$	28		$	29		$	21		$	18		$	25		$	25		$	14		$	24		$	25		$	300
Margin	37.1		%	38.1		%	31.0		%	34.5		%	36.0		%	26.3		%	22.3		%	30.9		%	30.2		%	19.0		%	32.5		%	33.4		%	31.0		%
EBITDARM	$	36		$	36		$	30		$	32		$	34		$	26		$	22		$	29		$	29		$	18		$	28		$	28		$	348
Margin	42.1		%	43.1		%	36.0		%	39.5		%	41.0		%	31.3		%	27.3		%	35.9		%	35.2		%	24.0		%	37.5		%	38.4		%	36.0		%
Operating Data
Available Units	39			39			39			39			39			39			39			39			39			39			39			39			39
Number of Units Occupied (Net)	38			38			38			36			37			36			36			37			36			33			33			33			36
Average Occupancy	98.5		%	96.9		%	97.4		%	92.9		%	95.7		%	93.0		%	93.3		%	95.6		%	93.4		%	84.4		%	84.5		%	83.4		%	92.4		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,204		$	2,185		$	2,174		$	2,215		$	2,157		$	2,251		$	2,228		$	2,153		$	2,227		$	2,211		$	2,212		$	2,277		$	2,207
Avg Total Monthly Rate (in US$)	$	2,237		$	2,201		$	2,174		$	2,246		$	2,189		$	2,251		$	2,262		$	2,202		$	2,275		$	2,256		$	2,263		$	2,283		$	2,235
Avg Resident Occ. - Private	—			—			—			—			—			—			—			—			—			—			—			—			—
Avg Resident Occ. - Medicaid	—			—			—			—			—			—			—			—			—			—			—			—			—

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-52

Property Name:	State:
Maurice	NJ

	CY 2002			CY 2003			YTD July 2004 Ann.
Income Statement Data
Revenues
Private Room and Board	$	630		$	661		$	708
Private Care	—			—			147
Total Private Paid	630			661			855
Total State Paid	481			572			479
Other Revenue	12			12			8
Total Revenue	$	1,123		$	1,245		$	1,342
Expenses
Residence Payroll	$	442		$	467		$	501
Tenant Care	6			8			4
Maintenance	21			26			27
Kitchen	65			61			66
Housekeeping	9			4			8
Activities	3			5			7
Utilities	70			78			73
Insurance	18			19			18
Property Taxes	49			64			77
Advertising	3			5			4
Administrative	16			18			5
Bad Debt	2			5			(0		)
Petty Cash	2			1			2
Management Fees	56			62			67
Total Operating Expenses	$	761		$	825		$	859
EBITDAR	$	362		$	420		$	484
Margin	32.2		%	33.7		%	36.0		%
EBITDARM	$	418		$	482		$	551
Margin	37.2		%	38.7		%	41.0		%
Operating Data
Available Units	39			39			39
Number of Units Occupied (Net)	35			37			39
Average Occupancy	89.7		%	94.8		%	99.2		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,647		$	2,779		$	2,875
Avg Total Monthly Rate (in US$)	$	2,675		$	2,807		$	2,892
Avg Resident Occ. - Private	—			44.1		%	57.6		%
Avg Resident Occ. - Medicaid	—			55.9		%	42.4		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-53

	Actual
	Jan-04			Feb-04			Mar-04			Apr-04			May-04			Jun-04			Jul-04			YTD			TTM Ann.
Income Statement Data
Revenues
Private Room and Board	$	45		$	48		$	57		$	61		$	63		$	56		$	59		$	388		$	708
Private Care	12			12			14			14			11			12			14			87			147
Total Private Paid	57			60			70			75			74			68			72			476			855
Total State Paid	48			41			36			34			37			41			42			279			479
Other Revenue	2			6			0			2			2			0			0			13			8
Total Revenue	$	106		$	107		$	107		$	112		$	113		$	108		$	115		$	767		$	1,342
Expenses
Residence Payroll	$	53		$	38		$	40		$	38		$	46		$	39		$	40		$	295		$	501
Tenant Care	0			1			0			0			1			0			0			2			4
Maintenance	2			1			2			1			3			2			2			12			27
Kitchen	5			5			5			4			4			6			7			35			66
Housekeeping	0			0			0			0			1			0			0			3			8
Activities	0			0			0			0			1			1			0			3			7
Utilities	10			11			5			7			5			6			7			51			73
Insurance	2			2			2			2			2			1			2			11			18
Property Taxes	6			6			6			6			6			6			6			44			77
Advertising	0			0			0			0			1			0			0			2			4
Administrative	1			3			2			1			0			0			0			7			5
Bad Debt	(1		)	2			(4		)	0			(0		)	0			0			(3		)	(0		)
Petty Cash	0			0			0			0			0			0			0			1			2
Management Fees	5			5			5			6			6			5			6			38			67
Total Operating Expenses	$	83		$	75		$	64		$	66		$	76		$	68		$	71		$	503		$	859
EBITDAR	$	23		$	32		$	43		$	45		$	37		$	40		$	44		$	264		$	484
Margin	22.0		%	29.6		%	40.2		%	40.7		%	33.0		%	36.7		%	38.4		%	34.5		%	36.0		%
EBITDARM	$	29		$	37		$	48		$	51		$	43		$	45		$	50		$	303		$	551
Margin	27.0		%	34.6		%	45.2		%	45.7		%	38.0		%	41.7		%	43.4		%	39.5		%	41.0		%
Operating Data
Available Units	39			39			39			39			39			39			39			39			39
Number of Units Occupied (Net)	35			37			37			39			38			39			39			38			39
Average Occupancy	90.2		%	95.9		%	94.5		%	100.0		%	97.7		%	99.8		%	100.0		%	96.9		%	99.2		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,962		$	2,696		$	2,890		$	2,802		$	2,904		$	2,777		$	2,943		$	2,852		$	2,875
Avg Total Monthly Rate (in US$)	$	3,019		$	2,856		$	2,897		$	2,860		$	2,957		$	2,777		$	2,943		$	2,900		$	2,892
Avg Resident Occ. - Private	50.2		%	52.8		%	56.6		%	59.0		%	59.8		%	56.5		%	56.4		%	56.0		%	57.6		%
Avg Resident Occ. - Medicaid	49.8		%	47.2		%	43.4		%	41.0		%	40.2		%	43.5		%	43.6		%	44.0		%	42.4		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-54

	Actual
	Jan-03			Feb-03			Mar-03			Apr-03			May-03			Jun-03			Jul-03			Aug-03			Sep-03			Oct-03			Nov-03			Dec-03			Total
Income Statement Data
Revenues
Private Room and Board	$	62		$	53		$	56		$	42		$	50		$	39		$	54		$	58		$	60		$	66		$	61		$	59		$	661
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	62			53			56			42			50			39			54			58			60			66			61			59			661
Total State Paid	47			51			54			52			56			34			41			48			57			48			43			41			572
Other Revenue	3			2			2			0			2			0			0			3			1			0			0			0			12
Total Revenue	$	112		$	106		$	111		$	95		$	108		$	73		$	95		$	109		$	118		$	113		$	105		$	100		$	1,245
Expenses
Residence Payroll	$	41		$	32		$	41		$	37		$	40		$	38		$	35		$	39		$	33		$	46		$	41		$	44		$	467
Tenant Care	0			1			1			0			1			0			0			0			2			0			1			1			8
Maintenance	4			1			2			2			4			2			1			1			2			2			3			1			26
Kitchen	4			4			5			8			4			5			4			5			7			5			6			5			61
Housekeeping	0			0			0			0			1			0			0			0			1			0			0			0			4
Activities	0			0			0			0			0			1			0			0			1			0			0			1			5
Utilities	8			6			8			7			6			6			5			6			8			6			7			7			78
Insurance	2			2			2			2			1			2			1			1			2			2			2			1			19
Property Taxes	5			5			5			5			5			5			3			6			6			6			6			6			64
Advertising	1			0			0			1			(0		)	0			0			0			0			0			1			1			5
Administrative	2			2			2			1			4			1			1			1			0			1			1			2			18
Bad Debt	(0		)	1			(0		)	4			8			(10		)	(1		)	(1		)	1			1			(0		)	2			5
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			1
Management Fees	6			5			6			5			5			4			5			5			6			6			5			5			62
Total Operating Expenses	$	73		$	61		$	71		$	72		$	80		$	54		$	56		$	66		$	68		$	76		$	74		$	76		$	825
EBITDAR	$	39		$	45		$	40		$	23		$	28		$	19		$	39		$	43		$	50		$	38		$	31		$	24		$	420
Margin	34.9		%	42.6		%	36.2		%	24.1		%	26.2		%	26.6		%	40.7		%	39.8		%	42.3		%	33.2		%	29.7		%	24.0		%	33.7		%
EBITDARM	$	45		$	50		$	46		$	28		$	34		$	23		$	43		$	49		$	56		$	43		$	36		$	29		$	482
Margin	39.9		%	47.6		%	41.2		%	29.1		%	31.2		%	31.6		%	45.7		%	44.8		%	47.3		%	38.2		%	34.7		%	29.0		%	38.7		%
Operating Data
Available Units	39			39			39			39			39			39			39			39			39			39			39			39			39
Number of Units Occupied (Net)	39			37			39			36			34			33			34			38			40			39			38			36			37
Average Occupancy	98.7		%	95.3		%	99.5		%	93.1		%	87.2		%	85.6		%	87.8		%	96.9		%	102.6		%	100.1		%	98.0		%	92.5		%	94.8		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,846		$	2,807		$	2,822		$	2,607		$	3,111		$	2,188		$	2,774		$	2,808		$	2,920		$	2,901		$	2,740		$	2,773		$	2,779
Avg Total Monthly Rate (in US$)	$	2,911		$	2,854		$	2,867		$	2,607		$	3,169		$	2,195		$	2,774		$	2,881		$	2,938		$	2,908		$	2,740		$	2,780		$	2,807
Avg Resident Occ. - Private	43.2		%	42.6		%	39.9		%	40.5		%	42.9		%	40.1		%	43.0		%	42.8		%	47.5		%	49.6		%	49.0		%	46.7		%	44.1		%
Avg Resident Occ. - Medicaid	56.8		%	57.4		%	60.1		%	59.5		%	57.1		%	59.9		%	57.0		%	57.2		%	52.5		%	50.4		%	51.0		%	53.3		%	55.9		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-55

	Actual
	Jan-02			Feb-02			Mar-02			Apr-02			May-02			Jun-02			Jul-02			Aug-02			Sep-02			Oct-02			Nov-02			Dec-02			Total
Income Statement Data
Revenues
Private Room and Board	$	52		$	43		$	46		$	51		$	65		$	55		$	56		$	48		$	47		$	52		$	53		$	62		$	630
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	52			43			46			51			65			55			56			48			47			52			53			62			630
Total State Paid	41			39			47			35			37			40			40			40			39			35			38			50			481
Other Revenue	0			1			1			1			0			0			2			0			1			3			0			2			12
Total Revenue	$	93		$	84		$	94		$	86		$	102		$	96		$	97		$	88		$	87		$	90		$	92		$	114		$	1,123
Expenses
Residence Payroll	$	36		$	32		$	33		$	35		$	39		$	38		$	39		$	37		$	40		$	36		$	41		$	37		$	442
Tenant Care	0			1			0			1			0			0			0			1			0			0			0			0			6
Maintenance	1			0			1			2			2			2			2			3			3			2			2			1			21
Kitchen	7			6			5			5			5			5			6			5			4			6			6			5			65
Housekeeping	1			0			2			1			1			1			1			0			0			1			0			1			9
Activities	0			0			0			0			0			0			0			0			1			1			0			0			3
Utilities	7			6			7			4			6			5			7			7			6			5			5			6			70
Insurance	1			1			1			1			1			1			1			1			1			1			2			1			18
Property Taxes	4			4			4			4			4			4			4			4			4			4			4			1			49
Advertising	0			0			0			0			0			0			0			0			0			0			0			1			3
Administrative	1			1			1			2			1			1			2			2			1			2			1			1			16
Bad Debt	7			(13		)	4			(3		)	4			(1		)	3			(2		)	(2		)	3			2			0			2
Petty Cash	0			0			1			0			0			1			0			0			0			0			0			0			2
Management Fees	5			4			5			4			5			5			5			4			4			4			5			6			56
Total Operating Expenses	$	70		$	43		$	65		$	57		$	70		$	63		$	70		$	63		$	65		$	66		$	68		$	61		$	761
EBITDAR	$	23		$	41		$	29		$	29		$	33		$	33		$	28		$	25		$	22		$	24		$	23		$	53		$	362
Margin	24.8		%	48.9		%	30.6		%	34.0		%	31.9		%	34.2		%	28.5		%	28.2		%	25.5		%	26.4		%	25.3		%	46.2		%	32.2		%
EBITDARM	$	28		$	45		$	33		$	33		$	38		$	38		$	33		$	29		$	26		$	28		$	28		$	58		$	418
Margin	29.8		%	53.9		%	35.6		%	39.0		%	36.9		%	39.2		%	33.5		%	33.2		%	30.5		%	31.4		%	30.3		%	51.2		%	37.2		%
Operating Data
Available Units	39			39			39			39			39			39			39			39			39			39			39			39			39
Number of Units Occupied (Net)	36			35			36			35			35			36			35			34			32			33			34			38			35
Average Occupancy	92.6		%	90.8		%	92.1		%	90.8		%	90.7		%	91.9		%	89.7		%	86.6		%	82.3		%	83.6		%	87.4		%	97.8		%	89.7		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,571		$	2,333		$	2,586		$	2,411		$	2,887		$	2,671		$	2,734		$	2,606		$	2,670		$	2,676		$	2,681		$	2,926		$	2,647
Avg Total Monthly Rate (in US$)	$	2,582		$	2,367		$	2,608		$	2,425		$	2,887		$	2,682		$	2,783		$	2,613		$	2,706		$	2,752		$	2,688		$	2,988		$	2,675
Avg Resident Occ. - Private	—			—			—			—			—			—			—			—			—			—			—			—			—
Avg Resident Occ. - Medicaid	—			—			—			—			—			—			—			—			—			—			—			—			—

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-56

Property Name:	State:
Rutherford	OH

	CY 2002			CY 2003			YTD July 2004 Ann.
Income Statement Data
Revenues
Private Room and Board	$	1,018		$	1,084		$	986
Private Care	—			—			250
Total Private Paid	1,018			1,084			1,236
Total State Paid	0			0			0
Other Revenue	6			3			6
Total Revenue	$	1,024		$	1,087		$	1,242
Expenses
Residence Payroll	$	401		$	390		$	424
Tenant Care	6			6			1
Maintenance	24			21			13
Kitchen	58			59			69
Housekeeping	5			5			6
Activities	1			1			1
Utilities	40			49			37
Insurance	17			16			15
Property Taxes	27			23			25
Advertising	4			4			6
Administrative	16			15			16
Bad Debt	0			(0		)	0
Petty Cash	3			2			2
Management Fees	51			54			62
Total Operating Expenses	$	653		$	647		$	679
EBITDAR	$	371		$	440		$	563
Margin	36.2		%	40.5		%	45.3		%
EBITDARM	$	422		$	494		$	625
Margin	41.2		%	45.5		%	50.3		%
Operating Data
Available Units	39			39			39
Number of Units Occupied (Net)	37			37			38
Average Occupancy	96.1		%	93.9		%	97.9		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,265		$	2,466		$	2,699
Avg Total Monthly Rate (in US$)	$	2,278		$	2,473		$	2,712
Avg Resident Occ. - Private	—			100.0		%	100.0		%
Avg Resident Occ. - Medicaid	—			0.0		%	0.0		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-57

	Actual
	Jan-04			Feb-04			Mar-04			Apr-04			May-04			Jun-04			Jul-04			YTD			TTM Ann.
Income Statement Data
Revenues
Private Room and Board	$	79		$	73		$	82		$	72		$	84		$	78		$	84		$	553		$	986
Private Care	21			19			22			19			21			20			21			143			250
Total Private Paid	99			92			104			91			105			98			106			695			1,236
Total State Paid	0			0			0			0			0			0			0			0			0
Other Revenue	0			1			1			1			1			0			0			3			6
Total Revenue	$	99		$	93		$	105		$	91		$	106		$	99		$	106		$	699		$	1,242
Expenses
Residence Payroll	$	33		$	37		$	38		$	33		$	37		$	31		$	38		$	248		$	424
Tenant Care	1			1			1			2			(1		)	1			1			4			1
Maintenance	1			2			1			1			1			1			1			9			13
Kitchen	6			6			5			7			6			6			6			41			69
Housekeeping	0			1			0			0			0			1			1			3			6
Activities	0			0			0			0			0			0			0			1			1
Utilities	6			6			6			4			4			2			3			31			37
Insurance	1			1			1			1			1			1			1			9			15
Property Taxes	2			2			2			2			2			2			2			15			25
Advertising	0			0			0			0			1			1			0			3			6
Administrative	1			1			1			1			1			1			2			7			16
Bad Debt	0			0			0			0			0			0			0			0			0
Petty Cash	0			0			0			0			0			0			0			1			2
Management Fees	5			5			5			5			5			5			5			35			62
Total Operating Expenses	$	57		$	61		$	61		$	57		$	58		$	51		$	60		$	407		$	679
EBITDAR	$	42		$	31		$	44		$	34		$	47		$	47		$	46		$	292		$	563
Margin	42.4		%	33.9		%	41.5		%	37.3		%	44.7		%	48.1		%	43.3		%	41.8		%	45.3		%
EBITDARM	$	47		$	36		$	49		$	39		$	53		$	52		$	51		$	327		$	625
Margin	47.4		%	38.9		%	46.5		%	42.3		%	49.7		%	53.1		%	48.3		%	46.8		%	50.3		%
Operating Data
Available Units	39			39			39			39			39			39			39			39			39
Number of Units Occupied (Net)	39			39			37			36			39			38			38			38			38
Average Occupancy	100.0		%	99.6		%	94.1		%	92.2		%	99.2		%	97.1		%	97.4		%	97.1		%	97.9		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,547		$	2,376		$	2,831		$	2,519		$	2,718		$	2,592		$	2,786		$	2,623		$	2,699
Avg Total Monthly Rate (in US$)	$	2,547		$	2,389		$	2,856		$	2,536		$	2,735		$	2,603		$	2,797		$	2,636		$	2,712
Avg Resident Occ. - Private	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%
Avg Resident Occ. - Medicaid	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-58

	Actual
	Jan-03			Feb-03			Mar-03			Apr-03			May-03			Jun-03			Jul-03			Aug-03			Sep-03			Oct-03			Nov-03			Dec-03			Total
Income Statement Data
Revenues
Private Room and Board	$	79		$	80		$	87		$	90		$	86		$	86		$	102		$	90		$	91		$	98		$	94		$	100		$	1,084
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	79			80			87			90			86			86			102			90			91			98			94			100			1,084
Total State Paid	0			0			0			0			0			0			0			0			0			0			0			0			0
Other Revenue	0			0			0			0			(0		)	1			(0		)	0			1			0			0			0			3
Total Revenue	$	80		$	80		$	87		$	90		$	86		$	86		$	102		$	91		$	92		$	99		$	94		$	100		$	1,087
Expenses
Residence Payroll	$	28		$	31		$	34		$	36		$	34		$	33		$	37		$	34		$	33		$	37		$	36		$	18		$	390
Tenant Care	1			0			1			0			1			0			0			1			1			1			0			1			6
Maintenance	3			1			1			1			1			3			1			5			1			3			1			0			21
Kitchen	5			5			5			4			4			6			5			4			6			5			5			5			59
Housekeeping	0			1			0			1			0			0			0			0			1			0			0			0			5
Activities	0			0			0			0			0			0			0			0			0			0			0			0			1
Utilities	6			5			6			4			3			4			4			3			3			4			3			4			49
Insurance	1			2			1			1			1			1			1			2			1			1			1			1			16
Property Taxes	2			2			2			3			2			2			2			2			2			2			2			2			23
Advertising	0			0			0			0			0			0			0			1			0			0			1			0			4
Administrative	1			1			2			1			1			1			1			1			1			2			2			2			15
Bad Debt	(0		)	1			1			(3		)	0			1			(1		)	(1		)	0			0			0			0			(0		)
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			1			2
Management Fees	4			4			4			5			4			4			5			5			5			5			5			5			54
Total Operating Expenses	$	52		$	52		$	58		$	53		$	54		$	56		$	55		$	57		$	54		$	59		$	56		$	39		$	647
EBITDAR	$	28		$	28		$	29		$	37		$	32		$	30		$	46		$	33		$	37		$	40		$	39		$	60		$	440
Margin	35.2		%	34.8		%	33.6		%	40.6		%	37.7		%	35.0		%	45.6		%	36.5		%	40.7		%	40.3		%	40.8		%	60.5		%	40.5		%
EBITDARM	$	32		$	32		$	33		$	41		$	37		$	35		$	52		$	38		$	42		$	45		$	43		$	65		$	494
Margin	40.2		%	39.8		%	38.6		%	45.6		%	42.7		%	40.0		%	50.6		%	41.5		%	45.7		%	45.3		%	45.8		%	65.5		%	45.5		%
Operating Data
Available Units	39			39			39			39			39			39			39			39			39			39			39			39			39
Number of Units Occupied (Net)	35			37			35			36			35			35			37			36			38			39			39			39			37
Average Occupancy	90.9		%	94.1		%	88.8		%	91.6		%	89.1		%	88.6		%	95.5		%	91.4		%	96.8		%	99.8		%	100.0		%	100.1		%	93.9		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,242		$	2,185		$	2,502		$	2,520		$	2,477		$	2,483		$	2,741		$	2,535		$	2,411		$	2,527		$	2,411		$	2,554		$	2,466
Avg Total Monthly Rate (in US$)	$	2,254		$	2,191		$	2,502		$	2,520		$	2,476		$	2,498		$	2,736		$	2,540		$	2,433		$	2,537		$	2,421		$	2,554		$	2,473
Avg Resident Occ. - Private	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%
Avg Resident Occ. - Medicaid	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-59

	Actual
	Jan-02			Feb-02			Mar-02			Apr-02			May-02			Jun-02			Jul-02			Aug-02			Sep-02			Oct-02			Nov-02			Dec-02			Total
Income Statement Data
Revenues
Private Room and Board	$	87		$	88		$	88		$	82		$	89		$	89		$	89		$	88		$	84		$	84		$	77		$	73		$	1,018
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	87			88			88			82			89			89			89			88			84			84			77			73			1,018
Total State Paid	0			0			0			0			0			0			0			0			0			0			0			0			0
Other Revenue	1			0			1			0			1			1			0			0			(0		)	1			0			1			6
Total Revenue	$	87		$	88		$	88		$	83		$	90		$	90		$	89		$	88		$	84		$	85		$	77		$	74		$	1,024
Expenses
Residence Payroll	$	34		$	33		$	33		$	33		$	34		$	32		$	27		$	36		$	36		$	35		$	36		$	33		$	401
Tenant Care	1			1			0			0			1			0			0			1			0			0			1			0			6
Maintenance	2			0			2			2			1			3			2			1			3			3			1			2			24
Kitchen	4			4			5			5			6			5			4			5			5			5			5			5			58
Housekeeping	1			0			0			1			0			0			1			0			0			1			0			0			5
Activities	0			0			0			0			0			0			0			0			0			0			0			0			1
Utilities	4			4			4			3			3			3			3			3			3			2			4			4			40
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			17
Property Taxes	2			2			2			2			2			2			2			2			2			2			4			2			27
Advertising	0			1			0			0			0			0			1			0			0			1			1			0			4
Administrative	1			1			2			1			1			1			1			2			2			1			1			1			16
Bad Debt	0			0			0			0			0			0			0			0			0			0			0			0			0
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			3
Management Fees	4			4			4			4			5			4			4			4			4			4			4			4			51
Total Operating Expenses	$	56		$	52		$	54		$	54		$	55		$	53		$	47		$	57		$	57		$	56		$	58		$	53		$	653
EBITDAR	$	32		$	36		$	34		$	29		$	35		$	37		$	42		$	31		$	27		$	29		$	19		$	21		$	371
Margin	36.5		%	40.6		%	38.6		%	34.8		%	39.1		%	41.3		%	47.5		%	34.9		%	31.6		%	33.8		%	24.7		%	28.1		%	36.2		%
EBITDARM	$	36		$	40		$	39		$	33		$	40		$	42		$	47		$	35		$	31		$	33		$	23		$	24		$	422
Margin	41.5		%	45.6		%	43.6		%	39.8		%	44.1		%	46.3		%	52.5		%	39.9		%	36.6		%	38.8		%	29.7		%	33.1		%	41.2		%
Operating Data
Available Units	39			39			39			39			39			39			39			39			39			39			39			39			39
Number of Units Occupied (Net)	40			39			38			38			39			39			39			38			37			36			34			32			37
Average Occupancy	101.6		%	99.5		%	98.0		%	97.1		%	99.9		%	99.7		%	100.0		%	98.3		%	96.1		%	92.8		%	87.1		%	82.7		%	96.1		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,193		$	2,259		$	2,290		$	2,177		$	2,289		$	2,297		$	2,288		$	2,291		$	2,239		$	2,315		$	2,280		$	2,263		$	2,265
Avg Total Monthly Rate (in US$)	$	2,209		$	2,264		$	2,311		$	2,182		$	2,315		$	2,312		$	2,289		$	2,301		$	2,239		$	2,348		$	2,280		$	2,288		$	2,278
Avg Resident Occ. - Private	—			—			—			—			—			—			—			—			—			—			—			—			—
Avg Resident Occ. - Medicaid	—			—			—			—			—			—			—			—			—			—			—			—			—

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-60

Property Name:	State:
Chestnut	OH

	CY 2002			CY 2003			YTD July 2004 Ann.
Income Statement Data
Revenues
Private Room and Board	$	951		$	1,101		$	876
Private Care	—			—			274
Total Private Paid	951			1,101			1,150
Total State Paid	0			0			0
Other Revenue	5			2			8
Total Revenue	$	956		$	1,103		$	1,158
Expenses
Residence Payroll	$	401		$	428		$	502
Tenant Care	6			7			8
Maintenance	31			43			39
Kitchen	63			66			73
Housekeeping	8			10			12
Activities	1			1			4
Utilities	41			54			43
Insurance	17			16			16
Property Taxes	28			27			27
Advertising	4			7			14
Administrative	30			21			42
Bad Debt	(3		)	4			(3		)
Petty Cash	2			3			5
Management Fees	48			55			58
Total Operating Expenses	$	675		$	743		$	839
EBITDAR	$	281		$	361		$	318
Margin	29.4		%	32.7		%	27.5		%
EBITDARM	$	329		$	416		$	376
Margin	34.4		%	37.7		%	32.5		%
Operating Data
Available Units	39			39			39
Number of Units Occupied (Net)	37			37			38
Average Occupancy	94.1		%	94.6		%	97.4		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,160		$	2,488		$	2,524
Avg Total Monthly Rate (in US$)	$	2,170		$	2,493		$	2,541
Avg Resident Occ. - Private	—			100.0		%	100.0		%
Avg Resident Occ. - Medicaid	—			0.0		%	0.0		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-61

	Actual
	Jan-04			Feb-04			Mar-04			Apr-04			May-04			Jun-04			Jul-04			YTD			TTM Ann.
Income Statement Data
Revenues
Private Room and Board	$	69		$	66		$	71		$	68		$	72		$	72		$	75		$	494		$	876
Private Care	24			13			23			21			23			22			23			150			274
Total Private Paid	93			80			94			90			95			94			98			644			1,150
Total State Paid	0			0			0			0			0			0			0			0			0
Other Revenue	2			0			0			0			1			0			1			4			8
Total Revenue	$	95		$	80		$	94		$	90		$	96		$	94		$	99		$	648		$	1,158
Expenses
Residence Payroll	$	37		$	36		$	38		$	39		$	42		$	40		$	44		$	276		$	502
Tenant Care	1			1			1			1			0			1			1			5			8
Maintenance	2			3			3			2			6			2			2			19			39
Kitchen	5			6			6			6			6			7			6			41			73
Housekeeping	1			1			1			1			1			1			1			5			12
Activities	0			0			0			0			0			0			0			1			4
Utilities	7			7			5			5			4			4			3			35			43
Insurance	1			1			1			1			1			1			1			9			16
Property Taxes	2			2			2			2			2			2			2			16			27
Advertising	2			1			1			1			0			2			1			7			14
Administrative	1			2			1			2			3			4			3			17			42
Bad Debt	2			1			(3		)	0			0			(1		)	(0		)	(2		)	(3		)
Petty Cash	0			0			1			1			0			0			1			3			5
Management Fees	5			4			5			4			5			5			5			32			58
Total Operating Expenses	$	65		$	65		$	61		$	64		$	71		$	68		$	70		$	464		$	839
EBITDAR	$	30		$	15		$	33		$	26		$	25		$	26		$	29		$	184		$	318
Margin	31.8		%	18.4		%	35.2		%	29.0		%	25.7		%	27.6		%	29.1		%	28.3		%	27.5		%
EBITDARM	$	35		$	19		$	38		$	31		$	30		$	31		$	34		$	216		$	376
Margin	36.8		%	23.4		%	40.2		%	34.0		%	30.7		%	32.6		%	34.1		%	33.3		%	32.5		%
Operating Data
Available Units	39			39			39			39			39			39			39			39			39
Number of Units Occupied (Net)	35			34			36			37			37			39			38			37			38
Average Occupancy	90.0		%	87.8		%	92.9		%	94.2		%	94.9		%	99.0		%	98.3		%	93.9		%	97.4		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,656		$	2,333		$	2,583		$	2,448		$	2,569		$	2,447		$	2,559		$	2,514		$	2,524
Avg Total Monthly Rate (in US$)	$	2,706		$	2,333		$	2,589		$	2,448		$	2,600		$	2,448		$	2,577		$	2,529		$	2,541
Avg Resident Occ. - Private	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%
Avg Resident Occ. - Medicaid	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-62

	Actual
	Jan-03			Feb-03			Mar-03			Apr-03			May-03			Jun-03			Jul-03			Aug-03			Sep-03			Oct-03			Nov-03			Dec-03			Total
Income Statement Data
Revenues
Private Room and Board	$	89		$	81		$	93		$	90		$	98		$	92		$	90		$	96		$	90		$	95		$	93		$	96		$	1,101
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	89			81			93			90			98			92			90			96			90			95			93			96			1,101
Total State Paid	0			0			0			0			0			0			0			0			0			0			0			0			0
Other Revenue	0			0			0			1			0			0			0			0			0			0			0			0			2
Total Revenue	$	89		$	81		$	93		$	90		$	98		$	92		$	90		$	96		$	90		$	95		$	93		$	96		$	1,103
Expenses
Residence Payroll	$	28		$	29		$	37		$	34		$	41		$	35		$	40		$	37		$	39		$	36		$	46		$	25		$	428
Tenant Care	0			0			1			0			1			0			0			1			0			1			2			1			7
Maintenance	4			2			4			1			7			1			6			3			2			6			3			4			43
Kitchen	4			4			6			4			6			7			5			6			6			6			8			3			66
Housekeeping	1			0			1			1			1			1			1			1			1			1			1			1			10
Activities	0			0			0			0			0			0			0			0			0			0			0			0			1
Utilities	5			7			6			4			4			4			4			4			4			4			4			5			54
Insurance	1			1			1			1			1			2			1			1			1			1			1			1			16
Property Taxes	2			2			2			2			2			2			2			2			2			2			3			3			27
Advertising	0			1			0			1			1			1			1			0			0			1			0			1			7
Administrative	2			1			3			2			1			2			2			2			2			2			1			2			21
Bad Debt	1			2			0			(2		)	0			0			0			3			(0		)	(0		)	3			(1		)	4
Petty Cash	0			0			0			0			1			0			0			(0		)	1			1			0			0			3
Management Fees	4			4			5			5			5			5			5			5			4			5			5			5			55
Total Operating Expenses	$	53		$	53		$	65		$	53		$	71		$	60		$	67		$	65		$	64		$	66		$	78		$	48		$	743
EBITDAR	$	36		$	28		$	27		$	37		$	28		$	32		$	24		$	31		$	25		$	29		$	15		$	48		$	361
Margin	40.4		%	34.6		%	29.5		%	41.1		%	28.1		%	34.9		%	26.2		%	32.5		%	28.3		%	30.3		%	16.3		%	50.3		%	32.7		%
EBITDARM	$	40		$	32		$	32		$	42		$	33		$	37		$	28		$	36		$	30		$	34		$	20		$	53		$	416
Margin	45.4		%	39.6		%	34.5		%	46.1		%	33.1		%	39.9		%	31.2		%	37.5		%	33.3		%	35.3		%	21.3		%	55.3		%	37.7		%
Operating Data
Available Units	39			39			39			39			39			39			39			39			39			39			39			39			39
Number of Units Occupied (Net)	38			33			35			36			36			35			38			37			38			38			39			38			37
Average Occupancy	96.5		%	85.6		%	91.0		%	93.4		%	92.4		%	89.8		%	97.8		%	95.8		%	97.9		%	98.6		%	99.5		%	96.8		%	94.6		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,351		$	2,413		$	2,608		$	2,461		$	2,727		$	2,640		$	2,353		$	2,560		$	2,348		$	2,474		$	2,398		$	2,542		$	2,488
Avg Total Monthly Rate (in US$)	$	2,357		$	2,413		$	2,608		$	2,483		$	2,733		$	2,640		$	2,364		$	2,567		$	2,353		$	2,476		$	2,398		$	2,544		$	2,493
Avg Resident Occ. - Private	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%
Avg Resident Occ. - Medicaid	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-63

	Actual
	Jan-02			Feb-02			Mar-02			Apr-02			May-02			Jun-02			Jul-02			Aug-02			Sep-02			Oct-02			Nov-02			Dec-02			Total
Income Statement Data
Revenues
Private Room and Board	$	75		$	84		$	83		$	73		$	77		$	82		$	83		$	80		$	72		$	83		$	79		$	82		$	951
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	75			84			83			73			77			82			83			80			72			83			79			82			951
Total State Paid	0			0			0			0			0			0			0			0			0			0			0			0			0
Other Revenue	(0		)	0			0			1			1			1			0			0			1			1			0			0			5
Total Revenue	$	74		$	84		$	83		$	73		$	77		$	83		$	83		$	80		$	73		$	84		$	79		$	82		$	956
Expenses
Residence Payroll	$	33		$	30		$	36		$	31		$	34		$	32		$	25		$	35		$	32		$	42		$	36		$	35		$	401
Tenant Care	0			0			1			0			1			0			1			1			1			1			1			0			6
Maintenance	2			1			1			2			3			2			7			2			5			3			2			2			31
Kitchen	5			6			4			5			6			5			5			5			4			5			6			5			63
Housekeeping	1			0			1			1			1			0			1			1			1			0			1			1			8
Activities	0			(0		)	0			0			0			0			0			0			0			0			0			0			1
Utilities	4			4			4			4			3			3			3			3			3			3			3			4			41
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			17
Property Taxes	3			1			2			2			2			2			2			2			2			2			4			2			28
Advertising	0			0			0			1			0			0			0			0			0			0			1			(0		)	4
Administrative	2			2			1			2			6			2			1			3			5			3			2			1			30
Bad Debt	(2		)	5			(3		)	(0		)	(2		)	1			(0		)	(1		)	1			(0		)	0			(1		)	(3		)
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			2
Management Fees	4			4			4			4			4			4			4			4			4			4			4			4			48
Total Operating Expenses	$	54		$	56		$	55		$	51		$	59		$	54		$	51		$	56		$	58		$	65		$	60		$	55		$	675
EBITDAR	$	20		$	29		$	28		$	22		$	18		$	29		$	32		$	24		$	15		$	19		$	19		$	27		$	281
Margin	27.0		%	33.9		%	33.8		%	30.0		%	23.0		%	35.1		%	38.9		%	29.6		%	20.2		%	22.5		%	24.3		%	32.7		%	29.4		%
EBITDARM	$	24		$	33		$	32		$	26		$	22		$	33		$	36		$	28		$	18		$	23		$	23		$	31		$	329
Margin	32.0		%	38.9		%	38.8		%	35.0		%	28.0		%	40.1		%	43.9		%	34.6		%	25.2		%	27.5		%	29.3		%	37.7		%	34.4		%
Operating Data
Available Units	39			39			39			39			39			39			39			39			39			39			39			39			39
Number of Units Occupied (Net)	38			39			36			35			37			38			38			36			34			36			38			37			37
Average Occupancy	97.4		%	98.8		%	91.3		%	90.4		%	94.1		%	97.1		%	96.4		%	91.9		%	87.3		%	93.1		%	96.7		%	95.0		%	94.1		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	1,964		$	2,188		$	2,324		$	2,060		$	2,086		$	2,166		$	2,200		$	2,226		$	2,112		$	2,294		$	2,097		$	2,205		$	2,160
Avg Total Monthly Rate (in US$)	$	1,961		$	2,192		$	2,330		$	2,079		$	2,103		$	2,182		$	2,200		$	2,232		$	2,138		$	2,319		$	2,102		$	2,212		$	2,170
Avg Resident Occ. - Private	—			—			—			—			—			—			—			—			—			—			—			—			—
Avg Resident Occ. - Medicaid	—			—			—			—			—			—			—			—			—			—			—			—			—

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-64

Property Name:	State:
Seneca	OH

	CY 2002			CY 2003			YTD July 2004 Ann.
Income Statement Data
Revenues
Private Room and Board	$	824		$	885		$	760
Private Care	—			—			226
Total Private Paid	824			885			986
Total State Paid	0			0			0
Other Revenue	6			9			15
Total Revenue	$	830		$	893		$	1,001
Expenses
Residence Payroll	$	364		$	315		$	316
Tenant Care	5			6			3
Maintenance	21			23			25
Kitchen	46			49			42
Housekeeping	4			10			6
Activities	0			1			2
Utilities	43			56			44
Insurance	16			13			13
Property Taxes	37			34			36
Advertising	7			5			7
Administrative	14			19			14
Bad Debt	(7		)	6			(4		)
Petty Cash	2			2			2
Management Fees	42			45			50
Total Operating Expenses	$	594		$	583		$	556
EBITDAR	$	236		$	310		$	445
Margin	28.5		%	34.7		%	44.5		%
EBITDARM	$	278		$	355		$	495
Margin	33.5		%	39.7		%	49.5		%
Operating Data
Available Units	35			35			35
Number of Units Occupied (Net)	30			30			31
Average Occupancy	86.4		%	84.8		%	89.1		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,272		$	2,484		$	2,636
Avg Total Monthly Rate (in US$)	$	2,289		$	2,509		$	2,676
Avg Resident Occ. - Private	—			100.0		%	100.0		%
Avg Resident Occ. - Medicaid	—			0.0		%	0.0		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-65

	Actual
	Jan-04			Feb-04			Mar-04			Apr-04			May-04			Jun-04			Jul-04			YTD			TTM Ann.
Income Statement Data
Revenues
Private Room and Board	$	67		$	65		$	69		$	68		$	67		$	60		$	63		$	459		$	760
Private Care	16			16			18			18			19			17			20			125			226
Total Private Paid	83			81			87			86			86			77			83			584			986
Total State Paid	0			0			0			0			0			0			0			0			0
Other Revenue	0			2			3			1			(0		)	0			4			9			15
Total Revenue	$	83		$	82		$	90		$	87		$	86		$	77		$	87		$	593		$	1,001
Expenses
Residence Payroll	$	28		$	29		$	31		$	28		$	27		$	25		$	27		$	195		$	316
Tenant Care	0			0			1			1			0			1			(0		)	2			3
Maintenance	1			2			6			3			2			4			0			19			25
Kitchen	4			4			5			2			4			3			4			27			42
Housekeeping	0			1			2			0			1			0			1			4			6
Activities	0			0			0			0			0			0			0			1			2
Utilities	6			7			5			4			4			4			4			34			44
Insurance	1			1			1			1			1			1			1			8			13
Property Taxes	3			3			3			3			3			3			3			21			36
Advertising	0			0			0			1			0			0			1			3			7
Administrative	0			1			2			1			1			2			1			8			14
Bad Debt	(0		)	0			(1		)	0			(0		)	(1		)	0			(2		)	(4		)
Petty Cash	0			0			1			1			0			0			0			2			2
Management Fees	4			4			4			4			4			4			4			30			50
Total Operating Expenses	$	50		$	53		$	60		$	49		$	46		$	47		$	46		$	351		$	556
EBITDAR	$	33		$	30		$	29		$	38		$	40		$	31		$	41		$	241		$	445
Margin	39.9		%	36.2		%	32.7		%	43.3		%	46.2		%	39.8		%	46.9		%	40.7		%	44.5		%
EBITDARM	$	37		$	34		$	34		$	42		$	44		$	35		$	45		$	271		$	495
Margin	44.9		%	41.2		%	37.7		%	48.3		%	51.2		%	44.8		%	51.9		%	45.7		%	49.5		%
Operating Data
Available Units	35			35			35			35			35			35			35			35			35
Number of Units Occupied (Net)	34			35			33			34			32			31			31			33			31
Average Occupancy	96.3		%	99.9		%	95.5		%	95.7		%	92.6		%	87.1		%	87.5		%	93.5		%	89.1		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,460		$	2,316		$	2,602		$	2,580		$	2,646		$	2,538		$	2,723		$	2,548		$	2,636
Avg Total Monthly Rate (in US$)	$	2,461		$	2,359		$	2,689		$	2,601		$	2,644		$	2,538		$	2,848		$	2,587		$	2,676
Avg Resident Occ. - Private	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%
Avg Resident Occ. - Medicaid	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-66

	Actual
	Jan-03			Feb-03			Mar-03			Apr-03			May-03			Jun-03			Jul-03			Aug-03			Sep-03			Oct-03			Nov-03			Dec-03			Total
Income Statement Data
Revenues
Private Room and Board	$	63		$	67		$	73		$	62		$	72		$	71		$	75		$	77		$	80		$	88		$	78		$	80		$	885
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	63			67			73			62			72			71			75			77			80			88			78			80			885
Total State Paid	0			0			0			0			0			0			0			0			0			0			0			0			0
Other Revenue	0			0			0			(0		)	1			2			0			1			3			1			1			0			9
Total Revenue	$	63		$	67		$	73		$	62		$	72		$	73		$	75		$	78		$	83		$	89		$	79		$	80		$	893
Expenses
Residence Payroll	$	23		$	30		$	26		$	23		$	25		$	26		$	26		$	27		$	25		$	37		$	31		$	17		$	315
Tenant Care	1			0			0			0			0			0			1			0			1			0			1			1			6
Maintenance	2			1			1			2			3			4			1			2			2			3			0			3			23
Kitchen	4			4			3			2			3			5			4			3			5			5			4			5			49
Housekeeping	1			0			1			1			0			0			0			1			2			1			1			2			10
Activities	0			0			0			0			0			0			0			(0		)	0			0			0			0			1
Utilities	7			6			8			5			4			4			3			2			3			5			4			5			56
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			13
Property Taxes	3			3			3			3			3			3			3			3			3			3			3			3			34
Advertising	0			1			0			0			0			0			0			0			0			1			0			1			5
Administrative	2			1			1			2			2			1			2			1			3			2			1			1			19
Bad Debt	3			(1		)	0			0			0			2			1			0			0			0			1			0			6
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			2
Management Fees	3			3			4			3			4			4			4			4			4			4			4			4			45
Total Operating Expenses	$	50		$	49		$	49		$	43		$	45		$	50		$	46		$	44		$	49		$	64		$	52		$	43		$	583
EBITDAR	$	12		$	18		$	24		$	19		$	28		$	23		$	29		$	34		$	34		$	25		$	27		$	37		$	310
Margin	19.6		%	27.1		%	33.1		%	30.8		%	38.1		%	31.5		%	38.7		%	43.9		%	40.8		%	28.0		%	34.2		%	46.1		%	34.7		%
EBITDARM	$	15		$	22		$	28		$	22		$	31		$	27		$	33		$	38		$	38		$	29		$	31		$	41		$	355
Margin	24.6		%	32.1		%	38.1		%	35.8		%	43.1		%	36.5		%	43.7		%	48.9		%	45.8		%	33.0		%	39.2		%	51.1		%	39.7		%
Operating Data
Available Units	35			35			35			35			35			35			35			35			35			35			35			35			35
Number of Units Occupied (Net)	30			28			27			27			26			27			27			30			32			35			34			35			30
Average Occupancy	85.8		%	80.0		%	76.1		%	77.5		%	72.9		%	76.8		%	76.8		%	85.7		%	91.3		%	99.3		%	96.4		%	98.9		%	84.8		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,082		$	2,401		$	2,726		$	2,292		$	2,806		$	2,628		$	2,779		$	2,581		$	2,501		$	2,529		$	2,315		$	2,303		$	2,484
Avg Total Monthly Rate (in US$)	$	2,082		$	2,401		$	2,735		$	2,291		$	2,834		$	2,707		$	2,780		$	2,611		$	2,591		$	2,552		$	2,348		$	2,309		$	2,509
Avg Resident Occ. - Private	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%
Avg Resident Occ. - Medicaid	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-67

	Actual
	Jan-02			Feb-02			Mar-02			Apr-02			May-02			Jun-02			Jul-02			Aug-02			Sep-02			Oct-02			Nov-02			Dec-02			Total
Income Statement Data
Revenues
Private Room and Board	$	64		$	66		$	64		$	66		$	65		$	70		$	67		$	71		$	73		$	81		$	80		$	58		$	824
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	64			66			64			66			65			70			67			71			73			81			80			58			824
Total State Paid	0			0			0			0			0			0			0			0			0			0			0			0			0
Other Revenue	0			0			0			1			0			1			1			1			1			1			1			0			6
Total Revenue	$	64		$	67		$	64		$	66		$	65		$	71		$	67		$	71		$	74		$	82		$	80		$	58		$	830
Expenses
Residence Payroll	$	30		$	26		$	29		$	33		$	30		$	30		$	25		$	32		$	29		$	36		$	35		$	29		$	364
Tenant Care	0			1			0			0			0			0			0			1			0			1			1			0			5
Maintenance	1			1			1			1			1			2			5			2			3			1			2			0			21
Kitchen	4			3			3			4			4			4			3			4			4			4			4			4			46
Housekeeping	0			0			0			0			0			0			0			0			1			1			0			0			4
Activities	0			0			0			0			0			0			0			0			0			0			0			0			0
Utilities	4			5			4			4			2			3			2			4			3			3			4			4			43
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			16
Property Taxes	4			3			3			3			3			3			3			3			3			3			4			3			37
Advertising	1			0			2			0			0			0			1			0			1			0			1			0			7
Administrative	1			1			2			1			2			0			1			1			1			2			1			1			14
Bad Debt	(2		)	4			(1		)	(4		)	(0		)	2			(0		)	(3		)	(1		)	0			2			(2		)	(7		)
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			2
Management Fees	3			3			3			3			3			4			3			4			4			4			4			3			42
Total Operating Expenses	$	49		$	48		$	48		$	47		$	48		$	49		$	45		$	51		$	48		$	57		$	62		$	43		$	594
EBITDAR	$	15		$	19		$	16		$	19		$	18		$	22		$	22		$	20		$	26		$	25		$	19		$	15		$	236
Margin	23.4		%	28.8		%	24.6		%	28.7		%	27.0		%	31.1		%	33.3		%	28.4		%	35.6		%	30.5		%	23.2		%	25.7		%	28.5		%
EBITDARM	$	18		$	23		$	19		$	22		$	21		$	26		$	26		$	24		$	30		$	29		$	23		$	18		$	278
Margin	28.4		%	33.8		%	29.6		%	33.7		%	32.0		%	36.1		%	38.3		%	33.4		%	40.6		%	35.5		%	28.2		%	30.7		%	33.5		%
Operating Data
Available Units	35			35			35			35			35			35			35			35			35			35			35			35			35
Number of Units Occupied (Net)	28			29			28			30			29			30			30			31			33			34			35			26			30
Average Occupancy	81.0		%	84.0		%	78.7		%	85.7		%	82.9		%	84.6		%	84.4		%	89.0		%	93.3		%	98.3		%	99.9		%	74.8		%	86.4		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,260		$	2,262		$	2,313		$	2,188		$	2,244		$	2,353		$	2,257		$	2,263		$	2,241		$	2,363		$	2,277		$	2,228		$	2,272
Avg Total Monthly Rate (in US$)	$	2,260		$	2,276		$	2,328		$	2,208		$	2,244		$	2,394		$	2,284		$	2,279		$	2,269		$	2,383		$	2,297		$	2,228		$	2,289
Avg Resident Occ. - Private	—			—			—			—			—			—			—			—			—			—			—			—			—
Avg Resident Occ. - Medicaid	—			—			—			—			—			—			—			—			—			—			—			—			—

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-68

Property Name:	State:
Caldwell	OH

	CY 2002			CY 2003			YTD July 2004 Ann.
Income Statement Data
Revenues
Private Room and Board	$	950		$	1,069		$	954
Private Care	—			—			194
Total Private Paid	950			1,069			1,147
Total State Paid	0			0			0
Other Revenue	11			7			3
Total Revenue	$	961		$	1,076		$	1,151
Expenses
Residence Payroll	$	406		$	406		$	447
Tenant Care	6			7			0
Maintenance	23			19			37
Kitchen	54			59			62
Housekeeping	4			4			2
Activities	3			3			0
Utilities	(16		)	71			66
Insurance	17			16			15
Property Taxes	61			46			48
Advertising	5			4			3
Administrative	17			14			9
Bad Debt	2			1			0
Petty Cash	2			4			9
Management Fees	48			54			58
Total Operating Expenses	$	633		$	707		$	760
EBITDAR	$	328		$	369		$	391
Margin	34.1		%	34.3		%	34.0		%
EBITDARM	$	376		$	423		$	448
Margin	39.1		%	39.3		%	39.0		%
Operating Data
Available Units	39			39			39
Number of Units Occupied (Net)	36			38			39
Average Occupancy	91.8		%	98.5		%	99.8		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,211		$	2,321		$	2,457
Avg Total Monthly Rate (in US$)	$	2,237		$	2,336		$	2,464
Avg Resident Occ. - Private	—			100.0		%	100.0		%
Avg Resident Occ. - Medicaid	—			0.0		%	0.0		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-69

	Actual
	Jan-04			Feb-04			Mar-04			Apr-04			May-04			Jun-04			Jul-04			YTD			TTM Ann.
Income Statement Data
Revenues
Private Room and Board	$	75		$	68		$	81		$	81		$	77		$	78		$	83		$	543		$	954
Private Care	16			15			16			17			15			15			18			112			194
Total Private Paid	90			82			98			98			92			93			101			656			1,147
Total State Paid	0			0			0			0			0			0			0			0			0
Other Revenue	1			0			1			0			0			0			0			3			3
Total Revenue	$	91		$	83		$	98		$	99		$	93		$	94		$	101		$	659		$	1,151
Expenses
Residence Payroll	$	36		$	37		$	40		$	36		$	36		$	35		$	41		$	260		$	447
Tenant Care	0			(0		)	0			0			0			0			(0		)	1			0
Maintenance	3			3			2			1			4			3			2			18			37
Kitchen	5			5			6			6			5			5			5			37			62
Housekeeping	0			0			0			0			0			0			0			1			2
Activities	0			(0		)	0			0			0			0			0			0			0
Utilities	6			8			6			5			5			5			6			42			66
Insurance	1			1			1			1			1			1			1			9			15
Property Taxes	4			4			4			4			4			4			4			28			48
Advertising	0			0			0			1			0			0			0			2			3
Administrative	1			2			1			0			1			1			1			6			9
Bad Debt	1			(1		)	0			0			0			(0		)	0			0			0
Petty Cash	1			0			1			1			0			1			1			5			9
Management Fees	5			4			5			5			5			5			5			33			58
Total Operating Expenses	$	63		$	63		$	65		$	61		$	63		$	61		$	66		$	441		$	760
EBITDAR	$	29		$	20		$	33		$	37		$	30		$	33		$	35		$	217		$	391
Margin	31.4		%	24.3		%	34.1		%	37.8		%	31.8		%	35.2		%	34.8		%	33.0		%	34.0		%
EBITDARM	$	33		$	24		$	38		$	42		$	34		$	38		$	40		$	250		$	448
Margin	36.4		%	29.3		%	39.1		%	42.8		%	36.8		%	40.2		%	39.8		%	38.0		%	39.0		%
Operating Data
Available Units	39			39			39			39			39			39			39			39			39
Number of Units Occupied (Net)	39			39			39			39			39			39			39			39			39
Average Occupancy	100.2		%	100.0		%	99.9		%	99.7		%	99.8		%	99.6		%	99.8		%	99.9		%	99.8		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,317		$	2,112		$	2,509		$	2,530		$	2,375		$	2,400		$	2,596		$	2,406		$	2,457
Avg Total Monthly Rate (in US$)	$	2,342		$	2,119		$	2,522		$	2,538		$	2,383		$	2,407		$	2,602		$	2,416		$	2,464
Avg Resident Occ. - Private	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%
Avg Resident Occ. - Medicaid	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-70

	Actual
	Jan-03			Feb-03			Mar-03			Apr-03			May-03			Jun-03			Jul-03			Aug-03			Sep-03			Oct-03			Nov-03			Dec-03			Total
Income Statement Data
Revenues
Private Room and Board	$	92		$	76		$	88		$	92		$	86		$	87		$	98		$	87		$	90		$	92		$	88		$	92		$	1,069
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	92			76			88			92			86			87			98			87			90			92			88			92			1,069
Total State Paid	0			0			0			0			0			0			0			0			0			0			0			0			0
Other Revenue	1			1			1			1			0			0			1			1			0			0			0			1			7
Total Revenue	$	93		$	77		$	89		$	93		$	86		$	88		$	99		$	88		$	91		$	92		$	88		$	93		$	1,076
Expenses
Residence Payroll	$	30		$	29		$	34		$	42		$	37		$	36		$	33		$	34		$	32		$	38		$	39		$	22		$	406
Tenant Care	1			1			1			0			1			0			1			1			1			1			1			(0		)	7
Maintenance	1			2			2			1			2			0			3			3			1			1			3			(0		)	19
Kitchen	4			4			6			4			4			6			5			5			5			6			5			5			59
Housekeeping	1			0			0			0			0			0			0			0			0			0			0			0			4
Activities	0			0			0			0			0			0			0			0			0			0			0			0			3
Utilities	6			8			7			6			5			5			7			5			6			5			6			4			71
Insurance	1			2			1			1			1			1			1			2			1			1			1			1			16
Property Taxes	4			4			4			4			4			4			4			4			4			4			4			4			46
Advertising	0			0			1			0			0			0			0			0			0			0			0			0			4
Administrative	2			1			1			1			1			1			2			1			1			1			2			1			14
Bad Debt	2			(1		)	(0		)	0			0			0			0			0			(0		)	0			0			1			1
Petty Cash	0			0			0			0			0			0			0			0			0			0			1			1			4
Management Fees	5			4			4			5			4			4			5			4			5			5			4			5			54
Total Operating Expenses	$	57		$	54		$	61		$	65		$	61		$	59		$	62		$	59		$	56		$	63		$	66		$	45		$	707
EBITDAR	$	36		$	23		$	28		$	28		$	25		$	29		$	37		$	29		$	34		$	29		$	22		$	49		$	369
Margin	39.0		%	30.3		%	31.5		%	30.2		%	29.3		%	32.8		%	37.4		%	32.9		%	37.8		%	31.5		%	25.3		%	52.1		%	34.3		%
EBITDARM	$	41		$	27		$	32		$	33		$	29		$	33		$	42		$	33		$	39		$	34		$	27		$	53		$	423
Margin	44.0		%	35.3		%	36.5		%	35.2		%	34.3		%	37.8		%	42.4		%	37.9		%	42.8		%	36.5		%	30.3		%	57.1		%	39.3		%
Operating Data
Available Units	39			39			39			39			39			39			39			39			39			39			39			39			39
Number of Units Occupied (Net)	42			37			39			39			38			37			36			39			39			38			39			38			38
Average Occupancy	106.8		%	95.2		%	98.7		%	100.2		%	97.6		%	95.0		%	91.4		%	100.0		%	100.2		%	98.6		%	100.0		%	97.8		%	98.5		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,198		$	2,055		$	2,292		$	2,356		$	2,248		$	2,361		$	2,754		$	2,233		$	2,315		$	2,387		$	2,263		$	2,420		$	2,321
Avg Total Monthly Rate (in US$)	$	2,225		$	2,078		$	2,310		$	2,377		$	2,256		$	2,365		$	2,771		$	2,250		$	2,322		$	2,397		$	2,269		$	2,444		$	2,336
Avg Resident Occ. - Private	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%
Avg Resident Occ. - Medicaid	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-71

	Actual
	Jan-02			Feb-02			Mar-02			Apr-02			May-02			Jun-02			Jul-02			Aug-02			Sep-02			Oct-02			Nov-02			Dec-02			Total
Income Statement Data
Revenues
Private Room and Board	$	86		$	73		$	72		$	72		$	73		$	72		$	77		$	88		$	82		$	85		$	84		$	85		$	950
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	86			73			72			72			73			72			77			88			82			85			84			85			950
Total State Paid	0			0			0			0			0			0			0			0			0			0			0			0			0
Other Revenue	1			0			2			1			1			0			1			0			1			0			2			(0		)	11
Total Revenue	$	88		$	74		$	74		$	73		$	75		$	72		$	78		$	88		$	83		$	85		$	87		$	84		$	961
Expenses
Residence Payroll	$	34		$	31		$	30		$	31		$	35		$	33		$	28		$	39		$	37		$	39		$	37		$	33		$	406
Tenant Care	1			0			0			1			0			1			0			1			0			1			0			0			6
Maintenance	0			0			3			1			1			4			5			2			3			1			2			1			23
Kitchen	4			4			4			4			4			4			6			5			5			5			5			5			54
Housekeeping	0			0			0			0			0			0			1			1			1			0			0			0			4
Activities	0			0			0			0			0			0			0			0			0			1			0			1			3
Utilities	8			7			7			6			5			5			5			(80		)	7			4			4			6			(16		)
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			17
Property Taxes	15			4			4			4			4			4			4			4			4			4			6			4			61
Advertising	0			1			1			1			0			1			1			0			0			0			0			0			5
Administrative	1			1			1			2			1			1			2			1			3			2			1			1			17
Bad Debt	0			0			(0		)	1			3			(1		)	(1		)	(0		)	1			0			(1		)	0			2
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			2
Management Fees	4			4			4			4			4			4			4			4			4			4			4			4			48
Total Operating Expenses	$	69		$	53		$	56		$	57		$	58		$	58		$	57		$	(22	)	$	67		$	63		$	60		$	58		$	633
EBITDAR	$	19		$	20		$	18		$	16		$	17		$	14		$	22		$	110		$	16		$	23		$	26		$	27		$	328
Margin	21.7		%	27.6		%	24.8		%	21.9		%	23.1		%	19.7		%	27.5		%	124.8		%	18.7		%	26.3		%	30.6		%	31.8		%	34.1		%
EBITDARM	$	23		$	24		$	22		$	20		$	21		$	18		$	25		$	114		$	20		$	27		$	31		$	31		$	376
Margin	26.7		%	32.6		%	29.8		%	26.9		%	28.1		%	24.7		%	32.5		%	129.8		%	23.7		%	31.3		%	35.6		%	36.8		%	39.1		%
Operating Data
Available Units	39			39			39			39			39			39			39			39			39			39			39			39			39
Number of Units Occupied (Net)	37			34			32			34			34			34			35			37			39			38			39			37			36
Average Occupancy	94.2		%	87.4		%	80.9		%	88.1		%	86.7		%	87.0		%	89.7		%	93.7		%	100.0		%	98.6		%	101.1		%	94.5		%	91.8		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,355		$	2,151		$	2,288		$	2,087		$	2,174		$	2,110		$	2,202		$	2,397		$	2,107		$	2,220		$	2,138		$	2,301		$	2,211
Avg Total Monthly Rate (in US$)	$	2,391		$	2,162		$	2,351		$	2,125		$	2,218		$	2,115		$	2,239		$	2,407		$	2,126		$	2,222		$	2,198		$	2,292		$	2,237
Avg Resident Occ. - Private	—			—			—			—			—			—			—			—			—			—			—			—			—
Avg Resident Occ. - Medicaid	—			—			—			—			—			—			—			—			—			—			—			—			—

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-72

Property Name:	State:
River Bend	OH

	CY 2002			CY 2003			YTD July 2004 Ann.
Income Statement Data
Revenues
Private Room and Board	$	567		$	741		$	677
Private Care	—			—			194
Total Private Paid	567			741			871
Total State Paid	0			0			0
Other Revenue	8			10			0
Total Revenue	$	576		$	750		$	871
Expenses
Residence Payroll	$	301		$	312		$	364
Tenant Care	6			4			5
Maintenance	25			22			26
Kitchen	42			53			62
Housekeeping	4			4			3
Activities	1			1			1
Utilities	36			50			42
Insurance	17			11			11
Property Taxes	32			30			32
Advertising	12			5			9
Administrative	18			12			16
Bad Debt	11			2			(1		)
Petty Cash	2			2			3
Management Fees	29			38			44
Total Operating Expenses	$	534		$	546		$	615
EBITDAR	$	41		$	204		$	256
Margin	7.2		%	27.2		%	29.4		%
EBITDARM	$	70		$	242		$	300
Margin	12.2		%	32.2		%	34.4		%
Operating Data
Available Units	39			39			39
Number of Units Occupied (Net)	21			30			36
Average Occupancy	54.7		%	77.0		%	93.0		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,214		$	2,055		$	2,002
Avg Total Monthly Rate (in US$)	$	2,247		$	2,082		$	2,002
Avg Resident Occ. - Private	—			100.0		%	100.0		%
Avg Resident Occ. - Medicaid	—			0.0		%	0.0		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-73

	Actual
	Jan-04			Feb-04			Mar-04			Apr-04			May-04			Jun-04			Jul-04			YTD			TTM Ann.
Income Statement Data
Revenues
Private Room and Board	$	58		$	54		$	59		$	56		$	57		$	53		$	59		$	397		$	677
Private Care	15			14			16			15			17			15			16			108			194
Total Private Paid	73			68			75			71			74			69			75			505			871
Total State Paid	0			0			0			0			0			0			0			0			0
Other Revenue	1			1			1			0			0			0			0			2			0
Total Revenue	$	74		$	69		$	76		$	71		$	74		$	69		$	75		$	507		$	871
Expenses
Residence Payroll	$	31		$	27		$	33		$	30		$	31		$	31		$	29		$	213		$	364
Tenant Care	1			0			0			1			0			1			1			3			5
Maintenance	2			1			1			1			1			4			2			11			26
Kitchen	5			5			5			2			4			6			5			33			62
Housekeeping	0			1			0			0			0			0			0			2			3
Activities	0			0			0			0			(0		)	0			0			1			1
Utilities	6			6			4			3			4			3			4			28			42
Insurance	1			1			1			1			1			1			1			6			11
Property Taxes	3			3			3			3			3			3			3			18			32
Advertising	0			0			0			0			1			1			1			3			9
Administrative	1			1			2			1			1			2			1			8			16
Bad Debt	(1		)	0			0			0			0			(1		)	0			(1		)	(1		)
Petty Cash	0			0			0			0			0			0			0			2			3
Management Fees	4			3			4			4			4			3			4			25			44
Total Operating Expenses	$	53		$	48		$	53		$	45		$	49		$	55		$	50		$	354		$	615
EBITDAR	$	21		$	20		$	22		$	26		$	24		$	14		$	25		$	153		$	256
Margin	28.3		%	29.2		%	29.6		%	36.4		%	33.1		%	20.7		%	33.8		%	30.3		%	29.4		%
EBITDARM	$	25		$	23		$	26		$	29		$	28		$	18		$	29		$	179		$	300
Margin	33.3		%	34.2		%	34.6		%	41.4		%	38.1		%	25.7		%	38.8		%	35.3		%	34.4		%
Operating Data
Available Units	39			39			39			39			39			39			39			39			39
Number of Units Occupied (Net)	37			38			38			37			36			36			36			37			36
Average Occupancy	95.5		%	96.5		%	96.5		%	95.3		%	93.3		%	92.3		%	93.4		%	94.7		%	93.0		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	1,954		$	1,809		$	2,004		$	1,911		$	2,031		$	1,912		$	2,063		$	1,954		$	2,002
Avg Total Monthly Rate (in US$)	$	1,981		$	1,822		$	2,017		$	1,911		$	2,031		$	1,912		$	2,063		$	1,962		$	2,002
Avg Resident Occ. - Private	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%
Avg Resident Occ. - Medicaid	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-74

	Actual
	Jan-03			Feb-03			Mar-03			Apr-03			May-03			Jun-03			Jul-03			Aug-03			Sep-03			Oct-03			Nov-03			Dec-03			Total
Income Statement Data
Revenues
Private Room and Board	$	48		$	48		$	54		$	57		$	62		$	66		$	61		$	74		$	67		$	69		$	70		$	64		$	741
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	48			48			54			57			62			66			61			74			67			69			70			64			741
Total State Paid	0			0			0			0			0			0			0			0			0			0			0			0			0
Other Revenue	1			0			1			2			1			2			(0		)	1			1			1			1			0			10
Total Revenue	$	49		$	48		$	54		$	59		$	64		$	68		$	60		$	75		$	68		$	70		$	70		$	64		$	750
Expenses
Residence Payroll	$	21		$	23		$	24		$	22		$	24		$	28		$	31		$	28		$	33		$	29		$	33		$	16		$	312
Tenant Care	1			0			0			1			0			0			0			1			0			0			0			0			4
Maintenance	2			1			1			1			1			1			4			1			3			1			2			4			22
Kitchen	3			5			6			2			3			3			8			4			6			4			3			7			53
Housekeeping	0			0			0			0			0			0			1			1			0			0			0			0			4
Activities	0			0			0			0			0			0			0			0			0			0			0			0			1
Utilities	5			6			5			4			5			4			4			3			3			3			4			4			50
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			11
Property Taxes	3			3			3			3			3			2			2			2			2			2			2			3			30
Advertising	1			1			0			0			0			0			0			0			0			0			0			1			5
Administrative	1			1			1			0			1			1			1			1			1			2			1			1			12
Bad Debt	1			0			(8		)	0			0			0			0			7			0			1			(1		)	2			2
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			2
Management Fees	2			2			3			3			3			3			3			4			3			3			4			3			38
Total Operating Expenses	$	42		$	42		$	36		$	37		$	42		$	43		$	55		$	53		$	54		$	49		$	50		$	42		$	546
EBITDAR	$	7		$	6		$	19		$	22		$	22		$	25		$	5		$	22		$	13		$	20		$	20		$	22		$	204
Margin	15.2		%	12.7		%	34.3		%	37.4		%	34.2		%	36.7		%	8.2		%	29.6		%	19.7		%	28.9		%	28.8		%	34.3		%	27.2		%
EBITDARM	$	10		$	9		$	21		$	25		$	25		$	29		$	8		$	26		$	17		$	24		$	24		$	25		$	242
Margin	20.2		%	17.7		%	39.3		%	42.4		%	39.2		%	41.7		%	13.2		%	34.6		%	24.7		%	33.9		%	33.8		%	39.3		%	32.2		%
Operating Data
Available Units	39			39			39			39			39			39			39			39			39			39			39			39			39
Number of Units Occupied (Net)	23			24			23			26			25			28			30			37			36			36			36			36			30
Average Occupancy	59.3		%	61.5		%	60.1		%	67.9		%	64.1		%	71.3		%	76.2		%	95.2		%	91.1		%	92.2		%	93.2		%	92.0		%	77.0		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,082		$	2,018		$	2,296		$	2,161		$	2,499		$	2,374		$	2,040		$	1,993		$	1,886		$	1,922		$	1,915		$	1,794		$	2,055
Avg Total Monthly Rate (in US$)	$	2,125		$	2,018		$	2,317		$	2,217		$	2,551		$	2,460		$	2,034		$	2,020		$	1,908		$	1,936		$	1,937		$	1,794		$	2,082
Avg Resident Occ. - Private	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%
Avg Resident Occ. - Medicaid	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-75

	Actual
	Jan-02			Feb-02			Mar-02			Apr-02			May-02			Jun-02			Jul-02			Aug-02			Sep-02			Oct-02			Nov-02			Dec-02			Total
Income Statement Data
Revenues
Private Room and Board	$	56		$	48		$	49		$	51		$	48		$	46		$	44		$	44		$	42		$	45		$	44		$	49		$	567
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	56			48			49			51			48			46			44			44			42			45			44			49			567
Total State Paid	0			0			0			0			0			0			0			0			0			0			0			0			0
Other Revenue	0			0			1			0			0			1			1			1			1			1			1			2			8
Total Revenue	$	56		$	48		$	50		$	51		$	48		$	47		$	45		$	45		$	43		$	46		$	45		$	51		$	576
Expenses
Residence Payroll	$	29		$	24		$	25		$	25		$	24		$	24		$	21		$	26		$	25		$	28		$	24		$	25		$	301
Tenant Care	1			0			1			0			1			0			1			0			0			1			0			0			6
Maintenance	2			1			3			0			2			4			4			1			2			3			2			2			25
Kitchen	5			3			4			3			3			3			3			4			4			4			4			4			42
Housekeeping	0			0			0			0			0			0			0			0			1			0			0			0			4
Activities	0			0			0			0			0			0			0			0			0			0			0			0			1
Utilities	3			3			3			3			3			3			3			3			3			3			2			3			36
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			17
Property Taxes	3			2			3			3			3			3			3			3			3			3			4			3			32
Advertising	1			2			1			1			1			1			1			1			2			1			1			1			12
Administrative	2			2			2			1			3			1			1			1			1			1			1			2			18
Bad Debt	2			1			0			0			0			1			0			0			0			1			6			0			11
Petty Cash	0			0			0			0			0			0			0			1			0			0			0			0			2
Management Fees	3			2			3			3			2			2			2			2			2			2			2			3			29
Total Operating Expenses	$	52		$	43		$	45		$	40		$	42		$	43		$	40		$	44		$	44		$	50		$	47		$	44		$	534
EBITDAR	$	4		$	6		$	5		$	10		$	6		$	4		$	5		$	2		$	(1	)	$	(3	)	$	(3	)	$	7		$	41
Margin	6.4		%	11.8		%	9.8		%	20.5		%	13.3		%	8.4		%	10.8		%	3.6		%	-1.9		%	-7.1		%	-6.0		%	12.9		%	7.2		%
EBITDARM	$	6		$	8		$	7		$	13		$	9		$	6		$	7		$	4		$	1		$	(1	)	$	(0	)	$	9		$	70
Margin	11.4		%	16.8		%	14.8		%	25.5		%	18.3		%	13.4		%	15.8		%	8.6		%	3.1		%	-2.1		%	-1.0		%	17.9		%	12.2		%
Operating Data
Available Units	39			39			39			39			39			39			39			39			39			39			39			39			39
Number of Units Occupied (Net)	25			22			23			23			21			21			20			19			18			21			20			23			21
Average Occupancy	64.5		%	56.9		%	58.9		%	59.9		%	54.3		%	53.1		%	50.2		%	49.3		%	45.8		%	53.0		%	52.3		%	58.6		%	54.7		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,228		$	2,182		$	2,149		$	2,165		$	2,263		$	2,237		$	2,268		$	2,314		$	2,328		$	2,197		$	2,137		$	2,149		$	2,214
Avg Total Monthly Rate (in US$)	$	2,228		$	2,182		$	2,184		$	2,165		$	2,263		$	2,276		$	2,309		$	2,366		$	2,396		$	2,236		$	2,186		$	2,237		$	2,247
Avg Resident Occ. - Private	—			—			—			—			—			—			—			—			—			—			—			—			—
Avg Resident Occ. - Medicaid	—			—			—			—			—			—			—			—			—			—			—			—			—

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-76

Property Name:	State:
Sawyer	OR

	CY 2002			CY 2003			YTD July 2004 Ann.
Income Statement Data
Revenues
Private Room and Board	$	508		$	410		$	337
Private Care	—			—			114
Total Private Paid	508			410			450
Total State Paid	646			826			795
Other Revenue	9			12			9
Total Revenue	$	1,163		$	1,248		$	1,254
Expenses
Residence Payroll	$	452		$	451		$	498
Tenant Care	5			5			7
Maintenance	27			25			13
Kitchen	73			78			69
Housekeeping	4			5			5
Activities	1			1			1
Utilities	48			53			51
Insurance	20			18			18
Property Taxes	34			51			45
Advertising	4			4			5
Administrative	14			14			11
Bad Debt	3			7			(9		)
Petty Cash	1			2			2
Management Fees	58			62			63
Total Operating Expenses	$	746		$	776		$	779
EBITDAR	$	417		$	472		$	476
Margin	35.9		%	37.8		%	37.9		%
EBITDARM	$	475		$	534		$	538
Margin	40.9		%	42.8		%	42.9		%
Operating Data
Available Units	47			47			47
Number of Units Occupied (Net)	45			43			44
Average Occupancy	95.9		%	92.3		%	93.4		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,135		$	2,375		$	2,363
Avg Total Monthly Rate (in US$)	$	2,151		$	2,398		$	2,380
Avg Resident Occ. - Private	—			29.2		%	29.4		%
Avg Resident Occ. - Medicaid	—			70.8		%	70.6		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-77

	Actual
	Jan-04			Feb-04			Mar-04			Apr-04			May-04			Jun-04			Jul-04			YTD			TTM Ann.
Income Statement Data
Revenues
Private Room and Board	$	25		$	15		$	27		$	31		$	29		$	28		$	27		$	183		$	337
Private Care	11			7			11			8			10			9			9			66			114
Total Private Paid	36			22			38			39			39			37			36			248			450
Total State Paid	73			68			66			71			65			68			66			476			795
Other Revenue	1			1			1			1			1			1			1			6			9
Total Revenue	$	110		$	91		$	105		$	111		$	105		$	105		$	103		$	730		$	1,254
Expenses
Residence Payroll	$	40		$	39		$	41		$	40		$	46		$	40		$	39		$	285		$	498
Tenant Care	1			0			1			0			0			1			1			3			7
Maintenance	2			1			2			1			1			1			1			9			13
Kitchen	7			7			6			6			6			6			5			43			69
Housekeeping	0			1			0			0			0			1			0			3			5
Activities	0			0			0			0			0			0			0			0			1
Utilities	5			5			5			4			3			5			4			31			51
Insurance	2			2			2			2			2			1			2			11			18
Property Taxes	4			4			4			4			4			4			4			26			45
Advertising	0			0			1			0			0			0			0			3			5
Administrative	1			1			1			1			1			1			1			6			11
Bad Debt	(0		)	(4		)	1			0			(3		)	1			(1		)	(5		)	(9		)
Petty Cash	0			0			0			0			0			0			0			1			2
Management Fees	5			5			5			6			5			5			5			36			63
Total Operating Expenses	$	68		$	61		$	67		$	63		$	66		$	67		$	62		$	454		$	779
EBITDAR	$	41		$	30		$	38		$	48		$	39		$	39		$	41		$	276		$	476
Margin	37.8		%	32.7		%	35.8		%	43.3		%	37.3		%	36.7		%	39.8		%	37.8		%	37.9		%
EBITDARM	$	47		$	34		$	43		$	53		$	45		$	44		$	46		$	312		$	538
Margin	42.8		%	37.7		%	40.8		%	48.3		%	42.3		%	41.7		%	44.8		%	42.8		%	42.9		%
Operating Data
Available Units	47			47			47			47			47			47			47			47			47
Number of Units Occupied (Net)	44			45			46			45			45			44			44			45			44
Average Occupancy	93.7		%	96.0		%	98.9		%	96.3		%	94.7		%	92.7		%	92.9		%	95.0		%	93.4		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,472		$	1,996		$	2,232		$	2,432		$	2,346		$	2,402		$	2,340		$	2,316		$	2,363
Avg Total Monthly Rate (in US$)	$	2,487		$	2,010		$	2,258		$	2,448		$	2,366		$	2,416		$	2,356		$	2,333		$	2,380
Avg Resident Occ. - Private	26.3		%	29.7		%	30.2		%	29.3		%	29.0		%	29.9		%	29.3		%	29.1		%	29.4		%
Avg Resident Occ. - Medicaid	73.7		%	70.3		%	69.8		%	70.7		%	71.0		%	70.1		%	70.7		%	70.9		%	70.6		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-78

	Actual
	Jan-03			Feb-03			Mar-03			Apr-03			May-03			Jun-03			Jul-03			Aug-03			Sep-03			Oct-03			Nov-03			Dec-03			Total
Income Statement Data
Revenues
Private Room and Board	$	39		$	37		$	42		$	36		$	28		$	33		$	27		$	41		$	31		$	24		$	33		$	40		$	410
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	39			37			42			36			28			33			27			41			31			24			33			40			410
Total State Paid	63			61			69			68			71			63			68			69			75			67			77			75			826
Other Revenue	2			1			1			2			(1		)	0			1			1			1			1			2			1			12
Total Revenue	$	104		$	99		$	113		$	106		$	98		$	96		$	96		$	111		$	107		$	92		$	111		$	116		$	1,248
Expenses
Residence Payroll	$	38		$	35		$	37		$	40		$	37		$	34		$	41		$	37		$	35		$	38		$	42		$	38		$	451
Tenant Care	1			0			1			0			0			0			0			0			0			0			0			1			5
Maintenance	2			1			3			3			1			1			1			4			2			1			1			4			25
Kitchen	8			6			6			7			5			6			3			10			4			9			7			7			78
Housekeeping	0			0			0			0			1			0			0			1			1			1			1			0			5
Activities	0			0			0			0			0			0			0			0			0			0			0			0			1
Utilities	5			4			4			5			3			4			4			4			4			4			4			7			53
Insurance	1			2			2			2			2			2			1			1			2			2			1			1			18
Property Taxes	7			7			7			7			7			7			7			7			7			(2		)	(5		)	(3		)	51
Advertising	0			0			0			0			0			0			1			0			0			1			0			0			4
Administrative	1			1			2			2			1			1			1			2			1			2			0			1			14
Bad Debt	1			0			2			(1		)	2			1			2			(0		)	(3		)	(0		)	(3		)	6			7
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			2
Management Fees	5			5			6			5			5			5			5			6			5			5			6			6			62
Total Operating Expenses	$	69		$	60		$	69		$	72		$	63		$	61		$	67		$	72		$	59		$	60		$	54		$	69		$	776
EBITDAR	$	34		$	38		$	44		$	34		$	35		$	35		$	30		$	39		$	48		$	32		$	57		$	47		$	472
Margin	33.1		%	38.7		%	38.9		%	32.4		%	35.5		%	36.7		%	30.8		%	34.9		%	44.6		%	34.5		%	51.2		%	40.3		%	37.8		%
EBITDARM	$	40		$	43		$	49		$	40		$	40		$	40		$	34		$	44		$	53		$	36		$	63		$	53		$	534
Margin	38.1		%	43.7		%	43.9		%	37.4		%	40.5		%	41.7		%	35.8		%	39.9		%	49.6		%	39.5		%	56.2		%	45.3		%	42.8		%
Operating Data
Available Units	47			47			47			47			47			47			47			47			47			47			47			47			47
Number of Units Occupied (Net)	47			47			43			41			39			42			43			43			43			42			45			46			43
Average Occupancy	99.4		%	100.0		%	90.5		%	87.2		%	83.8		%	90.0		%	91.3		%	91.1		%	91.0		%	88.7		%	95.6		%	98.6		%	92.3		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,178		$	2,082		$	2,626		$	2,529		$	2,502		$	2,258		$	2,226		$	2,562		$	2,472		$	2,178		$	2,440		$	2,492		$	2,375
Avg Total Monthly Rate (in US$)	$	2,222		$	2,096		$	2,646		$	2,586		$	2,483		$	2,270		$	2,241		$	2,583		$	2,495		$	2,204		$	2,480		$	2,508		$	2,398
Avg Resident Occ. - Private	31.9		%	32.1		%	32.1		%	33.2		%	27.2		%	24.8		%	27.7		%	26.9		%	30.0		%	25.8		%	27.4		%	29.9		%	29.2		%
Avg Resident Occ. - Medicaid	68.1		%	67.9		%	67.9		%	66.8		%	72.8		%	75.2		%	72.3		%	73.1		%	70.0		%	74.2		%	72.6		%	70.1		%	70.8		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-79

	Actual
	Jan-02			Feb-02			Mar-02			Apr-02			May-02			Jun-02			Jul-02			Aug-02			Sep-02			Oct-02			Nov-02			Dec-02			Total
Income Statement Data
Revenues
Private Room and Board	$	41		$	39		$	45		$	44		$	43		$	47		$	43		$	45		$	41		$	46		$	34		$	41		$	508
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	41			39			45			44			43			47			43			45			41			46			34			41			508
Total State Paid	55			47			56			47			47			49			54			62			63			55			56			55			646
Other Revenue	1			0			1			0			0			0			0			2			2			1			1			1			9
Total Revenue	$	96		$	86		$	101		$	91		$	90		$	97		$	98		$	109		$	106		$	102		$	92		$	97		$	1,163
Expenses
Residence Payroll	$	41		$	36		$	37		$	37		$	41		$	34		$	37		$	35		$	38		$	38		$	39		$	40		$	452
Tenant Care	0			0			1			1			0			0			0			0			1			1			0			(0		)	5
Maintenance	1			2			2			1			3			2			2			3			4			0			4			2			27
Kitchen	7			5			6			7			6			5			7			6			6			7			5			6			73
Housekeeping	0			0			0			0			0			0			0			0			0			0			0			0			4
Activities	0			0			0			0			0			0			0			0			0			0			0			0			1
Utilities	6			6			6			1			3			3			3			4			4			4			5			4			48
Insurance	2			2			2			2			2			2			2			2			2			2			2			2			20
Property Taxes	5			3			3			3			3			3			3			3			3			3			3			(2		)	34
Advertising	0			0			0			0			0			0			0			1			0			0			0			0			4
Administrative	1			1			1			2			1			1			0			1			2			1			1			0			14
Bad Debt	(2		)	0			(1		)	0			0			2			0			0			0			1			0			2			3
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			1
Management Fees	5			4			5			5			4			5			5			5			5			5			5			5			58
Total Operating Expenses	$	68		$	61		$	63		$	58		$	64		$	59		$	60		$	62		$	66		$	63		$	64		$	59		$	746
EBITDAR	$	28		$	25		$	39		$	33		$	25		$	38		$	37		$	47		$	40		$	39		$	28		$	38		$	417
Margin	29.4		%	28.9		%	38.2		%	35.8		%	28.3		%	39.2		%	38.1		%	43.5		%	37.9		%	38.3		%	30.6		%	39.1		%	35.9		%
EBITDARM	$	33		$	29		$	44		$	37		$	30		$	43		$	42		$	53		$	45		$	44		$	33		$	43		$	475
Margin	34.4		%	33.9		%	43.2		%	40.8		%	33.3		%	44.2		%	43.1		%	48.5		%	42.9		%	43.3		%	35.6		%	44.1		%	40.9		%
Operating Data
Available Units	47			47			47			47			47			47			47			47			47			47			47			47			47
Number of Units Occupied (Net)	44			43			45			43			44			45			46			47			47			46			46			46			45
Average Occupancy	92.9		%	91.6		%	95.8		%	91.4		%	92.6		%	94.7		%	97.7		%	100.4		%	100.9		%	98.0		%	97.3		%	97.3		%	95.9		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,180		$	1,991		$	2,224		$	2,114		$	2,055		$	2,169		$	2,126		$	2,276		$	2,198		$	2,187		$	1,986		$	2,096		$	2,135
Avg Total Monthly Rate (in US$)	$	2,196		$	1,992		$	2,251		$	2,114		$	2,065		$	2,169		$	2,126		$	2,313		$	2,234		$	2,207		$	2,006		$	2,122		$	2,151
Avg Resident Occ. - Private	—			—			—			—			—			—			—			—			—			—			—			—			—
Avg Resident Occ. - Medicaid	—			—			—			—			—			—			—			—			—			—			—			—			—

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-80

Property Name:	State:
Linkville	OR

	CY 2002			CY 2003			YTD July 2004 Ann.
Income Statement Data
Revenues
Private Room and Board	$	544		$	540		$	360
Private Care	—			—			120
Total Private Paid	544			540			481
Total State Paid	431			482			528
Other Revenue	9			12			15
Total Revenue	$	983		$	1,034		$	1,024
Expenses
Residence Payroll	$	356		$	344		$	376
Tenant Care	3			2			4
Maintenance	14			17			15
Kitchen	62			64			58
Housekeeping	2			4			2
Activities	1			0			0
Utilities	42			45			37
Insurance	16			15			15
Property Taxes	5			21			18
Advertising	3			2			3
Administrative	9			9			6
Bad Debt	(0		)	(0		)	4
Petty Cash	1			2			2
Management Fees	49			52			51
Total Operating Expenses	$	564		$	578		$	591
EBITDAR	$	419		$	456		$	433
Margin	42.6		%	44.1		%	42.3		%
EBITDARM	$	468		$	508		$	484
Margin	47.6		%	49.1		%	47.3		%
Operating Data
Available Units	36			36			36
Number of Units Occupied (Net)	35			35			34
Average Occupancy	97.3		%	95.9		%	93.6		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,317		$	2,467		$	2,494
Avg Total Monthly Rate (in US$)	$	2,338		$	2,496		$	2,531
Avg Resident Occ. - Private	—			47.5		%	39.2		%
Avg Resident Occ. - Medicaid	—			52.5		%	60.8		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-81

	Actual
	Jan-04			Feb-04			Mar-04			Apr-04			May-04			Jun-04			Jul-04			YTD			TTM Ann.
Income Statement Data
Revenues
Private Room and Board	$	37		$	27		$	36		$	32		$	32		$	28		$	30		$	221		$	360
Private Care	12			11			13			10			10			9			11			76			120
Total Private Paid	49			38			48			42			42			37			41			298			481
Total State Paid	42			44			45			42			42			38			52			305			528
Other Revenue	3			0			0			0			0			2			1			8			15
Total Revenue	$	94		$	82		$	94		$	85		$	84		$	78		$	94		$	610		$	1,024
Expenses
Residence Payroll	$	30		$	29		$	33		$	30		$	33		$	27		$	33		$	216		$	376
Tenant Care	0			0			0			0			0			0			0			1			4
Maintenance	1			2			2			1			1			2			1			11			15
Kitchen	6			5			5			5			5			5			4			35			58
Housekeeping	0			0			0			0			0			0			0			2			2
Activities	0			0			0			0			0			0			0			0			0
Utilities	6			4			4			3			3			3			3			27			37
Insurance	1			1			1			1			1			1			1			9			15
Property Taxes	2			2			2			2			2			2			2			11			18
Advertising	0			0			1			0			0			0			0			3			3
Administrative	0			0			1			1			0			1			0			4			6
Bad Debt	2			(1		)	(0		)	0			0			(1		)	1			2			4
Petty Cash	0			0			0			0			0			0			0			1			2
Management Fees	5			4			5			4			4			4			5			30			51
Total Operating Expenses	$	53		$	48		$	54		$	48		$	51		$	45		$	52		$	350		$	591
EBITDAR	$	41		$	34		$	40		$	37		$	33		$	32		$	42		$	260		$	433
Margin	43.6		%	41.3		%	42.8		%	43.7		%	39.7		%	41.7		%	45.1		%	42.6		%	42.3		%
EBITDARM	$	46		$	38		$	45		$	41		$	38		$	36		$	47		$	291		$	484
Margin	48.6		%	46.3		%	47.8		%	48.7		%	44.7		%	46.7		%	50.1		%	47.6		%	47.3		%
Operating Data
Available Units	36			36			36			36			36			36			36			36			36
Number of Units Occupied (Net)	35			35			35			34			32			34			35			34			34
Average Occupancy	97.1		%	96.9		%	98.6		%	94.7		%	87.6		%	95.0		%	98.2		%	95.5		%	93.6		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,593		$	2,333		$	2,641		$	2,472		$	2,658		$	2,205		$	2,627		$	2,503		$	2,494
Avg Total Monthly Rate (in US$)	$	2,683		$	2,339		$	2,648		$	2,479		$	2,666		$	2,274		$	2,661		$	2,536		$	2,531
Avg Resident Occ. - Private	45.9		%	44.1		%	42.7		%	40.9		%	39.8		%	40.1		%	37.8		%	41.6		%	39.2		%
Avg Resident Occ. - Medicaid	54.1		%	55.9		%	57.3		%	59.1		%	60.2		%	59.9		%	62.2		%	58.4		%	60.8		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-82

	Actual
	Jan-03			Feb-03			Mar-03			Apr-03			May-03			Jun-03			Jul-03			Aug-03			Sep-03			Oct-03			Nov-03			Dec-03			Total
Income Statement Data
Revenues
Private Room and Board	$	45		$	38		$	49		$	40		$	47		$	47		$	45		$	53		$	43		$	44		$	48		$	40		$	540
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	45			38			49			40			47			47			45			53			43			44			48			40			540
Total State Paid	46			42			42			42			41			35			40			38			39			39			37			41			482
Other Revenue	1			0			1			1			2			0			2			1			0			2			1			0			12
Total Revenue	$	91		$	80		$	92		$	83		$	89		$	83		$	87		$	92		$	83		$	85		$	87		$	82		$	1,034
Expenses
Residence Payroll	$	29		$	28		$	29		$	30		$	31		$	27		$	33		$	27		$	24		$	29		$	30		$	28		$	344
Tenant Care	0			0			0			0			0			0			0			0			0			1			0			(0		)	2
Maintenance	2			2			1			2			1			1			1			1			1			2			3			1			17
Kitchen	5			6			5			5			4			5			3			9			6			4			7			6			64
Housekeeping	0			0			1			0			0			0			0			1			0			0			0			0			4
Activities	0			0			0			0			0			0			0			0			0			0			0			(0		)	0
Utilities	4			4			4			4			4			4			4			4			3			3			3			4			45
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			15
Property Taxes	4			3			3			3			3			3			3			3			3			(2		)	(3		)	(2		)	21
Advertising	0			0			0			0			0			0			0			0			0			0			0			0			2
Administrative	1			1			1			1			0			1			1			1			1			1			1			1			9
Bad Debt	(0		)	0			2			(2		)	1			(0		)	0			2			(0		)	(2		)	1			(2		)	(0		)
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			2
Management Fees	5			4			5			4			4			4			4			5			4			4			4			4			52
Total Operating Expenses	$	52		$	48		$	51		$	48		$	51		$	47		$	52		$	53		$	44		$	41		$	48		$	41		$	578
EBITDAR	$	39		$	32		$	41		$	34		$	39		$	36		$	36		$	38		$	39		$	44		$	39		$	40		$	456
Margin	42.5		%	39.5		%	44.4		%	41.5		%	43.5		%	43.0		%	41.0		%	41.9		%	47.0		%	51.3		%	44.5		%	49.5		%	44.1		%
EBITDARM	$	43		$	36		$	45		$	38		$	43		$	40		$	40		$	43		$	43		$	48		$	43		$	45		$	508
Margin	47.5		%	44.5		%	49.4		%	46.5		%	48.5		%	48.0		%	46.0		%	46.9		%	52.0		%	56.3		%	49.5		%	54.5		%	49.1		%
Operating Data
Available Units	36			36			36			36			36			36			36			36			36			36			36			36			36
Number of Units Occupied (Net)	36			36			36			33			34			34			35			34			33			34			34			35			35
Average Occupancy	100.0		%	100.0		%	100.9		%	91.7		%	93.7		%	95.6		%	98.6		%	93.3		%	92.2		%	94.2		%	93.8		%	96.5		%	95.9		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,517		$	2,219		$	2,497		$	2,485		$	2,605		$	2,396		$	2,393		$	2,693		$	2,492		$	2,433		$	2,546		$	2,349		$	2,467
Avg Total Monthly Rate (in US$)	$	2,534		$	2,221		$	2,527		$	2,505		$	2,651		$	2,403		$	2,460		$	2,730		$	2,499		$	2,503		$	2,581		$	2,356		$	2,496
Avg Resident Occ. - Private	44.5		%	47.4		%	45.9		%	45.7		%	46.8		%	47.4		%	49.3		%	50.9		%	48.9		%	50.0		%	47.5		%	46.3		%	47.5		%
Avg Resident Occ. - Medicaid	55.5		%	52.6		%	54.1		%	54.3		%	53.2		%	52.6		%	50.7		%	49.1		%	51.1		%	50.0		%	52.5		%	53.7		%	52.5		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-83

	Actual
	Jan-02			Feb-02			Mar-02			Apr-02			May-02			Jun-02			Jul-02			Aug-02			Sep-02			Oct-02			Nov-02			Dec-02			Total
Income Statement Data
Revenues
Private Room and Board	$	54		$	50		$	51		$	41		$	39		$	46		$	45		$	38		$	45		$	47		$	46		$	41		$	544
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	54			50			51			41			39			46			45			38			45			47			46			41			544
Total State Paid	27			30			29			34			39			35			38			40			40			37			38			43			431
Other Revenue	0			0			1			0			1			0			0			2			1			1			2			1			9
Total Revenue	$	82		$	81		$	80		$	74		$	79		$	82		$	84		$	79		$	86		$	85		$	86		$	85		$	983
Expenses
Residence Payroll	$	30		$	28		$	29		$	27		$	29		$	27		$	30		$	30		$	32		$	33		$	31		$	30		$	356
Tenant Care	0			0			0			0			1			0			0			0			0			0			0			0			3
Maintenance	(0		)	1			2			1			2			1			1			2			1			1			1			2			14
Kitchen	5			5			5			5			5			5			6			6			5			5			6			5			62
Housekeeping	0			0			0			0			0			0			0			0			0			0			0			0			2
Activities	0			0			0			0			0			0			0			0			0			0			0			0			1
Utilities	4			4			4			3			3			3			3			4			4			3			3			4			42
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			16
Property Taxes	(7		)	2			2			2			2			2			2			2			2			2			2			(3		)	5
Advertising	0			0			0			0			0			0			0			1			1			0			0			0			3
Administrative	1			2			0			1			2			0			0			1			1			1			1			0			9
Bad Debt	0			0			0			(0		)	1			(1		)	0			0			0			(0		)	(0		)	(0		)	(0		)
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			1
Management Fees	4			4			4			4			4			4			4			4			4			4			4			4			49
Total Operating Expenses	$	39		$	47		$	47		$	44		$	50		$	44		$	48		$	51		$	51		$	50		$	49		$	44		$	564
EBITDAR	$	43		$	33		$	34		$	30		$	29		$	38		$	36		$	28		$	35		$	36		$	37		$	41		$	419
Margin	52.7		%	41.3		%	41.9		%	40.5		%	37.0		%	45.8		%	42.6		%	35.8		%	40.4		%	41.9		%	42.6		%	47.9		%	42.6		%
EBITDARM	$	47		$	37		$	38		$	34		$	33		$	42		$	40		$	32		$	39		$	40		$	41		$	45		$	468
Margin	57.7		%	46.3		%	46.9		%	45.5		%	42.0		%	50.8		%	47.6		%	40.8		%	45.4		%	46.9		%	47.6		%	52.9		%	47.6		%
Operating Data
Available Units	36			36			36			36			36			36			36			36			36			36			36			36			36
Number of Units Occupied (Net)	36			35			34			34			34			35			34			35			36			36			36			36			35
Average Occupancy	100.0		%	98.0		%	94.4		%	94.0		%	94.4		%	96.3		%	95.5		%	97.1		%	99.3		%	100.0		%	99.4		%	99.6		%	97.3		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,268		$	2,288		$	2,343		$	2,191		$	2,297		$	2,351		$	2,434		$	2,221		$	2,378		$	2,341		$	2,346		$	2,342		$	2,317
Avg Total Monthly Rate (in US$)	$	2,273		$	2,289		$	2,358		$	2,193		$	2,317		$	2,364		$	2,448		$	2,266		$	2,398		$	2,372		$	2,409		$	2,361		$	2,338
Avg Resident Occ. - Private	—			—			—			—			—			—			—			—			—			—			—			—			—
Avg Resident Occ. - Medicaid	—			—			—			—			—			—			—			—			—			—			—			—			—

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-84

Property Name:	State:
Spencer	OR

	CY 2002			CY 2003			YTD July 2004 Ann.
Income Statement Data
Revenues
Private Room and Board	$	403		$	368		$	300
Private Care	—			—			79
Total Private Paid	403			368			380
Total State Paid	352			452			569
Other Revenue	10			16			11
Total Revenue	$	765		$	836		$	960
Expenses
Residence Payroll	$	338		$	362		$	347
Tenant Care	4			4			4
Maintenance	14			18			20
Kitchen	47			52			56
Housekeeping	4			5			4
Activities	1			1			1
Utilities	32			42			32
Insurance	15			12			12
Property Taxes	13			21			18
Advertising	2			0			1
Administrative	16			10			12
Bad Debt	2			4			(10		)
Petty Cash	1			2			2
Management Fees	38			42			48
Total Operating Expenses	$	529		$	575		$	545
EBITDAR	$	236		$	261		$	414
Margin	30.9		%	31.3		%	43.2		%
EBITDARM	$	274		$	303		$	462
Margin	35.9		%	36.3		%	48.2		%
Operating Data
Available Units	36			36			36
Number of Units Occupied (Net)	29			32			34
Average Occupancy	81.4		%	88.2		%	95.1		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,148		$	2,153		$	2,309
Avg Total Monthly Rate (in US$)	$	2,177		$	2,194		$	2,336
Avg Resident Occ. - Private	—			43.3		%	38.2		%
Avg Resident Occ. - Medicaid	—			56.7		%	61.8		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-85

	Actual
	Jan-04			Feb-04			Mar-04			Apr-04			May-04			Jun-04			Jul-04			YTD			TTM Ann.
Income Statement Data
Revenues
Private Room and Board	$	26		$	32		$	30		$	20		$	26		$	23		$	26		$	184		$	300
Private Care	9			8			8			6			7			5			8			50			79
Total Private Paid	35			40			38			25			33			28			34			233			380
Total State Paid	40			45			43			46			45			46			52			317			569
Other Revenue	1			2			0			1			1			2			1			7			11
Total Revenue	$	76		$	87		$	81		$	72		$	78		$	75		$	86		$	557		$	960
Expenses
Residence Payroll	$	30		$	31		$	32		$	29		$	30		$	26		$	31		$	209		$	347
Tenant Care	0			0			0			0			0			0			0			2			4
Maintenance	2			1			1			3			3			1			1			11			20
Kitchen	5			5			4			4			5			4			5			33			56
Housekeeping	0			0			0			0			0			0			0			2			4
Activities	0			0			0			0			0			0			0			0			1
Utilities	3			5			3			3			3			3			2			22			32
Insurance	1			1			1			1			1			1			1			7			12
Property Taxes	2			2			2			2			2			2			2			11			18
Advertising	0			0			0			0			0			0			0			0			1
Administrative	0			1			1			1			1			1			1			6			12
Bad Debt	4			0			0			0			(2		)	(0		)	(0		)	2			(10		)
Petty Cash	0			0			0			0			0			0			0			1			2
Management Fees	4			4			4			4			4			4			4			28			48
Total Operating Expenses	$	51		$	51		$	50		$	46		$	47		$	42		$	47		$	335		$	545
EBITDAR	$	24		$	37		$	32		$	26		$	31		$	33		$	40		$	222		$	414
Margin	32.2		%	41.8		%	38.9		%	35.9		%	39.4		%	43.8		%	46.1		%	39.9		%	43.2		%
EBITDARM	$	28		$	41		$	36		$	30		$	35		$	37		$	44		$	250		$	462
Margin	37.2		%	46.8		%	43.9		%	40.9		%	44.4		%	48.8		%	51.1		%	44.9		%	48.2		%
Operating Data
Available Units	36			36			36			36			36			36			36			36			36
Number of Units Occupied (Net)	35			35			34			32			34			34			35			34			34
Average Occupancy	97.7		%	98.2		%	93.8		%	89.8		%	93.9		%	94.4		%	97.1		%	95.0		%	95.1		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,132		$	2,405		$	2,398		$	2,224		$	2,302		$	2,171		$	2,451		$	2,298		$	2,309
Avg Total Monthly Rate (in US$)	$	2,151		$	2,474		$	2,411		$	2,240		$	2,319		$	2,215		$	2,469		$	2,327		$	2,336
Avg Resident Occ. - Private	46.3		%	45.5		%	45.1		%	40.7		%	39.1		%	38.0		%	37.6		%	41.8		%	38.2		%
Avg Resident Occ. - Medicaid	53.7		%	54.5		%	54.9		%	59.3		%	60.9		%	62.0		%	62.4		%	58.2		%	61.8		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-86

	Actual
	Jan-03			Feb-03			Mar-03			Apr-03			May-03			Jun-03			Jul-03			Aug-03			Sep-03			Oct-03			Nov-03			Dec-03			Total
Income Statement Data
Revenues
Private Room and Board	$	31		$	24		$	29		$	35		$	22		$	38		$	32		$	28		$	25		$	27		$	45		$	32		$	368
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	31			24			29			35			22			38			32			28			25			27			45			32			368
Total State Paid	37			38			45			34			37			38			31			37			48			30			36			42			452
Other Revenue	1			1			2			1			1			2			1			1			3			2			1			1			16
Total Revenue	$	69		$	62		$	76		$	70		$	60		$	78		$	64		$	66		$	76		$	60		$	82		$	74		$	836
Expenses
Residence Payroll	$	32		$	32		$	27		$	27		$	34		$	27		$	31		$	29		$	29		$	29		$	31		$	34		$	362
Tenant Care	1			0			0			0			0			0			0			0			0			0			0			0			4
Maintenance	1			2			2			1			2			2			2			1			1			1			1			3			18
Kitchen	4			4			4			4			5			3			3			5			5			6			3			5			52
Housekeeping	0			1			1			0			0			0			(0		)	0			1			0			0			0			5
Activities	0			0			0			0			0			0			0			0			0			0			0			0			1
Utilities	3			3			3			3			3			3			4			3			4			4			4			4			42
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			12
Property Taxes	5			3			3			3			3			3			3			3			3			(2		)	(4		)	(3		)	21
Advertising	0			0			0			0			0			0			0			0			0			0			0			0			0
Administrative	1			0			2			1			1			1			0			1			0			1			1			1			10
Bad Debt	(0		)	(1		)	0			0			0			1			0			4			(3		)	(1		)	4			1			4
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			2
Management Fees	3			3			4			3			3			4			3			3			4			3			4			4			42
Total Operating Expenses	$	52		$	48		$	47		$	44		$	52		$	45		$	49		$	52		$	45		$	42		$	47		$	52		$	575
EBITDAR	$	17		$	14		$	29		$	25		$	7		$	33		$	15		$	14		$	31		$	18		$	36		$	22		$	261
Margin	24.6		%	22.4		%	37.9		%	36.3		%	12.2		%	42.2		%	23.2		%	20.9		%	41.1		%	30.4		%	43.4		%	30.3		%	31.3		%
EBITDARM	$	20		$	17		$	32		$	29		$	10		$	37		$	18		$	17		$	35		$	21		$	40		$	26		$	303
Margin	29.6		%	27.4		%	42.9		%	41.3		%	17.2		%	47.2		%	28.2		%	25.9		%	46.1		%	35.4		%	48.4		%	35.3		%	36.3		%
Operating Data
Available Units	36			36			36			36			36			36			36			36			36			36			36			36			36
Number of Units Occupied (Net)	31			32			31			31			30			32			33			31			29			32			36			34			32
Average Occupancy	86.1		%	87.6		%	85.2		%	84.9		%	82.1		%	88.5		%	92.6		%	86.5		%	81.0		%	89.0		%	99.6		%	94.9		%	88.2		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,195		$	1,952		$	2,412		$	2,252		$	1,992		$	2,385		$	1,884		$	2,081		$	2,507		$	1,792		$	2,257		$	2,157		$	2,153
Avg Total Monthly Rate (in US$)	$	2,216		$	1,975		$	2,462		$	2,274		$	2,012		$	2,441		$	1,908		$	2,127		$	2,621		$	1,869		$	2,292		$	2,172		$	2,194
Avg Resident Occ. - Private	41.9		%	38.6		%	39.4		%	41.7		%	41.9		%	42.2		%	39.7		%	39.4		%	41.9		%	50.6		%	49.6		%	50.1		%	43.3		%
Avg Resident Occ. - Medicaid	58.1		%	61.4		%	60.6		%	58.3		%	58.1		%	57.8		%	60.3		%	60.6		%	58.1		%	49.4		%	50.4		%	49.9		%	56.7		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-87

	Actual
	Jan-02			Feb-02			Mar-02			Apr-02			May-02			Jun-02			Jul-02			Aug-02			Sep-02			Oct-02			Nov-02			Dec-02			Total
Income Statement Data
Revenues
Private Room and Board	$	34		$	34		$	37		$	27		$	32		$	35		$	34		$	32		$	37		$	35		$	34		$	32		$	403
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	34			34			37			27			32			35			34			32			37			35			34			32			403
Total State Paid	15			17			19			27			27			36			41			37			35			27			34			35			352
Other Revenue	1			1			1			1			1			1			1			1			1			1			1			1			10
Total Revenue	$	50		$	52		$	57		$	55		$	61		$	72		$	76		$	71		$	72		$	63		$	69		$	68		$	765
Expenses
Residence Payroll	$	29		$	23		$	26		$	27		$	29		$	28		$	28		$	29		$	31		$	30		$	30		$	30		$	338
Tenant Care	1			1			0			0			0			1			0			0			0			0			0			0			4
Maintenance	1			1			1			2			2			1			1			1			1			1			1			1			14
Kitchen	4			4			3			4			4			4			5			4			5			5			4			3			47
Housekeeping	0			0			0			0			0			0			1			0			0			1			0			0			4
Activities	0			0			0			0			0			0			0			0			0			0			0			0			1
Utilities	4			4			3			1			1			2			2			3			3			3			3			3			32
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			15
Property Taxes	1			1			1			1			1			1			1			1			1			1			1			(2		)	13
Advertising	0			0			0			0			0			0			0			0			0			0			1			0			2
Administrative	2			2			2			3			2			1			1			1			1			1			1			0			16
Bad Debt	(2		)	0			(2		)	1			(1		)	0			1			(1		)	1			2			1			2			2
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			1
Management Fees	3			3			3			3			3			4			4			4			4			3			3			3			38
Total Operating Expenses	$	43		$	40		$	38		$	45		$	44		$	43		$	46		$	43		$	49		$	48		$	47		$	43		$	529
EBITDAR	$	7		$	12		$	18		$	11		$	17		$	29		$	29		$	27		$	23		$	15		$	22		$	25		$	236
Margin	13.6		%	23.9		%	32.5		%	19.1		%	28.0		%	40.5		%	38.7		%	38.3		%	32.4		%	23.4		%	32.2		%	36.7		%	30.9		%
EBITDARM	$	9		$	15		$	21		$	13		$	20		$	33		$	33		$	31		$	27		$	18		$	26		$	28		$	274
Margin	18.6		%	28.9		%	37.5		%	24.1		%	33.0		%	45.5		%	43.7		%	43.3		%	37.4		%	28.4		%	37.2		%	41.7		%	35.9		%
Operating Data
Available Units	36			36			36			36			36			36			36			36			36			36			36			36			36
Number of Units Occupied (Net)	22			23			25			27			31			33			31			33			33			32			32			30			29
Average Occupancy	62.4		%	64.5		%	69.1		%	75.2		%	86.2		%	90.8		%	86.5		%	91.7		%	91.4		%	87.7		%	87.7		%	83.2		%	81.4		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,177		$	2,219		$	2,243		$	2,007		$	1,927		$	2,186		$	2,404		$	2,097		$	2,171		$	1,967		$	2,156		$	2,254		$	2,148
Avg Total Monthly Rate (in US$)	$	2,228		$	2,248		$	2,273		$	2,035		$	1,955		$	2,209		$	2,430		$	2,137		$	2,195		$	1,990		$	2,181		$	2,277		$	2,177
Avg Resident Occ. - Private	—			—			—			—			—			—			—			—			—			—			—			—			—
Avg Resident Occ. - Medicaid	—			—			—			—			—			—			—			—			—			—			—			—			—

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-88

Property Name:	State:
Lakeland	TX

	CY 2002			CY 2003			YTD July 2004 Ann.
Income Statement Data
Revenues
Private Room and Board	$	472		$	674		$	580
Private Care	—			—			201
Total Private Paid	472			674			781
Total State Paid	253			297			363
Other Revenue	9			25			25
Total Revenue	$	734		$	997		$	1,168
Expenses
Residence Payroll	$	371		$	380		$	436
Tenant Care	5			3			2
Maintenance	35			29			31
Kitchen	57			77			83
Housekeeping	8			9			5
Activities	1			1			3
Utilities	53			78			33
Insurance	16			15			14
Property Taxes	54			55			58
Advertising	6			6			8
Administrative	20			18			10
Bad Debt	1			2			(1		)
Petty Cash	2			2			4
Management Fees	37			50			58
Total Operating Expenses	$	665		$	724		$	744
EBITDAR	$	69		$	272		$	424
Margin	9.3		%	27.3		%	36.3		%
EBITDARM	$	105		$	322		$	482
Margin	14.3		%	32.3		%	41.3		%
Operating Data
Available Units	38			38			38
Number of Units Occupied (Net)	28			35			37
Average Occupancy	75.0		%	91.0		%	97.6		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,118		$	2,340		$	2,568
Avg Total Monthly Rate (in US$)	$	2,146		$	2,401		$	2,624
Avg Resident Occ. - Private	—			63.9		%	59.4		%
Avg Resident Occ. - Medicaid	—			36.1		%	40.6		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-89

	Actual
	Jan-04			Feb-04			Mar-04			Apr-04			May-04			Jun-04			Jul-04			YTD			TTM Ann.
Income Statement Data
Revenues
Private Room and Board	$	46		$	47		$	46		$	53		$	51		$	50		$	43		$	337		$	580
Private Care	15			11			13			15			18			17			15			104			201
Total Private Paid	60			58			59			68			70			68			58			441			781
Total State Paid	28			25			25			27			31			29			31			196			363
Other Revenue	1			2			3			1			2			2			2			13			25
Total Revenue	$	89		$	86		$	87		$	97		$	102		$	98		$	91		$	650		$	1,168
Expenses
Residence Payroll	$	34		$	34		$	36		$	37		$	37		$	33		$	39		$	251		$	436
Tenant Care	0			0			0			(0		)	0			0			0			1			2
Maintenance	2			2			2			1			2			4			2			16			31
Kitchen	7			6			6			8			6			6			8			47			83
Housekeeping	1			1			0			1			0			1			0			5			5
Activities	0			0			0			0			0			1			0			1			3
Utilities	10			5			1			3			3			2			3			28			33
Insurance	1			1			1			1			1			1			1			8			14
Property Taxes	5			5			5			5			5			5			5			34			58
Advertising	0			0			0			0			1			1			0			4			8
Administrative	1			1			1			1			1			1			1			7			10
Bad Debt	1			0			(2		)	0			(0		)	(0		)	0			(1		)	(1		)
Petty Cash	0			0			0			0			0			0			0			2			4
Management Fees	4			4			4			5			5			5			5			33			58
Total Operating Expenses	$	66		$	62		$	56		$	65		$	62		$	59		$	64		$	435		$	744
EBITDAR	$	23		$	24		$	31		$	32		$	40		$	39		$	27		$	216		$	424
Margin	25.4		%	27.9		%	35.6		%	33.2		%	39.2		%	39.5		%	29.6		%	33.1		%	36.3		%
EBITDARM	$	27		$	28		$	35		$	37		$	45		$	44		$	32		$	248		$	482
Margin	30.4		%	32.9		%	40.6		%	38.2		%	44.2		%	44.5		%	34.6		%	38.1		%	41.3		%
Operating Data
Available Units	38			38			38			38			38			38			38			38			38
Number of Units Occupied (Net)	35			37			37			37			38			38			35			37			37
Average Occupancy	92.9		%	97.4		%	96.9		%	97.4		%	99.9		%	100.0		%	93.0		%	96.8		%	97.6		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,493		$	2,252		$	2,292		$	2,585		$	2,638		$	2,544		$	2,519		$	2,476		$	2,568
Avg Total Monthly Rate (in US$)	$	2,521		$	2,319		$	2,364		$	2,608		$	2,699		$	2,586		$	2,585		$	2,527		$	2,624
Avg Resident Occ. - Private	64.9		%	65.0		%	64.1		%	60.0		%	61.6		%	60.0		%	56.2		%	61.7		%	59.4		%
Avg Resident Occ. - Medicaid	35.1		%	35.0		%	35.9		%	40.0		%	38.4		%	40.0		%	43.8		%	38.3		%	40.6		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-90

	Actual
	Jan-03			Feb-03			Mar-03			Apr-03			May-03			Jun-03			Jul-03			Aug-03			Sep-03			Oct-03			Nov-03			Dec-03			Total
Income Statement Data
Revenues
Private Room and Board	$	35		$	38		$	52		$	47		$	61		$	58		$	66		$	63		$	65		$	65		$	62		$	61		$	674
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	35			38			52			47			61			58			66			63			65			65			62			61			674
Total State Paid	13			28			26			35			24			22			22			26			23			23			27			27			297
Other Revenue	0			1			6			3			4			1			3			1			1			2			2			2			25
Total Revenue	$	49		$	67		$	84		$	85		$	89		$	81		$	91		$	90		$	89		$	90		$	92		$	90		$	997
Expenses
Residence Payroll	$	27		$	25		$	30		$	30		$	33		$	32		$	34		$	33		$	32		$	35		$	33		$	35		$	380
Tenant Care	0			0			0			0			0			0			0			0			0			0			0			0			3
Maintenance	1			1			2			1			3			1			5			3			2			3			3			4			29
Kitchen	5			5			8			5			5			7			7			6			10			7			6			6			77
Housekeeping	1			1			0			1			1			1			1			1			0			0			1			0			9
Activities	0			0			0			0			0			0			0			0			0			0			0			0			1
Utilities	7			6			8			6			4			8			6			7			6			7			5			7			78
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			15
Property Taxes	5			5			5			5			5			4			4			4			4			5			5			5			55
Advertising	1			1			1			0			0			0			0			0			0			1			0			1			6
Administrative	2			1			2			2			2			1			1			2			2			1			1			2			18
Bad Debt	(0		)	0			0			0			(0		)	0			(0		)	0			1			(0		)	1			0			2
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			2
Management Fees	2			3			4			4			4			4			5			5			4			4			5			4			50
Total Operating Expenses	$	52		$	49		$	63		$	58		$	58		$	61		$	65		$	62		$	63		$	66		$	61		$	66		$	724
EBITDAR	$	(3	)	$	17		$	21		$	27		$	31		$	20		$	26		$	28		$	26		$	24		$	31		$	24		$	272
Margin	-6.0		%	26.0		%	24.8		%	31.8		%	35.1		%	24.9		%	28.3		%	30.9		%	28.8		%	26.8		%	33.7		%	26.9		%	27.3		%
EBITDARM	$	(0	)	$	21		$	25		$	31		$	36		$	24		$	30		$	32		$	30		$	29		$	35		$	29		$	322
Margin	-1.0		%	31.0		%	29.8		%	36.8		%	40.1		%	29.9		%	33.3		%	35.9		%	33.8		%	31.8		%	38.7		%	31.9		%	32.3		%
Operating Data
Available Units	38			38			38			38			38			38			38			38			38			38			38			38			38
Number of Units Occupied (Net)	27			31			34			32			33			35			37			38			38			37			36			37			35
Average Occupancy	72.3		%	80.4		%	88.3		%	83.8		%	87.6		%	91.6		%	97.1		%	100.0		%	100.0		%	98.4		%	95.4		%	97.4		%	91.0		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	1,762		$	2,163		$	2,321		$	2,571		$	2,561		$	2,308		$	2,395		$	2,357		$	2,322		$	2,345		$	2,466		$	2,380		$	2,340
Avg Total Monthly Rate (in US$)	$	1,776		$	2,181		$	2,491		$	2,677		$	2,687		$	2,332		$	2,472		$	2,374		$	2,338		$	2,402		$	2,527		$	2,432		$	2,401
Avg Resident Occ. - Private	56.4		%	53.8		%	57.7		%	63.2		%	65.1		%	67.2		%	66.8		%	68.3		%	68.2		%	66.7		%	64.7		%	63.5		%	63.9		%
Avg Resident Occ. - Medicaid	43.6		%	46.2		%	42.3		%	36.8		%	34.9		%	32.8		%	33.2		%	31.7		%	31.8		%	33.3		%	35.3		%	36.5		%	36.1		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-91

	Actual
	Jan-02			Feb-02			Mar-02			Apr-02			May-02			Jun-02			Jul-02			Aug-02			Sep-02			Oct-02			Nov-02			Dec-02			Total
Income Statement Data
Revenues
Private Room and Board	$	41		$	33		$	40		$	42		$	39		$	39		$	41		$	42		$	43		$	35		$	39		$	36		$	472
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	41			33			40			42			39			39			41			42			43			35			39			36			472
Total State Paid	19			20			25			21			18			21			23			20			24			27			16			20			253
Other Revenue	1			0			2			1			1			1			0			2			1			0			0			0			9
Total Revenue	$	61		$	53		$	67		$	64		$	58		$	61		$	64		$	64		$	69		$	62		$	55		$	56		$	734
Expenses
Residence Payroll	$	27		$	25		$	27		$	28		$	30		$	32		$	34		$	37		$	33		$	34		$	34		$	31		$	371
Tenant Care	0			0			0			0			0			0			0			1			0			1			0			0			5
Maintenance	1			2			11			3			2			2			2			2			4			2			1			1			35
Kitchen	4			4			4			5			5			5			6			6			5			4			5			5			57
Housekeeping	1			1			1			1			0			1			1			1			1			1			0			1			8
Activities	0			0			0			0			0			0			0			0			0			0			0			0			1
Utilities	6			5			3			5			2			4			5			4			4			5			5			4			53
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			16
Property Taxes	5			5			5			5			5			5			5			5			5			5			5			3			54
Advertising	1			0			0			0			1			1			0			0			1			1			1			(0		)	6
Administrative	1			3			1			1			2			2			2			1			2			2			3			1			20
Bad Debt	(0		)	1			0			0			(1		)	0			1			0			0			0			0			0			1
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			2
Management Fees	3			3			3			3			3			3			3			3			3			3			3			3			37
Total Operating Expenses	$	50		$	50		$	57		$	53		$	51		$	55		$	60		$	62		$	60		$	57		$	59		$	51		$	665
EBITDAR	$	11		$	2		$	9		$	11		$	6		$	5		$	4		$	2		$	9		$	5		$	(4	)	$	5		$	69
Margin	18.0		%	4.7		%	14.2		%	17.8		%	10.8		%	8.8		%	6.7		%	3.9		%	13.2		%	8.3		%	-6.4		%	9.2		%	9.3		%
EBITDARM	$	14		$	5		$	13		$	15		$	9		$	8		$	8		$	6		$	13		$	8		$	(1	)	$	8		$	105
Margin	23.0		%	9.7		%	19.2		%	22.8		%	15.8		%	13.8		%	11.7		%	8.9		%	18.2		%	13.3		%	-1.4		%	14.2		%	14.3		%
Operating Data
Available Units	38			38			38			38			38			38			38			38			38			38			38			38			38
Number of Units Occupied (Net)	30			28			30			30			28			28			28			30			31			27			26			26			28
Average Occupancy	78.0		%	74.8		%	78.1		%	78.0		%	72.7		%	74.6		%	73.8		%	77.9		%	81.7		%	71.3		%	69.7		%	69.3		%	75.0		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,022		$	1,840		$	2,197		$	2,127		$	2,060		$	2,121		$	2,288		$	2,105		$	2,164		$	2,291		$	2,085		$	2,121		$	2,118
Avg Total Monthly Rate (in US$)	$	2,047		$	1,855		$	2,252		$	2,164		$	2,083		$	2,142		$	2,295		$	2,164		$	2,210		$	2,302		$	2,096		$	2,133		$	2,146
Avg Resident Occ. - Private	—			—			—			—			—			—			—			—			—			—			—			—			—
Avg Resident Occ. - Medicaid	—			—			—			—			—			—			—			—			—			—			—			—			—

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-92

Property Name:	State:
Harrison	TX

	CY 2002			CY 2003			YTD July 2004 Ann.
Income Statement Data
Revenues
Private Room and Board	$	803		$	897		$	698
Private Care	—			—			208
Total Private Paid	803			897			906
Total State Paid	197			228			255
Other Revenue	12			24			28
Total Revenue	$	1,013		$	1,149		$	1,189
Expenses
Residence Payroll	$	353		$	360		$	403
Tenant Care	6			4			5
Maintenance	31			30			30
Kitchen	60			61			72
Housekeeping	8			7			7
Activities	1			1			3
Utilities	58			80			70
Insurance	18			17			16
Property Taxes	56			53			57
Advertising	4			6			9
Administrative	27			19			15
Bad Debt	(1		)	2			2
Petty Cash	1			2			2
Management Fees	51			57			59
Total Operating Expenses	$	672		$	699		$	751
EBITDAR	$	341		$	450		$	438
Margin	33.6		%	39.1		%	36.8		%
EBITDARM	$	391		$	507		$	497
Margin	38.6		%	44.1		%	41.8		%
Operating Data
Available Units	41			40			40
Number of Units Occupied (Net)	36			37			39
Average Occupancy	88.2		%	93.1		%	96.4		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,335		$	2,516		$	2,507
Avg Total Monthly Rate (in US$)	$	2,364		$	2,571		$	2,569
Avg Resident Occ. - Private	—			74.2		%	70.9		%
Avg Resident Occ. - Medicaid	—			25.8		%	29.1		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-93

	Actual
	Jan-04			Feb-04			Mar-04			Apr-04			May-04			Jun-04			Jul-04			YTD			TTM Ann.
Income Statement Data
Revenues
Private Room and Board	$	45		$	47		$	51		$	54		$	56		$	58		$	61		$	372		$	698
Private Care	13			12			14			13			16			18			18			104			208
Total Private Paid	58			59			66			67			71			76			79			477			906
Total State Paid	24			21			22			21			22			21			21			152			255
Other Revenue	0			2			3			3			0			4			3			16			28
Total Revenue	$	82		$	83		$	91		$	91		$	94		$	100		$	104		$	645		$	1,189
Expenses
Residence Payroll	$	33		$	30		$	32		$	34		$	35		$	29		$	37		$	229		$	403
Tenant Care	0			0			0			1			0			1			0			3			5
Maintenance	2			2			2			2			2			3			3			16			30
Kitchen	5			5			5			7			6			6			6			40			72
Housekeeping	0			0			1			1			0			1			1			4			7
Activities	0			0			0			0			0			1			0			1			3
Utilities	8			7			6			5			5			6			7			44			70
Insurance	1			1			1			1			1			1			1			10			16
Property Taxes	5			5			5			5			5			5			5			33			57
Advertising	2			0			1			1			1			1			0			6			9
Administrative	2			1			1			1			1			2			1			9			15
Bad Debt	3			(2		)	(1		)	0			(0		)	(0		)	1			(0		)	2
Petty Cash	0			0			0			0			0			0			0			1			2
Management Fees	4			4			5			5			5			5			5			32			59
Total Operating Expenses	$	64		$	54		$	58		$	63		$	61		$	59		$	68		$	427		$	751
EBITDAR	$	19		$	29		$	33		$	28		$	33		$	41		$	36		$	218		$	438
Margin	22.4		%	34.6		%	36.2		%	31.2		%	35.0		%	40.8		%	34.7		%	33.8		%	36.8		%
EBITDARM	$	23		$	33		$	38		$	33		$	37		$	46		$	41		$	250		$	497
Margin	27.4		%	39.6		%	41.2		%	36.2		%	40.0		%	45.8		%	39.7		%	38.8		%	41.8		%
Operating Data
Available Units	40			40			40			40			40			40			40			40			40
Number of Units Occupied (Net)	33			36			36			37			37			39			39			37			39
Average Occupancy	82.8		%	90.1		%	90.3		%	93.1		%	93.0		%	98.6		%	97.8		%	92.2		%	96.4		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,484		$	2,242		$	2,434		$	2,356		$	2,505		$	2,439		$	2,578		$	2,435		$	2,507
Avg Total Monthly Rate (in US$)	$	2,492		$	2,294		$	2,527		$	2,446		$	2,515		$	2,530		$	2,659		$	2,497		$	2,569
Avg Resident Occ. - Private	66.5		%	67.6		%	67.7		%	69.0		%	69.7		%	71.0		%	72.0		%	69.2		%	70.9		%
Avg Resident Occ. - Medicaid	33.5		%	32.4		%	32.3		%	31.0		%	30.3		%	29.0		%	28.0		%	30.8		%	29.1		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-94

	Actual
	Jan-03			Feb-03			Mar-03			Apr-03			May-03			Jun-03			Jul-03			Aug-03			Sep-03			Oct-03			Nov-03			Dec-03			Total
Income Statement Data
Revenues
Private Room and Board	$	73		$	73		$	86		$	84		$	86		$	80		$	88		$	79		$	66		$	61		$	56		$	64		$	897
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	73			73			86			84			86			80			88			79			66			61			56			64			897
Total State Paid	21			20			18			19			20			18			14			18			17			18			21			24			228
Other Revenue	2			0			6			3			2			3			3			2			0			0			2			0			24
Total Revenue	$	96		$	93		$	111		$	105		$	108		$	101		$	106		$	99		$	84		$	79		$	80		$	89		$	1,149
Expenses
Residence Payroll	$	31		$	26		$	29		$	33		$	28		$	29		$	32		$	31		$	29		$	32		$	30		$	29		$	360
Tenant Care	1			1			0			0			0			0			0			0			0			0			0			0			4
Maintenance	1			2			2			1			2			2			2			3			4			5			3			2			30
Kitchen	5			6			4			2			4			5			6			7			5			5			6			5			61
Housekeeping	0			1			0			0			1			1			1			1			1			1			1			0			7
Activities	0			0			0			0			0			0			(0		)	0			0			0			0			0			1
Utilities	5			8			9			6			6			7			6			7			7			6			5			7			80
Insurance	1			1			2			2			2			2			2			2			2			1			1			1			17
Property Taxes	5			5			5			5			5			5			4			5			5			5			3			3			53
Advertising	0			0			0			0			0			0			0			0			0			4			0			1			6
Administrative	2			1			4			2			1			1			1			1			2			2			2			1			19
Bad Debt	0			0			0			0			(0		)	0			0			2			1			(1		)	(2		)	2			2
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			2
Management Fees	5			5			6			5			5			5			5			5			4			4			4			4			57
Total Operating Expenses	$	56		$	56		$	62		$	57		$	54		$	58		$	60		$	64		$	60		$	64		$	53		$	55		$	699
EBITDAR	$	40		$	37		$	49		$	48		$	53		$	43		$	46		$	35		$	24		$	15		$	27		$	34		$	450
Margin	41.6		%	39.5		%	44.2		%	45.7		%	49.6		%	42.5		%	43.3		%	35.2		%	28.3		%	19.0		%	33.3		%	38.1		%	39.1		%
EBITDARM	$	45		$	42		$	54		$	53		$	59		$	48		$	51		$	40		$	28		$	19		$	31		$	38		$	507
Margin	46.6		%	44.5		%	49.2		%	50.7		%	54.6		%	47.5		%	48.3		%	40.2		%	33.3		%	24.0		%	38.3		%	43.1		%	44.1		%
Operating Data
Available Units	40			40			40			40			40			40			40			40			40			40			40			40			40
Number of Units Occupied (Net)	40			39			39			40			38			38			38			36			34			34			34			35			37
Average Occupancy	99.0		%	97.9		%	97.8		%	99.5		%	96.1		%	95.3		%	96.0		%	90.7		%	85.9		%	86.1		%	86.1		%	87.3		%	93.1		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,369		$	2,372		$	2,673		$	2,582		$	2,750		$	2,580		$	2,660		$	2,669		$	2,425		$	2,285		$	2,253		$	2,526		$	2,516
Avg Total Monthly Rate (in US$)	$	2,413		$	2,381		$	2,830		$	2,647		$	2,800		$	2,656		$	2,749		$	2,730		$	2,437		$	2,294		$	2,313		$	2,537		$	2,571
Avg Resident Occ. - Private	74.5		%	75.9		%	76.2		%	76.8		%	76.0		%	77.8		%	78.0		%	76.2		%	73.7		%	70.5		%	66.9		%	65.7		%	74.2		%
Avg Resident Occ. - Medicaid	25.5		%	24.1		%	23.8		%	23.2		%	24.0		%	22.2		%	22.0		%	23.8		%	26.3		%	29.5		%	33.1		%	34.3		%	25.8		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-95

	Actual
	Jan-02			Feb-02			Mar-02			Apr-02			May-02			Jun-02			Jul-02			Aug-02			Sep-02			Oct-02			Nov-02			Dec-02			Total
Income Statement Data
Revenues
Private Room and Board	$	65		$	65		$	68		$	68		$	64		$	62		$	62		$	63		$	69		$	71		$	74		$	73		$	803
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	65			65			68			68			64			62			62			63			69			71			74			73			803
Total State Paid	10			12			15			13			13			13			16			15			20			25			23			22			197
Other Revenue	(2		)	1			2			(0		)	1			0			1			3			3			0			3			1			12
Total Revenue	$	73		$	78		$	84		$	81		$	77		$	75		$	79		$	82		$	92		$	96		$	100		$	95		$	1,013
Expenses
Residence Payroll	$	29		$	27		$	28		$	27		$	28		$	25		$	30		$	35		$	31		$	33		$	31		$	30		$	353
Tenant Care	0			0			1			0			1			0			1			1			1			1			1			0			6
Maintenance	1			5			1			2			5			4			2			4			3			3			2			1			31
Kitchen	5			5			5			5			6			4			4			5			4			5			5			6			60
Housekeeping	0			0			1			1			1			0			1			1			1			1			1			1			8
Activities	0			0			0			0			0			0			0			0			0			0			0			0			1
Utilities	5			4			5			4			4			5			5			5			5			5			5			5			58
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			18
Property Taxes	4			4			4			4			4			4			4			4			4			4			4			7			56
Advertising	0			0			0			0			0			0			0			0			0			0			1			1			4
Administrative	2			3			1			2			2			3			3			2			3			2			1			1			27
Bad Debt	(1		)	(2		)	0			2			(0		)	0			(0		)	0			0			0			0			0			(1		)
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			1
Management Fees	4			4			4			4			4			4			4			4			5			5			5			5			51
Total Operating Expenses	$	52		$	53		$	53		$	52		$	56		$	52		$	56		$	63		$	59		$	61		$	58		$	59		$	672
EBITDAR	$	22		$	25		$	31		$	29		$	22		$	24		$	23		$	18		$	33		$	35		$	42		$	36		$	341
Margin	29.6		%	32.3		%	37.2		%	35.9		%	28.0		%	31.6		%	28.7		%	22.7		%	36.3		%	36.4		%	42.1		%	38.2		%	33.6		%
EBITDARM	$	25		$	29		$	36		$	33		$	26		$	28		$	27		$	23		$	38		$	40		$	47		$	41		$	391
Margin	34.6		%	37.3		%	42.2		%	40.9		%	33.0		%	36.6		%	33.7		%	27.7		%	41.3		%	41.4		%	47.1		%	43.2		%	38.6		%
Operating Data
Available Units	41			41			41			41			41			41			40			40			40			40			40			40			41
Number of Units Occupied (Net)	34			34			34			32			35			32			33			36			38			39			40			40			36
Average Occupancy	82.9		%	83.9		%	84.1		%	78.7		%	84.4		%	79.0		%	82.1		%	89.5		%	96.0		%	98.4		%	99.7		%	100.0		%	88.2		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,210		$	2,233		$	2,395		$	2,512		$	2,221		$	2,323		$	2,378		$	2,191		$	2,321		$	2,423		$	2,431		$	2,370		$	2,335
Avg Total Monthly Rate (in US$)	$	2,161		$	2,259		$	2,450		$	2,510		$	2,238		$	2,326		$	2,397		$	2,277		$	2,399		$	2,435		$	2,504		$	2,385		$	2,364
Avg Resident Occ. - Private	—			—			—			—			—			—			—			—			—			—			—			—			—
Avg Resident Occ. - Medicaid	—			—			—			—			—			—			—			—			—			—			—			—			—

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-96

Property Name:	State:
Angelina	TX

	CY 2002			CY 2003			YTD July 2004 Ann.
Income Statement Data
Revenues
Private Room and Board	$	688		$	807		$	748
Private Care	—			—			153
Total Private Paid	688			807			901
Total State Paid	224			238			210
Other Revenue	11			18			7
Total Revenue	$	923		$	1,062		$	1,118
Expenses
Residence Payroll	$	364		$	323		$	362
Tenant Care	4			3			2
Maintenance	51			33			11
Kitchen	64			67			78
Housekeeping	7			8			6
Activities	0			1			1
Utilities	41			54			55
Insurance	17			16			15
Property Taxes	34			35			37
Advertising	2			3			3
Administrative	21			20			14
Bad Debt	1			(0		)	(4		)
Petty Cash	2			2			4
Management Fees	46			53			56
Total Operating Expenses	$	653		$	618		$	638
EBITDAR	$	269		$	444		$	480
Margin	29.2		%	41.8		%	42.9		%
EBITDARM	$	316		$	498		$	536
Margin	34.2		%	46.8		%	47.9		%
Operating Data
Available Units	39			39			39
Number of Units Occupied (Net)	38			38			38
Average Occupancy	96.9		%	98.3		%	97.6		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,011		$	2,271		$	2,431
Avg Total Monthly Rate (in US$)	$	2,036		$	2,310		$	2,447
Avg Resident Occ. - Private	—			74.3		%	75.9		%
Avg Resident Occ. - Medicaid	—			25.7		%	24.1		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-97

	Actual
	Jan-04			Feb-04			Mar-04			Apr-04			May-04			Jun-04			Jul-04			YTD			TTM Ann.
Income Statement Data
Revenues
Private Room and Board	$	60		$	58		$	68		$	61		$	63		$	61		$	63		$	434		$	748
Private Care	10			12			13			11			13			14			11			85			153
Total Private Paid	70			70			82			72			76			75			74			519			901
Total State Paid	17			16			14			14			18			17			18			114			210
Other Revenue	2			1			1			1			1			1			1			7			7
Total Revenue	$	90		$	87		$	97		$	87		$	94		$	93		$	93		$	640		$	1,118
Expenses
Residence Payroll	$	28		$	31		$	38		$	31		$	27		$	31		$	33		$	218		$	362
Tenant Care	0			0			0			0			0			0			0			1			2
Maintenance	2			2			3			6			(0		)	2			1			16			11
Kitchen	5			6			7			5			6			6			8			43			78
Housekeeping	1			1			1			0			1			0			0			4			6
Activities	0			0			0			0			0			0			0			0			1
Utilities	5			7			5			5			5			4			5			36			55
Insurance	1			1			1			1			1			1			1			9			15
Property Taxes	3			3			3			3			3			3			3			22			37
Advertising	0			0			0			0			0			0			0			2			3
Administrative	1			1			1			2			1			1			1			9			14
Bad Debt	0			0			1			0			(1		)	0			0			0			(4		)
Petty Cash	0			0			0			0			0			0			0			3			4
Management Fees	4			4			5			4			5			5			5			32			56
Total Operating Expenses	$	51		$	58		$	66		$	59		$	48		$	54		$	58		$	394		$	638
EBITDAR	$	38		$	29		$	31		$	28		$	46		$	39		$	34		$	246		$	480
Margin	42.7		%	33.1		%	32.2		%	31.9		%	49.1		%	42.4		%	37.3		%	38.4		%	42.9		%
EBITDARM	$	43		$	33		$	36		$	32		$	51		$	44		$	39		$	278		$	536
Margin	47.7		%	38.1		%	37.2		%	36.9		%	54.1		%	47.4		%	42.3		%	43.4		%	47.9		%
Operating Data
Available Units	39			39			39			39			39			39			39			39			39
Number of Units Occupied (Net)	38			39			38			36			38			38			38			38			38
Average Occupancy	98.5		%	100.0		%	97.6		%	93.4		%	97.4		%	97.4		%	97.9		%	97.5		%	97.6		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,268		$	2,197		$	2,518		$	2,381		$	2,460		$	2,427		$	2,408		$	2,379		$	2,431
Avg Total Monthly Rate (in US$)	$	2,330		$	2,229		$	2,552		$	2,395		$	2,476		$	2,443		$	2,422		$	2,406		$	2,447
Avg Resident Occ. - Private	76.6		%	76.9		%	79.0		%	78.0		%	76.3		%	76.3		%	75.2		%	76.9		%	75.9		%
Avg Resident Occ. - Medicaid	23.4		%	23.1		%	21.0		%	22.0		%	23.7		%	23.7		%	24.8		%	23.1		%	24.1		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-98

	Actual
	Jan-03			Feb-03			Mar-03			Apr-03			May-03			Jun-03			Jul-03			Aug-03			Sep-03			Oct-03			Nov-03			Dec-03			Total
Income Statement Data
Revenues
Private Room and Board	$	60		$	60		$	68		$	66		$	72		$	69		$	70		$	66		$	66		$	71		$	68		$	72		$	807
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	60			60			68			66			72			69			70			66			66			71			68			72			807
Total State Paid	24			20			23			23			18			20			20			20			19			16			17			18			238
Other Revenue	1			1			4			2			1			1			1			2			1			1			3			1			18
Total Revenue	$	84		$	81		$	94		$	91		$	91		$	89		$	90		$	88		$	86		$	88		$	89		$	92		$	1,062
Expenses
Residence Payroll	$	30		$	24		$	25		$	25		$	26		$	28		$	29		$	28		$	24		$	31		$	30		$	21		$	323
Tenant Care	0			1			0			0			0			0			0			0			0			0			0			0			3
Maintenance	1			2			2			2			4			4			6			3			4			1			3			2			33
Kitchen	6			6			6			6			5			5			5			3			5			9			4			6			67
Housekeeping	0			1			1			1			1			0			0			1			0			1			1			1			8
Activities	0			0			0			0			0			0			0			0			0			0			0			0			1
Utilities	5			5			8			4			2			4			4			4			3			3			5			5			54
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			16
Property Taxes	3			3			3			3			3			3			3			3			3			3			3			3			35
Advertising	0			0			0			0			0			0			0			0			0			(0		)	0			0			3
Administrative	2			2			3			1			2			1			2			2			2			1			1			1			20
Bad Debt	0			0			0			11			(11		)	(0		)	0			0			0			0			0			0			(0		)
Petty Cash	0			0			0			0			1			0			0			0			0			0			0			0			2
Management Fees	4			4			5			5			5			4			5			4			4			4			4			5			53
Total Operating Expenses	$	52		$	50		$	54		$	60		$	39		$	52		$	56		$	50		$	48		$	56		$	55		$	47		$	618
EBITDAR	$	32		$	31		$	40		$	31		$	53		$	37		$	34		$	38		$	38		$	33		$	34		$	44		$	444
Margin	37.8		%	38.5		%	42.1		%	33.6		%	57.7		%	41.8		%	38.1		%	43.5		%	44.4		%	37.0		%	38.1		%	48.6		%	41.8		%
EBITDARM	$	36		$	35		$	44		$	35		$	57		$	42		$	39		$	43		$	42		$	37		$	38		$	49		$	498
Margin	42.8		%	43.5		%	47.1		%	38.6		%	62.7		%	46.8		%	43.1		%	48.5		%	49.4		%	42.0		%	43.1		%	53.6		%	46.8		%
Operating Data
Available Units	39			39			39			39			39			39			39			39			39			39			39			39			39
Number of Units Occupied (Net)	39			39			39			39			39			38			37			37			37			39			39			39			38
Average Occupancy	100.0		%	100.0		%	100.6		%	98.8		%	100.0		%	98.5		%	94.3		%	93.7		%	94.8		%	99.0		%	99.7		%	99.7		%	98.3		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,143		$	2,046		$	2,306		$	2,310		$	2,301		$	2,299		$	2,431		$	2,354		$	2,293		$	2,249		$	2,209		$	2,328		$	2,271
Avg Total Monthly Rate (in US$)	$	2,165		$	2,073		$	2,395		$	2,362		$	2,334		$	2,322		$	2,451		$	2,407		$	2,317		$	2,283		$	2,277		$	2,354		$	2,310
Avg Resident Occ. - Private	72.5		%	70.1		%	72.6		%	74.7		%	75.0		%	74.6		%	73.5		%	73.4		%	75.6		%	76.7		%	76.4		%	76.8		%	74.3		%
Avg Resident Occ. - Medicaid	27.5		%	29.9		%	27.4		%	25.3		%	25.0		%	25.4		%	26.5		%	26.6		%	24.4		%	23.3		%	23.6		%	23.2		%	25.7		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-99

	Actual
	Jan-02			Feb-02			Mar-02			Apr-02			May-02			Jun-02			Jul-02			Aug-02			Sep-02			Oct-02			Nov-02			Dec-02			Total
Income Statement Data
Revenues
Private Room and Board	$	54		$	54		$	52		$	56		$	57		$	58		$	58		$	59		$	61		$	63		$	59		$	60		$	688
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	54			54			52			56			57			58			58			59			61			63			59			60			688
Total State Paid	18			16			19			16			20			19			19			18			19			20			19			20			224
Other Revenue	0			1			1			1			1			0			0			1			0			2			3			1			11
Total Revenue	$	72		$	71		$	72		$	73		$	78		$	77		$	77		$	79		$	80		$	85		$	81		$	80		$	923
Expenses
Residence Payroll	$	27		$	28		$	29		$	28		$	33		$	34		$	29		$	33		$	33		$	30		$	30		$	29		$	364
Tenant Care	0			0			0			0			0			0			0			0			0			0			1			0			4
Maintenance	1			2			2			4			8			7			4			4			3			3			5			6			51
Kitchen	5			5			4			4			6			5			7			6			5			6			7			6			64
Housekeeping	0			0			1			0			0			1			1			1			1			0			1			1			7
Activities	0			0			0			0			0			0			0			0			0			0			0			0			0
Utilities	4			6			4			4			1			3			3			3			3			3			2			4			41
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			17
Property Taxes	3			3			3			3			3			3			3			3			3			3			3			1			34
Advertising	0			0			0			0			0			0			0			0			0			0			0			0			2
Administrative	0			2			2			1			1			2			3			1			3			2			2			1			21
Bad Debt	2			5			(6		)	0			0			(0		)	0			0			0			0			1			0			1
Petty Cash	0			0			0			0			1			0			0			0			0			0			0			0			2
Management Fees	4			4			4			4			4			4			4			4			4			4			4			4			46
Total Operating Expenses	$	48		$	56		$	44		$	50		$	60		$	60		$	56		$	57		$	57		$	54		$	57		$	56		$	653
EBITDAR	$	24		$	15		$	28		$	23		$	18		$	17		$	21		$	22		$	24		$	31		$	24		$	25		$	269
Margin	33.2		%	20.9		%	38.8		%	31.3		%	22.8		%	21.7		%	27.3		%	27.4		%	29.5		%	36.8		%	29.5		%	30.8		%	29.2		%
EBITDARM	$	27		$	18		$	31		$	26		$	22		$	21		$	25		$	25		$	28		$	35		$	28		$	29		$	316
Margin	38.2		%	25.9		%	43.8		%	36.3		%	27.8		%	26.7		%	32.3		%	32.4		%	34.5		%	41.8		%	34.5		%	35.8		%	34.2		%
Operating Data
Available Units	39			39			39			39			39			39			39			39			39			39			39			39			39
Number of Units Occupied (Net)	36			37			35			37			38			38			38			38			39			40			38			39			38
Average Occupancy	93.4		%	94.1		%	90.6		%	96.0		%	96.6		%	97.4		%	97.4		%	98.6		%	99.7		%	101.5		%	97.2		%	99.9		%	96.9		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	1,972		$	1,908		$	2,007		$	1,918		$	2,031		$	2,020		$	2,024		$	2,006		$	2,056		$	2,093		$	2,056		$	2,035		$	2,011
Avg Total Monthly Rate (in US$)	$	1,972		$	1,929		$	2,029		$	1,940		$	2,063		$	2,020		$	2,026		$	2,044		$	2,067		$	2,139		$	2,127		$	2,060		$	2,036
Avg Resident Occ. - Private	—			—			—			—			—			—			—			—			—			—			—			—			—
Avg Resident Occ. - Medicaid	—			—			—			—			—			—			—			—			—			—			—			—			—

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-100

Property Name:	State:
Alpine	TX

	CY 2002			CY 2003			YTD July 2004 Ann.
Income Statement Data
Revenues
Private Room and Board	$	775		$	889		$	680
Private Care	—			—			199
Total Private Paid	775			889			878
Total State Paid	101			101			114
Other Revenue	25			20			23
Total Revenue	$	901		$	1,009		$	1,015
Expenses
Residence Payroll	$	370		$	378		$	437
Tenant Care	5			3			14
Maintenance	38			28			43
Kitchen	42			47			54
Housekeeping	7			6			4
Activities	1			2			2
Utilities	40			50			44
Insurance	13			15			14
Property Taxes	25			31			33
Advertising	4			4			7
Administrative	13			15			19
Bad Debt	0			(1		)	(2		)
Petty Cash	1			1			2
Management Fees	45			50			51
Total Operating Expenses	$	604		$	629		$	723
EBITDAR	$	297		$	380		$	293
Margin	33.0		%	37.6		%	28.8		%
EBITDARM	$	342		$	430		$	343
Margin	38.0		%	42.6		%	33.8		%
Operating Data
Available Units	30			30			30
Number of Units Occupied (Net)	29			30			29
Average Occupancy	95.6		%	98.9		%	96.4		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,544		$	2,779		$	2,861
Avg Total Monthly Rate (in US$)	$	2,618		$	2,836		$	2,927
Avg Resident Occ. - Private	—			85.8		%	85.4		%
Avg Resident Occ. - Medicaid	—			14.2		%	14.6		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-101

	Actual
	Jan-04			Feb-04			Mar-04			Apr-04			May-04			Jun-04			Jul-04			YTD			TTM Ann.
Income Statement Data
Revenues
Private Room and Board	$	56		$	55		$	58		$	53		$	57		$	54		$	59		$	392		$	680
Private Care	19			19			16			16			18			17			15			120			199
Total Private Paid	76			74			74			68			75			71			74			512			878
Total State Paid	11			7			8			6			9			9			11			61			114
Other Revenue	2			1			2			1			1			4			1			12			23
Total Revenue	$	89		$	82		$	85		$	75		$	84		$	84		$	85		$	585		$	1,015
Expenses
Residence Payroll	$	34		$	38		$	36		$	32		$	33		$	40		$	36		$	249		$	437
Tenant Care	0			1			(0		)	0			0			0			3			5			14
Maintenance	3			3			4			2			2			5			3			23			43
Kitchen	4			4			5			3			4			4			6			29			54
Housekeeping	1			0			1			0			0			0			1			3			4
Activities	0			0			0			0			0			0			0			1			2
Utilities	5			5			4			4			4			3			4			28			44
Insurance	1			1			1			1			1			1			1			9			14
Property Taxes	3			3			3			3			3			3			3			19			33
Advertising	0			0			1			0			1			0			1			2			7
Administrative	1			1			2			1			2			2			1			10			19
Bad Debt	0			0			0			0			0			(1		)	0			(1		)	(2		)
Petty Cash	0			0			0			0			0			0			0			1			2
Management Fees	4			4			4			4			4			4			4			29			51
Total Operating Expenses	$	57		$	60		$	60		$	51		$	54		$	63		$	63		$	408		$	723
EBITDAR	$	32		$	22		$	25		$	25		$	30		$	21		$	22		$	177		$	293
Margin	36.1		%	26.7		%	29.5		%	32.7		%	35.9		%	25.0		%	25.5		%	30.2		%	28.8		%
EBITDARM	$	36		$	26		$	29		$	28		$	35		$	25		$	26		$	206		$	343
Margin	41.1		%	31.7		%	34.5		%	37.7		%	40.9		%	30.0		%	30.5		%	35.2		%	33.8		%
Operating Data
Available Units	30			30			30			30			30			30			30			30			30
Number of Units Occupied (Net)	30			30			28			26			27			29			30			29			29
Average Occupancy	100.0		%	99.5		%	93.0		%	88.2		%	91.5		%	97.6		%	100.0		%	95.7		%	96.4		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,874		$	2,724		$	2,957		$	2,823		$	3,033		$	2,742		$	2,820		$	2,851		$	2,861
Avg Total Monthly Rate (in US$)	$	2,954		$	2,745		$	3,041		$	2,844		$	3,071		$	2,885		$	2,838		$	2,909		$	2,927
Avg Resident Occ. - Private	84.8		%	88.2		%	85.8		%	86.4		%	86.9		%	84.5		%	84.8		%	85.9		%	85.4		%
Avg Resident Occ. - Medicaid	15.2		%	11.8		%	14.2		%	13.6		%	13.1		%	15.5		%	15.2		%	14.1		%	14.6		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-102

	Actual
	Jan-03			Feb-03			Mar-03			Apr-03			May-03			Jun-03			Jul-03			Aug-03			Sep-03			Oct-03			Nov-03			Dec-03			Total
Income Statement Data
Revenues
Private Room and Board	$	64		$	67		$	79		$	78		$	77		$	76		$	72		$	75		$	72		$	78		$	73		$	76		$	889
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	64			67			79			78			77			76			72			75			72			78			73			76			889
Total State Paid	8			7			8			8			9			8			12			10			9			6			8			9			101
Other Revenue	2			2			2			3			1			2			1			1			3			1			1			2			20
Total Revenue	$	73		$	76		$	89		$	89		$	87		$	86		$	85		$	87		$	84		$	84		$	82		$	87		$	1,009
Expenses
Residence Payroll	$	29		$	26		$	30		$	35		$	33		$	32		$	30		$	34		$	28		$	37		$	31		$	34		$	378
Tenant Care	0			1			0			0			0			0			0			0			0			0			0			0			3
Maintenance	2			2			2			2			3			2			4			3			2			2			1			2			28
Kitchen	2			5			4			3			4			4			3			4			4			4			3			5			47
Housekeeping	0			0			0			1			1			1			0			1			1			1			0			0			6
Activities	0			0			0			0			0			0			0			0			0			0			0			0			2
Utilities	3			4			5			4			3			4			4			5			4			5			4			5			50
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			15
Property Taxes	2			2			2			2			2			3			3			2			2			4			4			4			31
Advertising	1			0			0			0			0			0			0			0			0			1			0			0			4
Administrative	1			0			2			2			2			2			1			2			1			1			1			1			15
Bad Debt	0			0			(1		)	0			0			0			0			0			0			0			0			(0		)	(1		)
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			1
Management Fees	4			4			4			4			4			4			4			4			4			4			4			4			50
Total Operating Expenses	$	46		$	46		$	51		$	56		$	54		$	54		$	51		$	57		$	47		$	60		$	51		$	58		$	629
EBITDAR	$	27		$	31		$	38		$	33		$	33		$	33		$	34		$	30		$	36		$	24		$	31		$	29		$	380
Margin	37.3		%	40.2		%	43.1		%	37.3		%	38.1		%	38.0		%	39.8		%	34.4		%	43.5		%	28.7		%	38.1		%	33.6		%	37.6		%
EBITDARM	$	31		$	34		$	43		$	38		$	37		$	37		$	38		$	34		$	41		$	28		$	35		$	34		$	430
Margin	42.3		%	45.2		%	48.1		%	42.3		%	43.1		%	43.0		%	44.8		%	39.4		%	48.5		%	33.7		%	43.1		%	38.6		%	42.6		%
Operating Data
Available Units	30			30			30			30			30			30			30			30			30			30			30			30			30
Number of Units Occupied (Net)	28			29			30			30			30			30			30			30			30			29			29			30			30
Average Occupancy	94.5		%	96.9		%	100.0		%	101.2		%	100.0		%	100.0		%	100.0		%	100.0		%	98.3		%	97.8		%	97.9		%	99.7		%	98.9		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,521		$	2,542		$	2,913		$	2,833		$	2,869		$	2,814		$	2,808		$	2,846		$	2,731		$	2,849		$	2,771		$	2,834		$	2,779
Avg Total Monthly Rate (in US$)	$	2,576		$	2,619		$	2,971		$	2,943		$	2,886		$	2,878		$	2,839		$	2,886		$	2,839		$	2,869		$	2,792		$	2,914		$	2,836
Avg Resident Occ. - Private	87.0		%	87.1		%	87.5		%	87.6		%	84.4		%	84.4		%	84.4		%	84.4		%	85.4		%	86.6		%	86.5		%	84.8		%	85.8		%
Avg Resident Occ. - Medicaid	13.0		%	12.9		%	12.5		%	12.4		%	15.6		%	15.6		%	15.6		%	15.6		%	14.6		%	13.4		%	13.5		%	15.2		%	14.2		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-103

	Actual
	Jan-02			Feb-02			Mar-02			Apr-02			May-02			Jun-02			Jul-02			Aug-02			Sep-02			Oct-02			Nov-02			Dec-02			Total
Income Statement Data
Revenues
Private Room and Board	$	62		$	56		$	58		$	55		$	66		$	67		$	70		$	65		$	70		$	70		$	68		$	67		$	775
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	62			56			58			55			66			67			70			65			70			70			68			67			775
Total State Paid	3			8			15			8			8			11			10			6			8			8			8			8			101
Other Revenue	(0		)	1			0			1			2			1			2			3			4			3			6			2			25
Total Revenue	$	65		$	65		$	73		$	64		$	76		$	79		$	81		$	74		$	82		$	82		$	81		$	78		$	901
Expenses
Residence Payroll	$	28		$	29		$	29		$	28		$	28		$	28		$	34		$	37		$	32		$	32		$	34		$	32		$	370
Tenant Care	0			0			0			0			1			0			0			0			0			0			1			0			5
Maintenance	2			6			3			3			6			2			3			5			3			2			3			1			38
Kitchen	4			4			3			3			4			3			3			4			4			3			4			3			42
Housekeeping	1			0			1			0			1			1			0			1			0			1			1			0			7
Activities	(0		)	0			0			0			0			0			0			0			0			0			0			0			1
Utilities	4			3			4			3			3			3			3			4			3			3			2			4			40
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			13
Property Taxes	2			2			2			2			2			2			2			2			2			2			2			1			25
Advertising	0			0			0			0			0			0			0			0			0			1			0			1			4
Administrative	1			1			1			1			2			2			1			1			1			1			1			0			13
Bad Debt	0			(0		)	1			(1		)	0			0			0			0			0			0			0			0			0
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			1
Management Fees	3			3			4			3			4			4			4			4			4			4			4			4			45
Total Operating Expenses	$	46		$	50		$	50		$	44		$	51		$	48		$	53		$	58		$	51		$	51		$	52		$	49		$	604
EBITDAR	$	19		$	15		$	23		$	20		$	25		$	31		$	28		$	16		$	31		$	31		$	29		$	29		$	297
Margin	28.8		%	22.6		%	31.9		%	30.6		%	32.6		%	39.1		%	34.8		%	22.0		%	38.1		%	38.2		%	35.6		%	37.5		%	33.0		%
EBITDARM	$	22		$	18		$	27		$	23		$	29		$	35		$	32		$	20		$	35		$	35		$	33		$	33		$	342
Margin	33.8		%	27.6		%	36.9		%	35.6		%	37.6		%	44.1		%	39.8		%	27.0		%	43.1		%	43.2		%	40.6		%	42.5		%	38.0		%
Operating Data
Available Units	30			30			30			30			30			30			30			30			30			30			30			30			30
Number of Units Occupied (Net)	27			27			28			26			29			30			29			30			30			30			30			29			29
Average Occupancy	88.8		%	91.0		%	92.1		%	85.1		%	97.6		%	100.0		%	96.6		%	100.0		%	99.7		%	100.2		%	99.7		%	96.6		%	95.6		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,459		$	2,342		$	2,625		$	2,464		$	2,539		$	2,605		$	2,735		$	2,376		$	2,613		$	2,606		$	2,538		$	2,604		$	2,544
Avg Total Monthly Rate (in US$)	$	2,445		$	2,389		$	2,639		$	2,506		$	2,602		$	2,642		$	2,789		$	2,475		$	2,749		$	2,719		$	2,724		$	2,685		$	2,618
Avg Resident Occ. - Private	—			—			—			—			—			—			—			—			—			—			—			—			—
Avg Resident Occ. - Medicaid	—			—			—			—			—			—			—			—			—			—			—			—			—

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-104

Property Name:	State:
Oakwood	TX

	CY 2002			CY 2003			YTD July 2004 Ann.
Income Statement Data
Revenues
Private Room and Board	$	620		$	695		$	735
Private Care	—			—			200
Total Private Paid	620			695			935
Total State Paid	288			392			304
Other Revenue	16			21			13
Total Revenue	$	923		$	1,107		$	1,252
Expenses
Residence Payroll	$	392		$	411		$	454
Tenant Care	6			7			5
Maintenance	57			34			52
Kitchen	72			71			83
Housekeeping	9			10			14
Activities	1			3			1
Utilities	56			69			61
Insurance	17			16			16
Property Taxes	31			25			35
Advertising	3			3			7
Administrative	16			17			20
Bad Debt	(1		)	0			(2		)
Petty Cash	2			3			3
Management Fees	46			55			63
Total Operating Expenses	$	707		$	726		$	811
EBITDAR	$	216		$	382		$	441
Margin	23.4		%	34.5		%	35.2		%
EBITDARM	$	263		$	437		$	503
Margin	28.4		%	39.5		%	40.2		%
Operating Data
Available Units	40			40			40
Number of Units Occupied (Net)	35			38			40
Average Occupancy	88.6		%	94.4		%	99.8		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,134		$	2,399		$	2,586
Avg Total Monthly Rate (in US$)	$	2,170		$	2,444		$	2,613
Avg Resident Occ. - Private	—			60.5		%	69.5		%
Avg Resident Occ. - Medicaid	—			39.5		%	30.5		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-105

	Actual
	Jan-04			Feb-04			Mar-04			Apr-04			May-04			Jun-04			Jul-04			YTD			TTM Ann.
Income Statement Data
Revenues
Private Room and Board	$	48		$	52		$	58		$	57		$	62		$	60		$	62		$	399		$	735
Private Care	22			7			17			16			17			16			17			111			200
Total Private Paid	70			59			75			73			79			76			79			510			935
Total State Paid	33			29			29			28			26			24			26			196			304
Other Revenue	1			2			2			2			2			0			1			10			13
Total Revenue	$	104		$	90		$	106		$	103		$	107		$	100		$	106		$	716		$	1,252
Expenses
Residence Payroll	$	38		$	36		$	36		$	34		$	40		$	36		$	38		$	257		$	454
Tenant Care	0			1			1			1			1			1			(0		)	3			5
Maintenance	2			4			3			3			4			6			3			26			52
Kitchen	7			7			7			7			7			6			8			48			83
Housekeeping	1			2			1			1			2			1			1			8			14
Activities	0			0			0			0			0			0			0			1			1
Utilities	7			7			5			2			6			5			5			37			61
Insurance	1			1			1			1			1			1			1			9			16
Property Taxes	2			3			3			3			3			3			3			19			35
Advertising	0			1			0			1			1			1			1			4			7
Administrative	1			1			1			1			1			3			1			10			20
Bad Debt	2			(2		)	0			0			0			(1		)	0			(0		)	(2		)
Petty Cash	0			0			0			0			0			0			0			2			3
Management Fees	5			4			5			5			5			5			5			36			63
Total Operating Expenses	$	66		$	66		$	64		$	60		$	70		$	67		$	65		$	460		$	811
EBITDAR	$	38		$	23		$	42		$	43		$	37		$	33		$	41		$	256		$	441
Margin	36.2		%	26.0		%	39.6		%	41.8		%	34.2		%	32.7		%	38.6		%	35.8		%	35.2		%
EBITDARM	$	43		$	28		$	47		$	48		$	42		$	38		$	46		$	292		$	503
Margin	41.2		%	31.0		%	44.6		%	46.8		%	39.2		%	37.7		%	43.6		%	40.8		%	40.2		%
Operating Data
Available Units	40			40			40			40			40			40			40			40			40
Number of Units Occupied (Net)	40			40			40			39			40			40			40			40			40
Average Occupancy	99.8		%	99.9		%	99.6		%	98.4		%	99.8		%	99.7		%	100.0		%	99.6		%	99.8		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,593		$	2,184		$	2,614		$	2,569		$	2,639		$	2,504		$	2,614		$	2,531		$	2,586
Avg Total Monthly Rate (in US$)	$	2,606		$	2,241		$	2,662		$	2,628		$	2,678		$	2,512		$	2,650		$	2,568		$	2,613
Avg Resident Occ. - Private	62.7		%	64.4		%	65.2		%	67.0		%	69.3		%	69.5		%	69.6		%	66.8		%	69.5		%
Avg Resident Occ. - Medicaid	37.3		%	35.6		%	34.8		%	33.0		%	30.7		%	30.5		%	30.4		%	33.2		%	30.5		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-106

	Actual
	Jan-03			Feb-03			Mar-03			Apr-03			May-03			Jun-03			Jul-03			Aug-03			Sep-03			Oct-03			Nov-03			Dec-03			Total
Income Statement Data
Revenues
Private Room and Board	$	43		$	49		$	51		$	56		$	55		$	61		$	65		$	65		$	59		$	63		$	62		$	66		$	695
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	43			49			51			56			55			61			65			65			59			63			62			66			695
Total State Paid	31			25			30			32			37			31			33			33			33			33			36			37			392
Other Revenue	2			0			4			2			1			2			5			2			1			0			0			2			21
Total Revenue	$	76		$	74		$	84		$	89		$	94		$	94		$	103		$	100		$	92		$	96		$	99		$	104		$	1,107
Expenses
Residence Payroll	$	33		$	28		$	32		$	33		$	34		$	35		$	38		$	37		$	33		$	37		$	39		$	33		$	411
Tenant Care	0			1			0			0			0			0			0			0			0			1			1			1			7
Maintenance	3			2			3			4			4			3			2			2			5			2			2			2			34
Kitchen	5			3			5			5			6			6			4			7			9			7			7			8			71
Housekeeping	1			1			1			1			0			1			1			1			1			1			1			1			10
Activities	0			0			0			0			1			0			0			0			0			0			0			0			3
Utilities	8			7			3			7			5			7			6			2			5			6			5			8			69
Insurance	1			1			1			1			1			1			1			2			2			1			1			1			16
Property Taxes	3			3			3			3			3			2			2			3			3			3			(0		)	(0		)	25
Advertising	0			0			0			0			0			0			0			0			0			0			0			0			3
Administrative	1			1			1			2			2			1			1			1			2			2			1			3			17
Bad Debt	0			(0		)	0			1			0			0			0			1			(1		)	0			(0		)	(0		)	0
Petty Cash	1			0			0			0			0			0			1			0			0			0			0			0			3
Management Fees	4			4			4			4			5			5			5			5			5			5			5			5			55
Total Operating Expenses	$	59		$	51		$	54		$	62		$	62		$	61		$	63		$	60		$	63		$	65		$	62		$	63		$	726
EBITDAR	$	17		$	23		$	31		$	27		$	32		$	33		$	40		$	40		$	29		$	31		$	36		$	41		$	382
Margin	22.7		%	31.4		%	36.3		%	30.6		%	33.8		%	35.1		%	39.2		%	40.0		%	31.5		%	32.3		%	36.9		%	39.5		%	34.5		%
EBITDARM	$	21		$	27		$	35		$	32		$	36		$	38		$	46		$	45		$	34		$	36		$	41		$	46		$	437
Margin	27.7		%	36.4		%	41.3		%	35.6		%	38.8		%	40.1		%	44.2		%	45.0		%	36.5		%	37.3		%	41.9		%	44.5		%	39.5		%
Operating Data
Available Units	40			40			40			40			40			40			40			40			40			40			40			40			40
Number of Units Occupied (Net)	34			35			34			38			38			39			39			39			38			39			39			39			38
Average Occupancy	84.1		%	87.5		%	86.0		%	95.5		%	96.0		%	98.1		%	97.6		%	98.1		%	95.0		%	98.2		%	98.2		%	98.3		%	94.4		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,211		$	2,117		$	2,342		$	2,286		$	2,421		$	2,360		$	2,521		$	2,502		$	2,414		$	2,435		$	2,501		$	2,612		$	2,399
Avg Total Monthly Rate (in US$)	$	2,263		$	2,120		$	2,447		$	2,338		$	2,440		$	2,406		$	2,646		$	2,561		$	2,432		$	2,446		$	2,514		$	2,657		$	2,444
Avg Resident Occ. - Private	60.2		%	58.7		%	58.4		%	57.2		%	60.1		%	62.4		%	63.3		%	63.3		%	61.4		%	59.6		%	59.6		%	61.3		%	60.5		%
Avg Resident Occ. - Medicaid	39.8		%	41.3		%	41.6		%	42.8		%	39.9		%	37.6		%	36.7		%	36.7		%	38.6		%	40.4		%	40.4		%	38.7		%	39.5		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-107

	Actual
	Jan-02			Feb-02			Mar-02			Apr-02			May-02			Jun-02			Jul-02			Aug-02			Sep-02			Oct-02			Nov-02			Dec-02			Total
Income Statement Data
Revenues
Private Room and Board	$	55		$	57		$	61		$	52		$	53		$	50		$	43		$	51		$	53		$	50		$	49		$	45		$	620
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	55			57			61			52			53			50			43			51			53			50			49			45			620
Total State Paid	26			27			25			25			22			21			33			29			21			19			19			21			288
Other Revenue	0			0			0			0			1			2			2			3			3			(0		)	0			3			16
Total Revenue	$	82		$	84		$	86		$	78		$	76		$	73		$	78		$	83		$	77		$	69		$	69		$	69		$	923
Expenses
Residence Payroll	$	34		$	28		$	30		$	31		$	32		$	31		$	34		$	34		$	35		$	35		$	31		$	35		$	392
Tenant Care	1			1			0			1			1			0			1			0			0			0			1			0			6
Maintenance	2			2			4			2			10			11			2			4			5			5			8			3			57
Kitchen	7			6			6			6			7			6			5			7			5			6			6			5			72
Housekeeping	1			1			1			0			0			1			1			1			1			1			1			0			9
Activities	0			0			0			0			0			0			0			0			0			0			0			0			1
Utilities	6			7			6			5			4			3			4			4			5			4			4			3			56
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			17
Property Taxes	3			3			3			3			3			3			3			3			3			3			3			1			31
Advertising	0			0			0			0			0			0			1			1			0			0			0			0			3
Administrative	1			1			1			1			2			2			2			1			2			1			1			1			16
Bad Debt	(0		)	(0		)	(0		)	0			0			0			0			(0		)	0			0			0			0			(1		)
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			2
Management Fees	4			4			4			4			4			4			4			4			4			3			3			3			46
Total Operating Expenses	$	60		$	55		$	57		$	54		$	64		$	62		$	58		$	61		$	62		$	60		$	60		$	54		$	707
EBITDAR	$	22		$	28		$	29		$	24		$	12		$	10		$	21		$	22		$	15		$	9		$	9		$	14		$	216
Margin	26.4		%	34.0		%	33.9		%	30.6		%	16.0		%	14.3		%	26.4		%	26.7		%	20.1		%	13.2		%	13.1		%	21.0		%	23.4		%
EBITDARM	$	26		$	33		$	34		$	28		$	16		$	14		$	25		$	26		$	19		$	13		$	12		$	18		$	263
Margin	31.4		%	39.0		%	38.9		%	35.6		%	21.0		%	19.3		%	31.4		%	31.7		%	25.1		%	18.2		%	18.1		%	26.0		%	28.4		%
Operating Data
Available Units	40			40			40			40			40			40			40			40			40			40			40			40			40
Number of Units Occupied (Net)	38			39			38			35			33			35			35			36			36			34			33			31			35
Average Occupancy	96.2		%	97.1		%	95.5		%	87.4		%	83.2		%	88.4		%	88.5		%	90.7		%	90.7		%	84.0		%	83.2		%	78.7		%	88.6		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,119		$	2,145		$	2,250		$	2,207		$	2,269		$	1,996		$	2,159		$	2,195		$	2,046		$	2,062		$	2,066		$	2,076		$	2,134
Avg Total Monthly Rate (in US$)	$	2,130		$	2,155		$	2,260		$	2,221		$	2,292		$	2,061		$	2,213		$	2,288		$	2,124		$	2,051		$	2,066		$	2,175		$	2,170
Avg Resident Occ. - Private	—			—			—			—			—			—			—			—			—			—			—			—			—
Avg Resident Occ. - Medicaid	—			—			—			—			—			—			—			—			—			—			—			—			—

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized

A-108

Property Name:	State:
Neches	TX

	CY 2002			CY 2003			YTD July 2004 Ann.
Income Statement Data
Revenues
Private Room and Board	$	634		$	608		$	619
Private Care	—			—			173
Total Private Paid	634			608			791
Total State Paid	203			306			337
Other Revenue	4			12			3
Total Revenue	$	840		$	926		$	1,131
Expenses
Residence Payroll	$	364		$	382		$	407
Tenant Care	5			3			3
Maintenance	30			16			23
Kitchen	56			79			77
Housekeeping	5			7			5
Activities	3			1			0
Utilities	52			73			69
Insurance	17			14			13
Property Taxes	38			38			45
Advertising	8			5			2
Administrative	20			21			11
Bad Debt	2			1			2
Petty Cash	2			2			0
Management Fees	42			46			57
Total Operating Expenses	$	644		$	688		$	714
EBITDAR	$	196		$	238		$	417
Margin	23.4		%	25.7		%	36.9		%
EBITDARM	$	238		$	285		$	474
Margin	28.4		%	30.7		%	41.9		%
Operating Data
Available Units	39			39			39
Number of Units Occupied (Net)	32			32			38
Average Occupancy	81.7		%	83.0		%	97.1		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,188		$	2,354		$	2,483
Avg Total Monthly Rate (in US$)	$	2,198		$	2,386		$	2,489
Avg Resident Occ. - Private	—			61.9		%	61.2		%
Avg Resident Occ. - Medicaid	—			38.1		%	38.8		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-109

	Actual
	Jan-04			Feb-04			Mar-04			Apr-04			May-04			Jun-04			Jul-04			YTD			TTM Ann.
Income Statement Data
Revenues
Private Room and Board	$	39		$	46		$	54		$	48		$	57		$	50		$	49		$	341		$	619
Private Care	10			10			12			12			15			13			15			88			173
Total Private Paid	49			56			67			60			71			63			64			429			791
Total State Paid	29			28			28			28			29			26			29			198			337
Other Revenue	0			3			(1		)	1			0			0			0			3			3
Total Revenue	$	78		$	86		$	94		$	89		$	101		$	89		$	93		$	630		$	1,131
Expenses
Residence Payroll	$	33		$	28		$	37		$	36		$	34		$	28		$	40		$	236		$	407
Tenant Care	0			0			0			0			0			0			0			2			3
Maintenance	2			2			2			2			1			4			0			14			23
Kitchen	9			6			7			4			6			6			8			45			77
Housekeeping	0			0			1			0			0			0			0			3			5
Activities	0			0			0			0			0			0			0			0			0
Utilities	7			6			9			5			4			6			7			44			69
Insurance	1			1			1			1			1			1			1			8			13
Property Taxes	3			3			3			3			3			4			4			25			45
Advertising	1			1			(0		)	0			0			0			0			2			2
Administrative	1			0			1			1			1			1			1			6			11
Bad Debt	(0		)	0			(1		)	0			1			(1		)	1			(0		)	2
Petty Cash	0			1			0			0			0			0			0			1			0
Management Fees	4			4			5			4			5			4			5			32			57
Total Operating Expenses	$	62		$	54		$	65		$	58		$	57		$	54		$	67		$	417		$	714
EBITDAR	$	16		$	32		$	29		$	31		$	43		$	35		$	26		$	213		$	417
Margin	21.1		%	37.0		%	30.6		%	35.1		%	43.1		%	39.2		%	28.0		%	33.8		%	36.9		%
EBITDARM	$	20		$	36		$	33		$	36		$	48		$	40		$	31		$	244		$	474
Margin	26.1		%	42.0		%	35.6		%	40.1		%	48.1		%	44.2		%	33.0		%	38.8		%	41.9		%
Operating Data
Available Units	39			39			39			39			39			39			39			39			39
Number of Units Occupied (Net)	35			38			38			39			38			38			38			38			38
Average Occupancy	90.0		%	97.6		%	97.7		%	98.8		%	96.5		%	97.5		%	97.2		%	96.5		%	97.1		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,227		$	2,195		$	2,497		$	2,288		$	2,671		$	2,344		$	2,434		$	2,381		$	2,483
Avg Total Monthly Rate (in US$)	$	2,227		$	2,261		$	2,461		$	2,318		$	2,672		$	2,353		$	2,444		$	2,392		$	2,489
Avg Resident Occ. - Private	59.6		%	62.8		%	62.7		%	63.0		%	62.2		%	61.2		%	60.2		%	61.7		%	61.2		%
Avg Resident Occ. - Medicaid	40.4		%	37.2		%	37.3		%	37.0		%	37.8		%	38.8		%	39.8		%	38.3		%	38.8		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-110

	Actual
	Jan-03			Feb-03			Mar-03			Apr-03			May-03			Jun-03			Jul-03			Aug-03			Sep-03			Oct-03			Nov-03			Dec-03			Total
Income Statement Data
Revenues
Private Room and Board	$	49		$	44		$	52		$	49		$	51		$	52		$	53		$	47		$	49		$	47		$	57		$	59		$	608
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	49			44			52			49			51			52			53			47			49			47			57			59			608
Total State Paid	17			15			18			33			29			25			26			30			28			27			27			31			306
Other Revenue	0			0			1			2			1			1			0			0			1			1			3			2			12
Total Revenue	$	66		$	59		$	72		$	84		$	80		$	77		$	79		$	77		$	78		$	74		$	86		$	91		$	926
Expenses
Residence Payroll	$	30		$	29		$	28		$	40		$	33		$	32		$	35		$	31		$	27		$	31		$	33		$	33		$	382
Tenant Care	0			0			0			0			1			0			(0		)	0			1			0			0			0			3
Maintenance	(1		)	3			1			1			1			2			2			0			2			1			2			2			16
Kitchen	4			4			5			6			6			5			4			8			8			9			11			9			79
Housekeeping	0			1			0			1			1			0			1			1			0			0			1			0			7
Activities	0			0			0			0			0			0			0			0			0			0			0			0			1
Utilities	6			6			6			6			5			6			6			7			6			8			6			6			73
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			14
Property Taxes	3			3			3			3			3			3			3			3			3			3			3			3			38
Advertising	0			1			0			0			0			0			1			1			0			0			1			0			5
Administrative	0			3			2			1			2			1			1			2			2			2			2			2			21
Bad Debt	(0		)	1			1			(1		)	0			0			0			0			0			0			1			(1		)	1
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			1			2
Management Fees	3			3			4			4			4			4			4			4			4			4			4			5			46
Total Operating Expenses	$	48		$	55		$	51		$	62		$	57		$	57		$	57		$	59		$	56		$	59		$	65		$	63		$	688
EBITDAR	$	18		$	4		$	21		$	22		$	24		$	21		$	22		$	19		$	22		$	16		$	22		$	29		$	238
Margin	27.4		%	7.6		%	28.9		%	25.8		%	29.6		%	26.8		%	27.5		%	24.0		%	28.5		%	21.3		%	25.2		%	31.3		%	25.7		%
EBITDARM	$	21		$	7		$	25		$	26		$	28		$	25		$	26		$	23		$	26		$	20		$	26		$	33		$	285
Margin	32.4		%	12.6		%	33.9		%	30.8		%	34.6		%	31.8		%	32.5		%	29.0		%	33.5		%	26.3		%	30.2		%	36.3		%	30.7		%
Operating Data
Available Units	39			39			39			39			39			39			39			39			39			39			39			39			39
Number of Units Occupied (Net)	31			29			31			32			31			31			32			32			33			32			37			37			32
Average Occupancy	78.7		%	75.3		%	79.2		%	81.6		%	79.2		%	79.7		%	81.9		%	82.6		%	84.6		%	82.9		%	94.3		%	95.5		%	83.0		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,152		$	2,020		$	2,298		$	2,589		$	2,569		$	2,453		$	2,460		$	2,399		$	2,341		$	2,264		$	2,279		$	2,407		$	2,354
Avg Total Monthly Rate (in US$)	$	2,159		$	2,025		$	2,346		$	2,636		$	2,598		$	2,491		$	2,472		$	2,404		$	2,364		$	2,299		$	2,351		$	2,454		$	2,386
Avg Resident Occ. - Private	72.7		%	67.2		%	62.0		%	60.5		%	60.4		%	62.8		%	61.5		%	57.4		%	58.8		%	58.5		%	61.4		%	60.8		%	61.9		%
Avg Resident Occ. - Medicaid	27.3		%	32.8		%	38.0		%	39.5		%	39.6		%	37.2		%	38.5		%	42.6		%	41.2		%	41.5		%	38.6		%	39.2		%	38.1		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-111

	Actual
	Jan-02			Feb-02			Mar-02			Apr-02			May-02			Jun-02			Jul-02			Aug-02			Sep-02			Oct-02			Nov-02			Dec-02			Total
Income Statement Data
Revenues
Private Room and Board	$	53		$	45		$	49		$	54		$	54		$	54		$	63		$	60		$	48		$	49		$	53		$	52		$	634
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	53			45			49			54			54			54			63			60			48			49			53			52			634
Total State Paid	17			16			17			17			17			17			16			14			18			19			16			18			203
Other Revenue	(1		)	0			0			(0		)	0			1			0			1			1			0			1			0			4
Total Revenue	$	70		$	61		$	67		$	71		$	71		$	72		$	79		$	75		$	66		$	68		$	69		$	71		$	840
Expenses
Residence Payroll	$	29		$	28		$	28		$	29		$	30		$	30		$	35		$	33		$	30		$	29		$	31		$	33		$	364
Tenant Care	1			0			0			1			0			0			1			0			0			0			0			0			5
Maintenance	2			2			2			4			1			(0		)	5			7			6			2			0			1			30
Kitchen	5			5			4			4			4			5			4			5			4			5			5			4			56
Housekeeping	0			0			0			0			0			1			1			0			1			1			0			1			5
Activities	0			0			0			0			0			0			0			0			0			1			0			0			3
Utilities	5			5			4			4			3			5			6			4			5			4			3			5			52
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			17
Property Taxes	3			3			3			3			3			3			3			3			3			3			3			5			38
Advertising	1			0			0			0			0			2			1			0			1			0			1			1			8
Administrative	2			2			2			2			2			1			2			1			2			2			2			1			20
Bad Debt	1			(1		)	0			3			(1		)	(0		)	0			2			(2		)	0			0			0			2
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			2
Management Fees	3			3			3			4			4			4			4			4			3			3			3			4			42
Total Operating Expenses	$	52		$	49		$	48		$	55		$	48		$	51		$	63		$	62		$	55		$	53		$	51		$	56		$	644
EBITDAR	$	17		$	13		$	19		$	15		$	24		$	20		$	16		$	13		$	11		$	16		$	18		$	15		$	196
Margin	25.0		%	20.4		%	28.2		%	21.7		%	33.3		%	28.3		%	20.4		%	17.3		%	16.9		%	22.8		%	25.5		%	20.9		%	23.4		%
EBITDARM	$	21		$	16		$	22		$	19		$	27		$	24		$	20		$	17		$	15		$	19		$	21		$	18		$	238
Margin	30.0		%	25.4		%	33.2		%	26.7		%	38.3		%	33.3		%	25.4		%	22.3		%	21.9		%	27.8		%	30.5		%	25.9		%	28.4		%
Operating Data
Available Units	39			39			39			39			39			39			39			39			39			39			39			39			39
Number of Units Occupied (Net)	34			30			30			32			32			35			35			34			30			30			31			30			32
Average Occupancy	86.6		%	76.3		%	76.3		%	81.7		%	81.7		%	89.3		%	90.1		%	88.1		%	78.1		%	76.0		%	79.2		%	77.1		%	81.7		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,089		$	2,061		$	2,238		$	2,217		$	2,227		$	2,030		$	2,249		$	2,168		$	2,158		$	2,299		$	2,206		$	2,343		$	2,188
Avg Total Monthly Rate (in US$)	$	2,067		$	2,062		$	2,248		$	2,216		$	2,238		$	2,061		$	2,255		$	2,188		$	2,181		$	2,306		$	2,229		$	2,346		$	2,198
Avg Resident Occ. - Private	—			—			—			—			—			—			—			—			—			—			—			—			—
Avg Resident Occ. - Medicaid	—			—			—			—			—			—			—			—			—			—			—			—			—

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-112

Property Name:	State:
Arbor	TX

	CY 2002			CY 2003			YTD July 2004 Ann.
Income Statement Data
Revenues
Private Room and Board	$	283		$	273		$	114
Private Care	—			—			32
Total Private Paid	283			273			146
Total State Paid	714			610			702
Other Revenue	4			6			6
Total Revenue	$	1,001		$	889		$	853
Expenses
Residence Payroll	$	419		$	375		$	390
Tenant Care	5			5			6
Maintenance	33			32			26
Kitchen	72			77			86
Housekeeping	6			5			5
Activities	1			1			1
Utilities	55			71			67
Insurance	21			14			13
Property Taxes	62			62			52
Advertising	2			4			4
Administrative	12			11			11
Bad Debt	4			(0		)	5
Petty Cash	1			1			1
Management Fees	50			44			43
Total Operating Expenses	$	743		$	701		$	709
EBITDAR	$	259		$	187		$	144
Margin	25.8		%	21.1		%	16.9		%
EBITDARM	$	309		$	232		$	186
Margin	30.8		%	26.1		%	21.9		%
Operating Data
Available Units	50			50			50
Number of Units Occupied (Net)	44			39			37
Average Occupancy	88.1		%	78.0		%	73.9		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	1,887		$	1,887		$	1,911
Avg Total Monthly Rate (in US$)	$	1,895		$	1,899		$	1,924
Avg Resident Occ. - Private	—			31.4		%	18.0		%
Avg Resident Occ. - Medicaid	—			68.6		%	82.0		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-113

	Actual
	Jan-04			Feb-04			Mar-04			Apr-04			May-04			Jun-04			Jul-04			YTD			TTM Ann.
Income Statement Data
Revenues
Private Room and Board	$	15		$	13		$	15		$	13		$	12		$	10		$	7		$	85		$	114
Private Care	6			6			6			5			5			1			2			31			32
Total Private Paid	21			19			21			19			16			11			9			116			146
Total State Paid	59			20			48			50			57			56			63			352			702
Other Revenue	0			0			0			0			1			0			1			3			6
Total Revenue	$	80		$	39		$	69		$	69		$	73		$	67		$	73		$	470		$	853
Expenses
Residence Payroll	$	31		$	30		$	29		$	29		$	35		$	29		$	33		$	216		$	390
Tenant Care	1			1			0			0			0			0			1			4			6
Maintenance	(1		)	2			2			4			2			3			2			14			26
Kitchen	6			5			6			4			8			8			6			43			86
Housekeeping	0			0			0			0			1			0			0			3			5
Activities	0			0			0			0			0			0			0			0			1
Utilities	6			6			6			5			5			5			6			40			67
Insurance	1			1			1			1			1			1			1			8			13
Property Taxes	5			5			5			5			5			4			4			33			52
Advertising	0			0			0			0			0			0			1			2			4
Administrative	1			2			1			1			1			1			1			8			11
Bad Debt	(1		)	(0		)	(0		)	0			2			(0		)	(0		)	0			5
Petty Cash	0			0			0			0			0			0			0			0			1
Management Fees	4			2			3			3			4			3			4			24			43
Total Operating Expenses	$	54		$	55		$	55		$	53		$	63		$	56		$	58		$	394		$	709
EBITDAR	$	26		$	(16	)	$	14		$	16		$	10		$	11		$	15		$	76		$	144
Margin	32.8		%	-40.6		%	19.7		%	23.7		%	13.7		%	16.7		%	20.3		%	16.2		%	16.9		%
EBITDARM	$	30		$	(14	)	$	17		$	20		$	14		$	15		$	18		$	100		$	186
Margin	37.8		%	-35.6		%	24.7		%	28.7		%	18.7		%	21.7		%	25.3		%	21.2		%	21.9		%
Operating Data
Available Units	50			50			50			50			50			50			50			50			50
Number of Units Occupied (Net)	32			35			36			35			37			37			37			35			37
Average Occupancy	64.0		%	70.1		%	71.9		%	69.2		%	73.7		%	73.1		%	74.9		%	71.0		%	73.9		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,504		$	1,104		$	1,900		$	1,980		$	1,978		$	1,826		$	1,928		$	1,881		$	1,911
Avg Total Monthly Rate (in US$)	$	2,510		$	1,113		$	1,909		$	1,990		$	1,994		$	1,835		$	1,941		$	1,892		$	1,924
Avg Resident Occ. - Private	34.4		%	28.9		%	27.8		%	27.4		%	21.7		%	19.1		%	13.3		%	24.4		%	18.0		%
Avg Resident Occ. - Medicaid	65.6		%	71.1		%	72.2		%	72.6		%	78.3		%	80.9		%	86.7		%	75.6		%	82.0		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-114

	Actual
	Jan-03			Feb-03			Mar-03			Apr-03			May-03			Jun-03			Jul-03			Aug-03			Sep-03			Oct-03			Nov-03			Dec-03			Total
Income Statement Data
Revenues
Private Room and Board	$	19		$	20		$	23		$	24		$	26		$	24		$	25		$	23		$	20		$	23		$	25		$	21		$	273
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	19			20			23			24			26			24			25			23			20			23			25			21			273
Total State Paid	58			55			60			59			52			52			53			48			44			40			45			43			610
Other Revenue	0			1			1			0			1			0			0			0			1			(0		)	0			0			6
Total Revenue	$	77		$	77		$	85		$	84		$	79		$	76		$	78		$	71		$	65		$	63		$	71		$	65		$	889
Expenses
Residence Payroll	$	34		$	30		$	31		$	32		$	35		$	31		$	33		$	33		$	30		$	31		$	28		$	28		$	375
Tenant Care	0			0			0			0			0			0			0			0			1			0			0			1			5
Maintenance	1			2			6			5			2			3			1			1			3			1			3			5			32
Kitchen	7			6			7			5			8			3			6			9			8			4			6			7			77
Housekeeping	0			0			1			0			1			0			0			0			1			0			0			0			5
Activities	0			0			0			0			0			0			0			0			0			0			0			0			1
Utilities	5			5			5			5			5			8			6			8			7			6			5			6			71
Insurance	1			2			1			1			1			1			1			1			1			1			1			1			14
Property Taxes	5			5			5			5			5			5			4			5			5			5			5			5			62
Advertising	0			0			0			0			0			0			0			0			0			1			1			0			4
Administrative	1			1			1			1			2			1			1			1			0			1			1			0			11
Bad Debt	(4		)	0			0			2			0			0			(0		)	0			1			(1		)	(0		)	1			(0		)
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			1
Management Fees	4			4			4			4			4			4			4			4			3			3			4			3			44
Total Operating Expenses	$	56		$	55		$	62		$	62		$	64		$	58		$	57		$	64		$	60		$	53		$	54		$	57		$	701
EBITDAR	$	22		$	22		$	22		$	22		$	15		$	18		$	21		$	7		$	5		$	10		$	17		$	7		$	187
Margin	28.2		%	28.4		%	26.4		%	26.5		%	19.3		%	23.9		%	26.5		%	10.1		%	7.0		%	15.7		%	23.4		%	11.3		%	21.1		%
EBITDARM	$	26		$	26		$	27		$	26		$	19		$	22		$	24		$	11		$	8		$	13		$	20		$	11		$	232
Margin	33.2		%	33.4		%	31.4		%	31.5		%	24.3		%	28.9		%	31.5		%	15.1		%	12.0		%	20.7		%	28.4		%	16.3		%	26.1		%
Operating Data
Available Units	50			50			50			50			50			50			50			50			50			50			50			50			50
Number of Units Occupied (Net)	41			42			43			42			44			43			40			37			36			35			35			31			39
Average Occupancy	81.2		%	84.2		%	85.1		%	84.3		%	87.3		%	85.3		%	79.0		%	74.8		%	71.8		%	69.9		%	70.0		%	63.0		%	78.0		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	1,905		$	1,797		$	1,966		$	1,979		$	1,784		$	1,769		$	1,958		$	1,896		$	1,778		$	1,801		$	2,005		$	2,045		$	1,887
Avg Total Monthly Rate (in US$)	$	1,906		$	1,823		$	1,992		$	1,989		$	1,803		$	1,777		$	1,966		$	1,904		$	1,800		$	1,792		$	2,014		$	2,055		$	1,899
Avg Resident Occ. - Private	27.1		%	28.2		%	28.6		%	30.9		%	32.2		%	31.7		%	32.9		%	32.8		%	31.0		%	32.2		%	36.1		%	34.9		%	31.4		%
Avg Resident Occ. - Medicaid	72.9		%	71.8		%	71.4		%	69.1		%	67.8		%	68.3		%	67.1		%	67.2		%	69.0		%	67.8		%	63.9		%	65.1		%	68.6		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-115

	Actual
	Jan-02			Feb-02			Mar-02			Apr-02			May-02			Jun-02			Jul-02			Aug-02			Sep-02			Oct-02			Nov-02			Dec-02			Total
Income Statement Data
Revenues
Private Room and Board	$	24		$	27		$	28		$	26		$	25		$	28		$	25		$	19		$	19		$	21		$	21		$	20		$	283
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	24			27			28			26			25			28			25			19			19			21			21			20			283
Total State Paid	62			54			39			61			56			70			73			63			63			56			57			62			714
Other Revenue	1			1			0			0			(0		)	1			1			1			(0		)	0			0			1			4
Total Revenue	$	87		$	81		$	67		$	87		$	80		$	98		$	98		$	83		$	82		$	77		$	77		$	83		$	1,001
Expenses
Residence Payroll	$	36		$	32		$	32		$	35		$	31		$	35		$	36		$	37		$	36		$	35		$	36		$	38		$	419
Tenant Care	1			0			0			1			0			0			0			0			0			0			1			0			5
Maintenance	(0		)	3			2			3			1			2			10			4			1			3			1			2			33
Kitchen	6			5			5			5			8			6			5			7			6			5			6			7			72
Housekeeping	1			0			0			1			0			0			0			1			1			0			0			0			6
Activities	0			0			0			0			0			0			0			0			0			0			0			0			1
Utilities	5			6			3			(0		)	3			5			7			6			5			5			5			6			55
Insurance	2			2			2			2			2			2			2			2			2			2			2			2			21
Property Taxes	5			5			5			5			5			5			5			5			5			5			5			5			62
Advertising	0			0			0			0			0			0			0			0			0			0			0			0			2
Administrative	1			1			1			1			1			1			1			2			2			1			0			0			12
Bad Debt	0			0			(0		)	(0		)	0			(0		)	1			1			(1		)	(0		)	(1		)	4			4
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			1
Management Fees	4			4			3			4			4			5			5			4			4			4			4			4			50
Total Operating Expenses	$	61		$	58		$	55		$	57		$	56		$	61		$	74		$	70		$	62		$	61		$	60		$	68		$	743
EBITDAR	$	26		$	23		$	12		$	30		$	24		$	38		$	25		$	14		$	20		$	15		$	17		$	15		$	259
Margin	29.7		%	28.6		%	18.0		%	34.2		%	30.4		%	38.1		%	25.1		%	16.5		%	24.5		%	20.1		%	22.6		%	17.6		%	25.8		%
EBITDARM	$	30		$	27		$	15		$	34		$	28		$	42		$	30		$	18		$	24		$	19		$	21		$	19		$	309
Margin	34.7		%	33.6		%	23.0		%	39.2		%	35.4		%	43.1		%	30.1		%	21.5		%	29.5		%	25.1		%	27.6		%	22.6		%	30.8		%
Operating Data
Available Units	50			50			50			50			50			50			50			50			50			50			50			50			50
Number of Units Occupied (Net)	44			42			42			42			46			47			48			46			44			44			42			42			44
Average Occupancy	88.2		%	84.7		%	83.7		%	84.4		%	91.2		%	94.6		%	95.1		%	91.7		%	87.1		%	88.0		%	84.8		%	83.4		%	88.1		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	1,947		$	1,906		$	1,588		$	2,059		$	1,763		$	2,070		$	2,056		$	1,800		$	1,900		$	1,740		$	1,828		$	1,965		$	1,887
Avg Total Monthly Rate (in US$)	$	1,966		$	1,920		$	1,589		$	2,067		$	1,762		$	2,081		$	2,067		$	1,819		$	1,891		$	1,740		$	1,828		$	1,990		$	1,895
Avg Resident Occ. - Private	—			—			—			—			—			—			—			—			—			—			—			—			—
Avg Resident Occ. - Medicaid	—			—			—			—			—			—			—			—			—			—			—			—			—

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-116

Property Name:	State:
Colonial	WA

	CY 2002			CY 2003			YTD July 2004 Ann.
Income Statement Data
Revenues
Private Room and Board	$	668		$	426		$	357
Private Care	—			—			117
Total Private Paid	668			426			474
Total State Paid	327			390			553
Other Revenue	12			8			9
Total Revenue	$	1,008		$	824		$	1,036
Expenses
Residence Payroll	$	383		$	356		$	382
Tenant Care	6			3			(0		)
Maintenance	16			20			13
Kitchen	74			60			40
Housekeeping	6			5			2
Activities	1			1			0
Utilities	45			49			43
Insurance	18			13			12
Property Taxes	35			41			35
Advertising	6			7			6
Administrative	17			17			16
Bad Debt	(2		)	3			(4		)
Petty Cash	1			1			1
Management Fees	50			41			52
Total Operating Expenses	$	656		$	617		$	597
EBITDAR	$	352		$	207		$	439
Margin	35.0		%	25.1		%	42.3		%
EBITDARM	$	403		$	248		$	491
Margin	40.0		%	30.1		%	47.3		%
Operating Data
Available Units	40			40			40
Number of Units Occupied (Net)	39			33			36
Average Occupancy	96.5		%	82.3		%	90.4		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,149		$	2,065		$	2,367
Avg Total Monthly Rate (in US$)	$	2,175		$	2,085		$	2,389
Avg Resident Occ. - Private	—			47.1		%	43.2		%
Avg Resident Occ. - Medicaid	—			52.9		%	56.8		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-117

	Actual
	Jan-04			Feb-04			Mar-04			Apr-04			May-04			Jun-04			Jul-04			YTD			TTM Ann.
Income Statement Data
Revenues
Private Room and Board	$	26		$	29		$	35		$	31		$	27		$	31		$	32		$	211		$	357
Private Care	8			11			9			9			10			9			10			67			117
Total Private Paid	35			40			45			40			36			40			42			277			474
Total State Paid	35			34			34			41			41			57			40			282			553
Other Revenue	4			0			1			0			0			2			0			7			9
Total Revenue	$	73		$	74		$	79		$	82		$	77		$	100		$	82		$	567		$	1,036
Expenses
Residence Payroll	$	28		$	28		$	35		$	30		$	32		$	30		$	34		$	216		$	382
Tenant Care	0			1			0			0			(0		)	0			0			1			(0		)
Maintenance	1			1			2			1			1			1			1			8			13
Kitchen	5			5			5			4			4			2			3			29			40
Housekeeping	0			0			1			0			0			0			0			2			2
Activities	0			0			0			0			0			0			0			0			0
Utilities	4			4			5			4			3			3			4			27			43
Insurance	1			1			1			1			1			1			1			7			12
Property Taxes	3			3			3			3			3			3			3			19			35
Advertising	0			0			0			0			1			1			0			3			6
Administrative	1			2			1			1			1			2			1			8			16
Bad Debt	(1		)	(0		)	2			0			(0		)	(0		)	(0		)	(0		)	(4		)
Petty Cash	0			0			0			0			0			0			0			1			1
Management Fees	4			4			4			4			4			5			4			28			52
Total Operating Expenses	$	47		$	49		$	59		$	47		$	49		$	48		$	52		$	351		$	597
EBITDAR	$	27		$	25		$	21		$	34		$	27		$	52		$	30		$	216		$	439
Margin	36.5		%	34.1		%	26.2		%	41.8		%	35.7		%	51.9		%	37.0		%	38.2		%	42.3		%
EBITDARM	$	30		$	29		$	25		$	38		$	31		$	57		$	35		$	245		$	491
Margin	41.5		%	39.1		%	31.2		%	46.8		%	40.7		%	56.9		%	42.0		%	43.2		%	47.3		%
Operating Data
Available Units	40			40			40			40			40			40			40			40			40
Number of Units Occupied (Net)	34			37			37			36			36			37			35			36			36
Average Occupancy	85.5		%	91.8		%	93.4		%	90.7		%	90.7		%	92.9		%	87.4		%	90.3		%	90.4		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,037		$	2,009		$	2,097		$	2,246		$	2,118		$	2,621		$	2,356		$	2,213		$	2,367
Avg Total Monthly Rate (in US$)	$	2,148		$	2,009		$	2,124		$	2,248		$	2,119		$	2,681		$	2,358		$	2,242		$	2,389
Avg Resident Occ. - Private	43.6		%	49.2		%	49.6		%	42.8		%	43.4		%	41.4		%	44.9		%	45.0		%	43.2		%
Avg Resident Occ. - Medicaid	56.4		%	50.8		%	50.4		%	57.2		%	56.6		%	58.6		%	55.1		%	55.0		%	56.8		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-118

	Actual
	Jan-03			Feb-03			Mar-03			Apr-03			May-03			Jun-03			Jul-03			Aug-03			Sep-03			Oct-03			Nov-03			Dec-03			Total
Income Statement Data
Revenues
Private Room and Board	$	49		$	41		$	33		$	33		$	31		$	37		$	24		$	36		$	30		$	36		$	37		$	39		$	426
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	49			41			33			33			31			37			24			36			30			36			37			39			426
Total State Paid	26			24			33			34			29			29			30			31			33			46			32			42			390
Other Revenue	1			(1		)	0			0			(0		)	0			2			1			3			1			0			0			8
Total Revenue	$	76		$	64		$	66		$	67		$	60		$	66		$	57		$	69		$	66		$	83		$	69		$	81		$	824
Expenses
Residence Payroll	$	32		$	30		$	34		$	33		$	28		$	28		$	28		$	28		$	26		$	29		$	32		$	30		$	356
Tenant Care	0			0			0			0			0			0			0			0			0			0			0			2			3
Maintenance	1			2			1			1			1			2			1			1			1			2			2			5			20
Kitchen	6			6			5			5			4			5			3			6			4			6			6			5			60
Housekeeping	0			0			0			1			1			0			0			0			0			0			0			0			5
Activities	0			0			0			0			0			0			0			0			0			0			0			0			1
Utilities	5			4			4			4			4			4			3			4			5			4			4			4			49
Insurance	1			2			1			1			1			1			1			1			1			1			1			1			13
Property Taxes	3			3			3			3			3			3			3			2			2			2			7			7			41
Advertising	1			1			1			2			0			0			0			0			1			0			0			0			7
Administrative	1			1			1			2			1			3			(2		)	1			1			5			1			1			17
Bad Debt	2			1			(2		)	3			(1		)	1			3			(1		)	(2		)	(2		)	0			1			3
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			1
Management Fees	4			3			3			3			3			3			3			3			3			4			3			4			41
Total Operating Expenses	$	57		$	54		$	52		$	56		$	45		$	50		$	44		$	46		$	43		$	52		$	58		$	60		$	617
EBITDAR	$	19		$	10		$	14		$	11		$	15		$	16		$	12		$	22		$	23		$	31		$	12		$	20		$	207
Margin	25.6		%	16.3		%	21.5		%	16.5		%	24.6		%	24.6		%	22.0		%	32.7		%	35.0		%	37.4		%	16.7		%	25.2		%	25.1		%
EBITDARM	$	23		$	14		$	17		$	14		$	18		$	20		$	15		$	26		$	26		$	35		$	15		$	24		$	248
Margin	30.6		%	21.3		%	26.5		%	21.5		%	29.6		%	29.6		%	27.0		%	37.7		%	40.0		%	42.4		%	21.7		%	30.2		%	30.1		%
Operating Data
Available Units	40			40			40			40			40			40			40			40			40			40			40			40			40
Number of Units Occupied (Net)	34			33			31			31			30			30			30			34			33			35			37			36			33
Average Occupancy	84.0		%	82.5		%	78.2		%	76.4		%	75.0		%	75.4		%	76.1		%	85.0		%	83.7		%	88.6		%	92.5		%	90.1		%	82.3		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,232		$	1,970		$	2,109		$	2,195		$	2,013		$	2,196		$	1,783		$	1,983		$	1,869		$	2,307		$	1,876		$	2,239		$	2,065
Avg Total Monthly Rate (in US$)	$	2,264		$	1,944		$	2,112		$	2,198		$	2,001		$	2,199		$	1,860		$	2,021		$	1,963		$	2,333		$	1,876		$	2,239		$	2,085
Avg Resident Occ. - Private	58.1		%	49.1		%	44.0		%	51.3		%	53.3		%	41.9		%	42.0		%	44.5		%	46.2		%	47.8		%	43.2		%	44.0		%	47.1		%
Avg Resident Occ. - Medicaid	41.9		%	50.9		%	56.0		%	48.7		%	46.7		%	58.1		%	58.0		%	55.5		%	53.8		%	52.2		%	56.8		%	56.0		%	52.9		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-119

Property Name:	State:
Colonial	WA

	Actual
	Jan-02			Feb-02			Mar-02			Apr-02			May-02			Jun-02			Jul-02			Aug-02			Sep-02			Oct-02			Nov-02			Dec-02			Total
Income Statement Data
Revenues
Private Room and Board	$	61		$	57		$	57		$	58		$	53		$	52		$	56		$	58		$	51		$	58		$	56		$	50		$	668
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	61			57			57			58			53			52			56			58			51			58			56			50			668
Total State Paid	30			25			28			26			28			28			25			28			27			27			25			30			327
Other Revenue	0			0			0			1			0			1			1			1			2			2			1			3			12
Total Revenue	$	91		$	83		$	85		$	86		$	81		$	81		$	82		$	87		$	80		$	87		$	82		$	82		$	1,008
Expenses
Residence Payroll	$	31		$	29		$	30		$	31		$	31		$	34		$	36		$	33		$	30		$	34		$	32		$	31		$	383
Tenant Care	0			1			0			1			0			1			0			0			0			0			0			1			6
Maintenance	2			1			2			1			1			1			3			1			1			2			1			2			16
Kitchen	5			6			6			8			6			6			6			6			6			6			6			7			74
Housekeeping	0			0			1			1			0			1			1			0			0			0			0			0			6
Activities	0			0			0			0			0			0			0			0			0			0			0			0			1
Utilities	5			5			4			4			3			3			3			4			4			4			3			4			45
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			18
Property Taxes	5			3			3			3			3			3			3			3			3			3			3			1			35
Advertising	0			0			0			0			0			0			0			1			2			0			0			0			6
Administrative	1			2			1			2			1			2			1			2			1			2			1			1			17
Bad Debt	0			0			0			0			0			0			0			6			(5		)	(0		)	(2		)	(0		)	(2		)
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			1
Management Fees	5			4			4			4			4			4			4			4			4			4			4			4			50
Total Operating Expenses	$	56		$	53		$	54		$	58		$	51		$	56		$	60		$	63		$	47		$	57		$	50		$	51		$	656
EBITDAR	$	35		$	30		$	32		$	28		$	30		$	25		$	22		$	24		$	33		$	31		$	32		$	31		$	352
Margin	38.6		%	36.0		%	37.2		%	32.2		%	36.9		%	31.2		%	27.2		%	27.5		%	41.2		%	35.1		%	39.0		%	37.4		%	35.0		%
EBITDARM	$	40		$	34		$	36		$	32		$	34		$	29		$	26		$	28		$	37		$	35		$	36		$	35		$	403
Margin	43.6		%	41.0		%	42.2		%	37.2		%	41.9		%	36.2		%	32.2		%	32.5		%	46.2		%	40.1		%	44.0		%	42.4		%	40.0		%
Operating Data
Available Units	40			40			40			40			40			40			40			40			40			40			40			40			40
Number of Units Occupied (Net)	40			40			39			39			39			37			38			39			38			39			38			37			39
Average Occupancy	99.4		%	99.5		%	97.8		%	98.4		%	97.1		%	92.7		%	95.2		%	97.1		%	94.3		%	98.3		%	95.3		%	93.6		%	96.5		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,281		$	2,076		$	2,172		$	2,155		$	2,083		$	2,154		$	2,129		$	2,223		$	2,076		$	2,171		$	2,136		$	2,121		$	2,149
Avg Total Monthly Rate (in US$)	$	2,291		$	2,077		$	2,183		$	2,172		$	2,091		$	2,191		$	2,156		$	2,247		$	2,128		$	2,220		$	2,153		$	2,191		$	2,175
Avg Resident Occ. - Private	—			—			—			—			—			—			—			—			—			—			—			—			—
Avg Resident Occ. - Medicaid	—			—			—			—			—			—			—			—			—			—			—			—			—

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-120

Property Name:	State:
Mountainview	WA

	CY 2002			CY 2003			YTD July 2004 Ann.
Income Statement Data
Revenues
Private Room and Board	$	396		$	293		$	318
Private Care	—			—			71
Total Private Paid	396			293			389
Total State Paid	373			410			493
Other Revenue	5			2			3
Total Revenue	$	773		$	705		$	886
Expenses
Residence Payroll	$	320		$	314		$	377
Tenant Care	4			3			3
Maintenance	21			16			18
Kitchen	56			50			57
Housekeeping	5			3			6
Activities	2			1			1
Utilities	35			34			39
Insurance	16			11			10
Property Taxes	35			35			37
Advertising	4			6			6
Administrative	14			14			30
Bad Debt	4			(0		)	(1		)
Petty Cash	1			1			2
Management Fees	39			35			44
Total Operating Expenses	$	556		$	524		$	629
EBITDAR	$	217		$	181		$	257
Margin	28.1		%	25.7		%	29.0		%
EBITDARM	$	256		$	217		$	301
Margin	33.1		%	30.7		%	34.0		%
Operating Data
Available Units	36			36			36
Number of Units Occupied (Net)	32			28			35
Average Occupancy	89.9		%	78.2		%	96.0		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	1,978		$	2,081		$	2,129
Avg Total Monthly Rate (in US$)	$	1,990		$	2,087		$	2,136
Avg Resident Occ. - Private	—			35.9		%	37.1		%
Avg Resident Occ. - Medicaid	—			64.1		%	62.9		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-121

	Actual
	Jan-04			Feb-04			Mar-04			Apr-04			May-04			Jun-04			Jul-04			YTD			TTM Ann.
Income Statement Data
Revenues
Private Room and Board	$	22		$	19		$	24		$	28		$	27		$	26		$	27		$	173		$	318
Private Care	6			5			6			6			6			6			6			41			71
Total Private Paid	28			24			31			34			32			32			33			214			389
Total State Paid	37			35			39			42			43			39			42			275			493
Other Revenue	0			0			1			1			(1		)	1			0			2			3
Total Revenue	$	65		$	58		$	70		$	77		$	75		$	72		$	75		$	491		$	886
Expenses
Residence Payroll	$	26		$	26		$	27		$	29		$	31		$	27		$	36		$	202		$	377
Tenant Care	(0		)	0			0			0			0			0			0			1			3
Maintenance	3			2			1			1			1			2			2			11			18
Kitchen	4			4			4			4			5			4			6			31			57
Housekeeping	0			0			0			0			0			1			1			2			6
Activities	0			0			0			0			0			0			0			0			1
Utilities	4			3			4			3			3			3			4			24			39
Insurance	1			1			1			1			1			1			1			6			10
Property Taxes	3			3			3			3			3			4			3			21			37
Advertising	0			0			1			0			0			1			1			3			6
Administrative	4			1			(5		)	1			5			1			1			9			30
Bad Debt	1			(1		)	1			0			(0		)	(1		)	0			0			(1		)
Petty Cash	0			0			0			0			0			0			0			1			2
Management Fees	3			3			3			4			4			4			4			25			44
Total Operating Expenses	$	50		$	43		$	40		$	47		$	52		$	46		$	59		$	337		$	629
EBITDAR	$	15		$	15		$	30		$	30		$	23		$	25		$	16		$	154		$	257
Margin	22.7		%	25.7		%	43.1		%	38.7		%	30.3		%	35.3		%	21.5		%	31.3		%	29.0		%
EBITDARM	$	18		$	18		$	34		$	34		$	26		$	29		$	20		$	178		$	301
Margin	27.7		%	30.7		%	48.1		%	43.7		%	35.3		%	40.3		%	26.5		%	36.3		%	34.0		%
Operating Data
Available Units	36			36			36			36			36			36			36			36			36
Number of Units Occupied (Net)	31			31			34			36			36			34			33			34			35
Average Occupancy	85.0		%	85.6		%	94.9		%	100.0		%	100.0		%	95.3		%	92.6		%	93.4		%	96.0		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,113		$	1,893		$	2,031		$	2,121		$	2,094		$	2,059		$	2,238		$	2,081		$	2,129
Avg Total Monthly Rate (in US$)	$	2,113		$	1,893		$	2,046		$	2,135		$	2,080		$	2,095		$	2,238		$	2,088		$	2,136
Avg Resident Occ. - Private	39.1		%	34.0		%	37.5		%	38.3		%	35.1		%	39.3		%	37.0		%	37.2		%	37.1		%
Avg Resident Occ. - Medicaid	60.9		%	66.0		%	62.5		%	61.7		%	64.9		%	60.7		%	63.0		%	62.8		%	62.9		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-122

	Actual
	Jan-03			Feb-03			Mar-03			Apr-03			May-03			Jun-03			Jul-03			Aug-03			Sep-03			Oct-03			Nov-03			Dec-03			Total
Income Statement Data
Revenues
Private Room and Board	$	26		$	20		$	25		$	24		$	21		$	20		$	22		$	24		$	28		$	31		$	26		$	27		$	293
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	26			20			25			24			21			20			22			24			28			31			26			27			293
Total State Paid	44			25			33			31			35			67			3			35			37			31			33			35			410
Other Revenue	0			1			(0		)	0			0			1			0			0			1			0			0			0			2
Total Revenue	$	70		$	45		$	58		$	55		$	55		$	88		$	25		$	59		$	66		$	61		$	60		$	62		$	705
Expenses
Residence Payroll	$	24		$	28		$	26		$	23		$	25		$	26		$	29		$	24		$	26		$	35		$	21		$	26		$	314
Tenant Care	0			0			0			0			0			0			0			0			0			0			0			0			3
Maintenance	2			2			3			1			1			1			1			1			1			1			1			2			16
Kitchen	5			4			4			5			4			3			2			7			5			3			6			2			50
Housekeeping	0			0			0			0			0			0			0			0			0			0			1			0			3
Activities	0			0			0			0			0			0			0			0			0			0			0			0			1
Utilities	4			3			3			2			4			3			3			3			2			3			2			3			34
Insurance	1			1			1			1			1			1			1			0			1			1			1			1			11
Property Taxes	3			3			3			3			3			3			3			3			2			3			3			3			35
Advertising	1			0			0			1			0			1			0			0			1			0			0			1			6
Administrative	1			1			1			2			1			1			1			1			1			2			1			2			14
Bad Debt	0			(0		)	(2		)	1			(0		)	(1		)	(0		)	0			0			0			1			0			(0		)
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			1
Management Fees	3			2			3			3			3			4			1			3			3			3			3			3			35
Total Operating Expenses	$	45		$	46		$	43		$	42		$	43		$	42		$	42		$	43		$	42		$	51		$	41		$	43		$	524
EBITDAR	$	25		$	(1	)	$	15		$	13		$	12		$	46		$	(17	)	$	16		$	24		$	10		$	18		$	19		$	181
Margin	35.5		%	-1.2		%	26.3		%	23.2		%	22.1		%	52.3		%	-67.0		%	27.0		%	35.9		%	16.9		%	30.8		%	30.7		%	25.7		%
EBITDARM	$	28		$	2		$	18		$	16		$	15		$	51		$	(16	)	$	19		$	27		$	13		$	21		$	22		$	217
Margin	40.5		%	3.8		%	31.3		%	28.2		%	27.1		%	57.3		%	-62.0		%	32.0		%	40.9		%	21.9		%	35.8		%	35.7		%	30.7		%
Operating Data
Available Units	36			36			36			36			36			36			36			36			36			36			36			36			36
Number of Units Occupied (Net)	28			27			25			27			28			29			28			28			28			30			29			30			28
Average Occupancy	77.6		%	74.2		%	70.0		%	75.1		%	78.9		%	80.0		%	77.6		%	78.8		%	78.7		%	82.5		%	81.1		%	83.8		%	78.2		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,492		$	1,677		$	2,324		$	2,034		$	1,949		$	3,031		$	896		$	2,071		$	2,291		$	2,070		$	2,044		$	2,069		$	2,081
Avg Total Monthly Rate (in US$)	$	2,492		$	1,704		$	2,308		$	2,036		$	1,950		$	3,065		$	896		$	2,071		$	2,319		$	2,070		$	2,044		$	2,069		$	2,087
Avg Resident Occ. - Private	41.0		%	36.2		%	36.5		%	33.1		%	32.8		%	31.6		%	31.1		%	32.5		%	38.5		%	40.8		%	37.1		%	38.1		%	35.9		%
Avg Resident Occ. - Medicaid	59.0		%	63.8		%	63.5		%	66.9		%	67.2		%	68.4		%	68.9		%	67.5		%	61.5		%	59.2		%	62.9		%	61.9		%	64.1		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-123

	Actual
	Jan-02			Feb-02			Mar-02			Apr-02			May-02			Jun-02			Jul-02			Aug-02			Sep-02			Oct-02			Nov-02			Dec-02			Total
Income Statement Data
Revenues
Private Room and Board	$	40		$	39		$	35		$	30		$	35		$	32		$	30		$	34		$	30		$	33		$	32		$	26		$	396
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	40			39			35			30			35			32			30			34			30			33			32			26			396
Total State Paid	29			29			31			31			31			35			34			37			28			31			28			28			373
Other Revenue	0			0			0			0			0			0			1			0			3			(0		)	0			0			5
Total Revenue	$	69		$	69		$	66		$	61		$	66		$	66		$	65		$	71		$	61		$	64		$	59		$	54		$	773
Expenses
Residence Payroll	$	28		$	25		$	27		$	26		$	25		$	26		$	27		$	29		$	28		$	27		$	28		$	24		$	320
Tenant Care	0			1			0			0			0			0			0			(0		)	1			(1		)	1			0			4
Maintenance	3			0			1			3			1			1			2			2			3			1			1			3			21
Kitchen	5			4			5			4			5			4			6			4			4			4			4			5			56
Housekeeping	0			1			1			0			1			1			1			0			1			0			1			0			5
Activities	0			0			0			0			0			0			0			0			0			0			0			0			2
Utilities	3			4			3			3			3			3			2			3			2			3			3			3			35
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			16
Property Taxes	3			3			3			3			3			3			3			3			3			3			3			2			35
Advertising	0			0			0			0			0			0			0			0			0			0			1			1			4
Administrative	1			1			1			1			1			1			1			1			1			2			2			1			14
Bad Debt	3			(2		)	3			(4		)	(0		)	0			0			0			0			0			0			4			4
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			1
Management Fees	3			3			3			3			3			3			3			4			3			3			3			3			39
Total Operating Expenses	$	51		$	43		$	48		$	42		$	44		$	44		$	48		$	47		$	49		$	45		$	48		$	47		$	556
EBITDAR	$	18		$	26		$	18		$	19		$	22		$	22		$	18		$	24		$	13		$	19		$	12		$	8		$	217
Margin	25.7		%	37.2		%	26.7		%	31.6		%	33.4		%	33.3		%	27.2		%	34.3		%	20.8		%	29.0		%	19.8		%	14.0		%	28.1		%
EBITDARM	$	21		$	29		$	21		$	22		$	25		$	25		$	21		$	28		$	16		$	22		$	15		$	10		$	256
Margin	30.7		%	42.2		%	31.7		%	36.6		%	38.4		%	38.3		%	32.2		%	39.3		%	25.8		%	34.0		%	24.8		%	19.0		%	33.1		%
Operating Data
Available Units	36			36			36			36			36			36			36			36			36			36			36			36			36
Number of Units Occupied (Net)	35			34			31			32			32			32			33			33			31			33			34			29			32
Average Occupancy	96.6		%	94.3		%	86.0		%	87.8		%	90.1		%	88.9		%	90.7		%	92.0		%	85.8		%	90.9		%	94.9		%	80.9		%	89.9		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	1,971		$	2,017		$	2,135		$	1,937		$	2,031		$	2,077		$	1,970		$	2,151		$	1,897		$	1,952		$	1,740		$	1,864		$	1,978
Avg Total Monthly Rate (in US$)	$	1,971		$	2,029		$	2,135		$	1,937		$	2,044		$	2,077		$	2,002		$	2,151		$	1,987		$	1,951		$	1,740		$	1,865		$	1,990
Avg Resident Occ. - Private	—			—			—			—			—			—			—			—			—			—			—			—			—
Avg Resident Occ. - Medicaid	—			—			—			—			—			—			—			—			—			—			—			—			—

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-124

Property Name:	State:
Orchard	WA

	CY 2002			CY 2003			YTD July 2004 Ann.
Income Statement Data
Revenues
Private Room and Board	$	372		$	279		$	215
Private Care	—			—			74
Total Private Paid	372			279			289
Total State Paid	256			317			354
Other Revenue	10			5			7
Total Revenue	$	638		$	601		$	650
Expenses
Residence Payroll	$	288		$	280		$	324
Tenant Care	3			3			3
Maintenance	23			16			19
Kitchen	46			50			36
Housekeeping	5			4			5
Activities	5			6			1
Utilities	33			34			40
Insurance	16			11			9
Property Taxes	32			30			35
Advertising	5			5			11
Administrative	15			13			16
Bad Debt	2			1			(9		)
Petty Cash	1			0			2
Management Fees	32			30			33
Total Operating Expenses	$	506		$	484		$	522
EBITDAR	$	132		$	118		$	128
Margin	20.7		%	19.5		%	19.7		%
EBITDARM	$	164		$	148		$	160
Margin	25.7		%	24.5		%	24.7		%
Operating Data
Available Units	36			36			36
Number of Units Occupied (Net)	26			23			23
Average Occupancy	73.3		%	64.8		%	63.1		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	1,985		$	2,127		$	2,360
Avg Total Monthly Rate (in US$)	$	2,016		$	2,146		$	2,385
Avg Resident Occ. - Private	—			39.4		%	36.3		%
Avg Resident Occ. - Medicaid	—			60.6		%	63.7		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-125

	Actual
	Jan-04			Feb-04			Mar-04			Apr-04			May-04			Jun-04			Jul-04			YTD			TTM Ann.
Income Statement Data
Revenues
Private Room and Board	$	12		$	12		$	15		$	20		$	20		$	16		$	18		$	113		$	215
Private Care	5			4			5			6			5			5			8			38			74
Total Private Paid	17			15			21			26			25			21			26			151			289
Total State Paid	24			22			25			22			26			33			30			181			354
Other Revenue	0			0			0			1			1			0			0			2			7
Total Revenue	$	41		$	38		$	45		$	49		$	52		$	54		$	56		$	335		$	650
Expenses
Residence Payroll	$	24		$	21		$	27		$	19		$	32		$	23		$	26		$	172		$	324
Tenant Care	0			1			0			0			0			0			0			2			3
Maintenance	2			1			1			2			2			2			1			11			19
Kitchen	4			4			4			4			4			2			3			25			36
Housekeeping	0			0			0			0			0			0			0			2			5
Activities	0			0			0			0			0			0			0			0			1
Utilities	4			3			3			2			4			3			3			22			40
Insurance	1			1			1			1			1			1			1			5			9
Property Taxes	3			3			3			3			3			3			3			20			35
Advertising	1			0			0			1			2			0			1			5			11
Administrative	2			(2		)	1			1			1			1			1			6			16
Bad Debt	1			(0		)	0			0			0			(1		)	(2		)	(2		)	(9		)
Petty Cash	0			0			0			0			0			0			0			1			2
Management Fees	2			2			2			2			3			3			3			17			33
Total Operating Expenses	$	42		$	34		$	42		$	35		$	52		$	39		$	40		$	284		$	522
EBITDAR	$	(2	)	$	4		$	3		$	14		$	(0	)	$	16		$	17		$	51		$	128
Margin	-4.3		%	10.3		%	7.2		%	28.0		%	-0.3		%	28.7		%	29.5		%	15.3		%	19.7		%
EBITDARM	$	0		$	6		$	6		$	16		$	2		$	18		$	19		$	68		$	160
Margin	0.7		%	15.3		%	12.2		%	33.0		%	4.7		%	33.7		%	34.5		%	20.3		%	24.7		%
Operating Data
Available Units	36			36			36			36			36			36			36			36			36
Number of Units Occupied (Net)	18			19			20			23			23			23			22			21			23
Average Occupancy	51.0		%	52.4		%	55.8		%	64.6		%	64.7		%	62.6		%	62.1		%	59.0		%	63.1		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,211		$	1,991		$	2,257		$	2,083		$	2,190		$	2,393		$	2,503		$	2,237		$	2,360
Avg Total Monthly Rate (in US$)	$	2,211		$	1,991		$	2,257		$	2,114		$	2,237		$	2,408		$	2,517		$	2,254		$	2,385
Avg Resident Occ. - Private	34.6		%	37.9		%	38.7		%	44.1		%	38.0		%	35.0		%	35.8		%	37.8		%	36.3		%
Avg Resident Occ. - Medicaid	65.4		%	62.1		%	61.3		%	55.9		%	62.0		%	65.0		%	64.2		%	62.2		%	63.7		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-126

	Actual
	Jan-03			Feb-03			Mar-03			Apr-03			May-03			Jun-03			Jul-03			Aug-03			Sep-03			Oct-03			Nov-03			Dec-03			Total
Income Statement Data
Revenues
Private Room and Board	$	25		$	28		$	29		$	28		$	24		$	19		$	21		$	21		$	22		$	26		$	15		$	20		$	279
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	25			28			29			28			24			19			21			21			22			26			15			20			279
Total State Paid	27			24			26			24			29			27			25			27			26			31			25			25			317
Other Revenue	2			1			(0		)	0			1			0			0			1			0			2			0			(0		)	5
Total Revenue	$	54		$	54		$	54		$	52		$	54		$	46		$	46		$	48		$	49		$	59		$	40		$	44		$	601
Expenses
Residence Payroll	$	27		$	23		$	24		$	21		$	21		$	22		$	24		$	24		$	22		$	25		$	25		$	22		$	280
Tenant Care	0			0			0			0			0			0			0			0			0			0			0			1			3
Maintenance	1			1			2			1			1			1			1			2			1			2			1			1			16
Kitchen	5			4			3			4			5			2			5			4			5			4			4			5			50
Housekeeping	0			0			0			0			0			1			0			0			0			0			0			0			4
Activities	1			1			1			1			1			0			0			0			0			0			0			0			6
Utilities	3			3			3			3			3			2			3			4			3			2			2			3			34
Insurance	1			1			1			1			1			1			1			1			1			1			1			0			11
Property Taxes	3			3			2			3			3			3			3			2			2			3			2			2			30
Advertising	0			0			0			1			0			0			(0		)	0			0			1			1			1			5
Administrative	1			1			2			1			1			1			1			1			1			1			1			1			13
Bad Debt	(1		)	1			(1		)	0			0			0			0			0			0			1			0			(0		)	1
Petty Cash	0			0			0			0			0			0			0			(0		)	0			0			0			0			0
Management Fees	3			3			3			3			3			2			2			2			2			3			2			2			30
Total Operating Expenses	$	45		$	42		$	41		$	38		$	39		$	36		$	41		$	41		$	38		$	44		$	39		$	39		$	484
EBITDAR	$	8		$	12		$	13		$	14		$	15		$	10		$	4		$	7		$	11		$	15		$	1		$	5		$	118
Margin	15.5		%	21.6		%	24.4		%	27.6		%	28.5		%	22.1		%	9.8		%	15.1		%	23.1		%	25.6		%	2.1		%	11.8		%	19.5		%
EBITDARM	$	11		$	14		$	16		$	17		$	18		$	13		$	7		$	10		$	14		$	18		$	3		$	7		$	148
Margin	20.5		%	26.6		%	29.4		%	32.6		%	33.5		%	27.1		%	14.8		%	20.1		%	28.1		%	30.6		%	7.1		%	16.8		%	24.5		%
Operating Data
Available Units	36			36			36			36			36			36			36			36			36			36			36			36			36
Number of Units Occupied (Net)	25			26			26			24			24			22			22			23			24			23			21			21			23
Average Occupancy	69.4		%	72.3		%	71.3		%	66.7		%	66.7		%	61.1		%	61.1		%	64.7		%	66.7		%	62.6		%	57.5		%	58.2		%	64.8		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,091		$	2,016		$	2,132		$	2,186		$	2,217		$	2,094		$	2,089		$	2,029		$	2,035		$	2,568		$	1,946		$	2,128		$	2,127
Avg Total Monthly Rate (in US$)	$	2,155		$	2,060		$	2,119		$	2,186		$	2,245		$	2,103		$	2,089		$	2,063		$	2,035		$	2,635		$	1,946		$	2,118		$	2,146
Avg Resident Occ. - Private	45.5		%	46.0		%	46.0		%	41.7		%	37.5		%	36.4		%	36.4		%	36.7		%	37.5		%	37.1		%	32.4		%	36.2		%	39.4		%
Avg Resident Occ. - Medicaid	54.5		%	54.0		%	54.0		%	58.3		%	62.5		%	63.6		%	63.6		%	63.3		%	62.5		%	62.9		%	67.6		%	63.8		%	60.6		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-127

	Actual
	Jan-02			Feb-02			Mar-02			Apr-02			May-02			Jun-02			Jul-02			Aug-02			Sep-02			Oct-02			Nov-02			Dec-02			Total
Income Statement Data
Revenues
Private Room and Board	$	25		$	30		$	40		$	29		$	33		$	28		$	36		$	35		$	25		$	28		$	35		$	30		$	372
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	25			30			40			29			33			28			36			35			25			28			35			30			372
Total State Paid	18			21			15			24			17			23			17			24			28			19			21			30			256
Other Revenue	0			1			0			0			0			1			1			3			(0		)	3			0			0			10
Total Revenue	$	43		$	52		$	54		$	53		$	49		$	52		$	54		$	62		$	52		$	50		$	56		$	61		$	638
Expenses
Residence Payroll	$	25		$	24		$	24		$	23		$	26		$	23		$	25		$	23		$	23		$	24		$	25		$	22		$	288
Tenant Care	0			0			1			0			0			0			0			0			0			0			0			0			3
Maintenance	0			1			4			2			2			3			1			2			1			2			2			3			23
Kitchen	5			3			4			4			4			3			3			4			3			4			4			4			46
Housekeeping	0			0			0			1			0			0			0			0			0			1			0			0			5
Activities	0			0			0			0			0			0			0			0			1			1			1			1			5
Utilities	3			3			3			2			2			3			3			2			3			2			3			3			33
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			16
Property Taxes	2			3			3			3			3			3			3			3			3			3			3			2			32
Advertising	0			0			0			0			1			0			0			0			1			0			0			0			5
Administrative	1			1			1			2			2			2			1			1			1			1			1			1			15
Bad Debt	0			1			(0		)	0			(1		)	(1		)	4			(1		)	(3		)	0			0			2			2
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			1
Management Fees	2			3			3			3			2			3			3			3			3			2			3			3			32
Total Operating Expenses	$	42		$	41		$	45		$	41		$	43		$	41		$	44		$	40		$	38		$	44		$	43		$	43		$	506
EBITDAR	$	2		$	10		$	9		$	12		$	7		$	11		$	10		$	21		$	14		$	6		$	13		$	17		$	132
Margin	3.8		%	20.3		%	16.7		%	21.8		%	13.2		%	21.2		%	18.6		%	34.8		%	26.9		%	12.2		%	22.9		%	28.7		%	20.7		%
EBITDARM	$	4		$	13		$	12		$	14		$	9		$	14		$	13		$	25		$	17		$	9		$	16		$	21		$	164
Margin	8.8		%	25.3		%	21.7		%	26.8		%	18.2		%	26.2		%	23.6		%	39.8		%	31.9		%	17.2		%	27.9		%	33.7		%	25.7		%
Operating Data
Available Units	36			36			36			36			36			36			36			36			36			36			36			36			36
Number of Units Occupied (Net)	27			26			25			24			23			24			25			27			28			29			30			28			26
Average Occupancy	74.5		%	72.2		%	70.6		%	66.7		%	64.8		%	68.0		%	68.8		%	75.2		%	77.8		%	79.9		%	84.3		%	76.6		%	73.3		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	1,613		$	1,963		$	2,137		$	2,203		$	2,108		$	2,086		$	2,113		$	2,176		$	1,872		$	1,614		$	1,845		$	2,198		$	1,985
Avg Total Monthly Rate (in US$)	$	1,614		$	1,986		$	2,142		$	2,203		$	2,119		$	2,124		$	2,171		$	2,274		$	1,868		$	1,725		$	1,855		$	2,211		$	2,016
Avg Resident Occ. - Private	—			—			—			—			—			—			—			—			—			—			—			—			—
Avg Resident Occ. - Medicaid	—			—			—			—			—			—			—			—			—			—			—			—			—

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-128

Property Name:	State:
Karr	WA

	CY 2002			CY 2003			YTD July 2004 Ann.
Income Statement Data
Revenues
Private Room and Board	$	400		$	469		$	374
Private Care	—			—			162
Total Private Paid	400			469			536
Total State Paid	509			477			581
Other Revenue	7			2			12
Total Revenue	$	916		$	948		$	1,129
Expenses
Residence Payroll	$	434		$	431		$	443
Tenant Care	8			6			5
Maintenance	19			17			15
Kitchen	66			66			62
Housekeeping	4			3			2
Activities	1			1			0
Utilities	48			54			52
Insurance	17			14			13
Property Taxes	45			45			47
Advertising	2			2			3
Administrative	19			18			24
Bad Debt	10			8			(9		)
Petty Cash	1			1			2
Management Fees	46			47			56
Total Operating Expenses	$	720		$	713		$	717
EBITDAR	$	196		$	235		$	412
Margin	21.4		%	24.8		%	36.5		%
EBITDARM	$	241		$	282		$	469
Margin	26.4		%	29.8		%	41.5		%
Operating Data
Available Units	40			40			40
Number of Units Occupied (Net)	37			36			38
Average Occupancy	93.1		%	90.4		%	96.2		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,035		$	2,179		$	2,420
Avg Total Monthly Rate (in US$)	$	2,050		$	2,184		$	2,445
Avg Resident Occ. - Private	—			40.5		%	38.5		%
Avg Resident Occ. - Medicaid	—			59.5		%	61.5		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-129

	Actual
	Jan-04			Feb-04			Mar-04			Apr-04			May-04			Jun-04			Jul-04			YTD			TTM Ann.
Income Statement Data
Revenues
Private Room and Board	$	33		$	32		$	39		$	35		$	39		$	27		$	27		$	232		$	374
Private Care	16			14			17			10			16			11			14			97			162
Total Private Paid	49			46			56			45			55			38			41			330			536
Total State Paid	41			31			39			41			41			55			50			298			581
Other Revenue	2			1			1			1			2			1			0			8			12
Total Revenue	$	92		$	77		$	96		$	87		$	98		$	94		$	90		$	635		$	1,129
Expenses
Residence Payroll	$	35		$	37		$	38		$	38		$	39		$	34		$	37		$	259		$	443
Tenant Care	0			0			1			0			0			0			1			3			5
Maintenance	1			1			2			2			1			1			2			10			15
Kitchen	6			5			6			6			5			5			6			37			62
Housekeeping	0			0			0			0			0			0			0			2			2
Activities	0			0			0			0			0			0			0			0			0
Utilities	6			5			5			4			5			4			5			33			52
Insurance	1			1			1			1			1			1			1			8			13
Property Taxes	4			4			3			4			3			4			4			27			47
Advertising	0			0			0			0			0			0			0			1			3
Administrative	1			1			1			1			4			1			1			9			24
Bad Debt	1			(2		)	(0		)	0			(3		)	1			(0		)	(4		)	(9		)
Petty Cash	0			0			0			0			0			0			0			1			2
Management Fees	5			4			5			4			5			5			5			32			56
Total Operating Expenses	$	60		$	57		$	62		$	61		$	61		$	57		$	61		$	419		$	717
EBITDAR	$	32		$	21		$	34		$	26		$	37		$	37		$	29		$	216		$	412
Margin	35.0		%	27.0		%	35.5		%	29.7		%	37.5		%	39.6		%	32.2		%	34.1		%	36.5		%
EBITDARM	$	37		$	25		$	39		$	30		$	42		$	42		$	34		$	248		$	469
Margin	40.0		%	32.0		%	40.5		%	34.7		%	42.5		%	44.6		%	37.2		%	39.1		%	41.5		%
Operating Data
Available Units	40			40			40			40			40			40			40			40			40
Number of Units Occupied (Net)	36			38			39			39			40			37			38			38			38
Average Occupancy	89.4		%	94.2		%	97.2		%	97.8		%	99.3		%	93.2		%	96.2		%	95.3		%	96.2		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,524		$	2,030		$	2,446		$	2,201		$	2,417		$	2,497		$	2,348		$	2,350		$	2,420
Avg Total Monthly Rate (in US$)	$	2,577		$	2,056		$	2,474		$	2,225		$	2,465		$	2,522		$	2,349		$	2,380		$	2,445
Avg Resident Occ. - Private	44.8		%	45.7		%	44.4		%	42.7		%	43.3		%	37.3		%	34.7		%	41.8		%	38.5		%
Avg Resident Occ. - Medicaid	55.2		%	54.3		%	55.6		%	57.3		%	56.7		%	62.7		%	65.3		%	58.2		%	61.5		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-130

	Actual
	Jan-03			Feb-03			Mar-03			Apr-03			May-03			Jun-03			Jul-03			Aug-03			Sep-03			Oct-03			Nov-03			Dec-03			Total
Income Statement Data
Revenues
Private Room and Board	$	39		$	42		$	49		$	42		$	32		$	47		$	33		$	33		$	32		$	38		$	35		$	47		$	469
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	39			42			49			42			32			47			33			33			32			38			35			47			469
Total State Paid	41			46			28			41			42			35			43			46			40			31			43			41			477
Other Revenue	(0		)	1			(1		)	0			0			0			0			0			0			1			0			1			2
Total Revenue	$	80		$	89		$	76		$	82		$	74		$	81		$	76		$	79		$	72		$	70		$	78		$	90		$	948
Expenses
Residence Payroll	$	39		$	36		$	37		$	30		$	38		$	37		$	37		$	37		$	34		$	36		$	35		$	34		$	431
Tenant Care	0			1			1			0			1			1			0			0			0			0			1			0			6
Maintenance	1			2			2			1			1			2			1			2			1			1			1			1			17
Kitchen	5			5			5			5			8			3			8			5			5			5			7			5			66
Housekeeping	0			0			0			0			0			0			0			1			0			0			0			0			3
Activities	0			0			0			0			0			0			0			0			(0		)	0			0			0			1
Utilities	5			5			5			3			7			4			6			5			2			4			4			5			54
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			14
Property Taxes	4			4			4			5			4			4			4			3			3			3			4			5			45
Advertising	0			0			0			0			0			0			0			0			0			0			0			0			2
Administrative	3			1			2			1			5			1			0			1			1			1			1			1			18
Bad Debt	0			4			(0		)	3			4			(3		)	1			(1		)	(1		)	1			1			(2		)	8
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			1
Management Fees	4			4			4			4			4			4			4			4			4			3			4			4			47
Total Operating Expenses	$	63		$	65		$	61		$	54		$	72		$	55		$	64		$	58		$	51		$	55		$	60		$	55		$	713
EBITDAR	$	18		$	24		$	15		$	28		$	1		$	26		$	13		$	21		$	22		$	14		$	18		$	35		$	235
Margin	22.1		%	27.3		%	19.7		%	34.0		%	2.0		%	31.7		%	16.5		%	26.6		%	29.8		%	20.5		%	22.9		%	39.1		%	24.8		%
EBITDARM	$	22		$	29		$	19		$	32		$	5		$	30		$	16		$	25		$	25		$	18		$	22		$	40		$	282
Margin	27.1		%	32.3		%	24.7		%	39.0		%	7.0		%	36.7		%	21.5		%	31.6		%	34.8		%	25.5		%	27.9		%	44.1		%	29.8		%
Operating Data
Available Units	40			40			40			40			40			40			40			40			40			40			40			40			40
Number of Units Occupied (Net)	41			38			36			36			39			38			36			33			33			33			37			36			36
Average Occupancy	101.8		%	95.8		%	88.9		%	89.3		%	96.8		%	93.8		%	89.4		%	82.4		%	82.0		%	83.7		%	91.9		%	89.7		%	90.4		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	1,974		$	2,301		$	2,170		$	2,304		$	1,907		$	2,162		$	2,130		$	2,407		$	2,206		$	2,050		$	2,117		$	2,472		$	2,179
Avg Total Monthly Rate (in US$)	$	1,974		$	2,326		$	2,147		$	2,304		$	1,907		$	2,162		$	2,133		$	2,407		$	2,206		$	2,078		$	2,117		$	2,499		$	2,184
Avg Resident Occ. - Private	42.8		%	47.7		%	47.8		%	41.5		%	40.2		%	37.7		%	35.4		%	35.3		%	38.5		%	39.9		%	37.1		%	41.0		%	40.5		%
Avg Resident Occ. - Medicaid	57.2		%	52.3		%	52.2		%	58.5		%	59.8		%	62.3		%	64.6		%	64.7		%	61.5		%	60.1		%	62.9		%	59.0		%	59.5		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-131

	Actual
	Jan-02			Feb-02			Mar-02			Apr-02			May-02			Jun-02			Jul-02			Aug-02			Sep-02			Oct-02			Nov-02			Dec-02			Total
Income Statement Data
Revenues
Private Room and Board	$	35		$	30		$	26		$	34		$	32		$	24		$	39		$	37		$	39		$	34		$	34		$	36		$	400
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	35			30			26			34			32			24			39			37			39			34			34			36			400
Total State Paid	42			44			40			42			46			37			38			38			49			50			40			42			509
Other Revenue	(0		)	3			0			1			0			0			2			0			0			(0		)	1			0			7
Total Revenue	$	77		$	77		$	66		$	76		$	78		$	61		$	79		$	76		$	88		$	84		$	75		$	78		$	916
Expenses
Residence Payroll	$	37		$	37		$	36		$	32		$	38		$	36		$	36		$	34		$	35		$	38		$	37		$	37		$	434
Tenant Care	1			0			1			1			1			0			1			0			0			1			0			2			8
Maintenance	1			0			1			3			2			1			1			2			2			1			3			3			19
Kitchen	6			5			5			5			5			5			5			5			7			7			6			5			66
Housekeeping	0			0			0			0			0			0			0			1			0			1			0			0			4
Activities	0			0			0			0			0			0			0			0			0			0			0			0			1
Utilities	4			4			7			4			4			4			4			3			3			3			4			4			48
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			17
Property Taxes	5			4			4			4			4			4			4			4			4			4			4			1			45
Advertising	0			0			0			0			0			0			0			0			0			0			0			0			2
Administrative	1			1			2			2			2			2			2			1			1			1			2			1			19
Bad Debt	0			0			0			0			5			0			3			(0		)	(1		)	3			(0		)	0			10
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			1
Management Fees	4			4			3			4			4			3			4			4			4			4			4			4			46
Total Operating Expenses	$	60		$	57		$	61		$	58		$	68		$	56		$	61		$	56		$	59		$	65		$	62		$	58		$	720
EBITDAR	$	17		$	20		$	5		$	18		$	11		$	5		$	18		$	20		$	30		$	20		$	13		$	20		$	196
Margin	22.1		%	25.6		%	7.0		%	24.1		%	13.5		%	8.4		%	22.9		%	26.4		%	33.6		%	23.2		%	17.3		%	25.6		%	21.4		%
EBITDARM	$	21		$	23		$	8		$	22		$	14		$	8		$	22		$	24		$	34		$	24		$	17		$	24		$	241
Margin	27.1		%	30.6		%	12.0		%	29.1		%	18.5		%	13.4		%	27.9		%	31.4		%	38.6		%	28.2		%	22.3		%	30.6		%	26.4		%
Operating Data
Available Units	40			40			40			40			40			40			40			40			40			40			40			40			40
Number of Units Occupied (Net)	38			35			35			36			37			37			38			38			39			39			37			37			37
Average Occupancy	94.7		%	88.1		%	87.7		%	90.5		%	92.9		%	92.0		%	95.1		%	94.0		%	98.4		%	96.9		%	93.4		%	93.4		%	93.1		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,036		$	2,101		$	1,877		$	2,088		$	2,098		$	1,660		$	2,037		$	2,009		$	2,240		$	2,172		$	1,978		$	2,096		$	2,035
Avg Total Monthly Rate (in US$)	$	2,031		$	2,173		$	1,877		$	2,108		$	2,103		$	1,660		$	2,088		$	2,014		$	2,240		$	2,172		$	2,005		$	2,101		$	2,050
Avg Resident Occ. - Private	—			—			—			—			—			—			—			—			—			—			—			—			—
Avg Resident Occ. - Medicaid	—			—			—			—			—			—			—			—			—			—			—			—			—

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-132

Property Name:	State:
Crawford	WA

	CY 2002			CY 2003			YTD July 2004 Ann.
Income Statement Data
Revenues
Private Room and Board	$	409		$	217		$	102
Private Care	—			—			40
Total Private Paid	409			217			142
Total State Paid	427			593			584
Other Revenue	7			11			17
Total Revenue	$	843		$	820		$	743
Expenses
Residence Payroll	$	381		$	362		$	395
Tenant Care	6			4			2
Maintenance	21			16			25
Kitchen	53			56			54
Housekeeping	6			5			6
Activities	0			1			0
Utilities	43			48			48
Insurance	19			13			12
Property Taxes	39			39			42
Advertising	2			2			2
Administrative	21			15			26
Bad Debt	7			2			5
Petty Cash	1			3			1
Management Fees	42			41			37
Total Operating Expenses	$	641		$	606		$	656
EBITDAR	$	202		$	214		$	87
Margin	23.9		%	26.0		%	11.7		%
EBITDARM	$	244		$	255		$	124
Margin	28.9		%	31.0		%	16.7		%
Operating Data
Available Units	40			40			40
Number of Units Occupied (Net)	35			35			30
Average Occupancy	86.4		%	86.5		%	76.1		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,017		$	1,949		$	1,989
Avg Total Monthly Rate (in US$)	$	2,033		$	1,975		$	2,034
Avg Resident Occ. - Private	—			21.8		%	15.7		%
Avg Resident Occ. - Medicaid	—			78.2		%	84.3		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-133

	Actual
	Jan-04			Feb-04			Mar-04			Apr-04			May-04			Jun-04			Jul-04			YTD			TTM Ann.
Income Statement Data
Revenues
Private Room and Board	$	9		$	6		$	14		$	6		$	4		$	10		$	11		$	60		$	102
Private Care	3			(0		)	3			2			2			4			4			18			40
Total Private Paid	12			5			16			8			6			14			16			77			142
Total State Paid	56			51			50			61			57			43			46			364			584
Other Revenue	0			1			1			1			2			1			1			7			17
Total Revenue	$	68		$	57		$	67		$	70		$	64		$	59		$	63		$	448		$	743
Expenses
Residence Payroll	$	32		$	30		$	33		$	33		$	35		$	30		$	33		$	227		$	395
Tenant Care	0			0			0			0			1			0			(0		)	2			2
Maintenance	2			2			2			2			1			5			1			14			25
Kitchen	6			6			5			5			4			5			4			34			54
Housekeeping	0			0			0			1			1			0			0			3			6
Activities	0			0			0			0			0			0			0			0			0
Utilities	5			4			4			4			4			3			5			29			48
Insurance	1			1			1			1			1			1			1			7			12
Property Taxes	3			3			3			3			3			4			3			24			42
Advertising	0			0			0			0			0			0			0			1			2
Administrative	1			1			1			2			1			4			1			11			26
Bad Debt	0			(0		)	1			0			2			(1		)	1			2			5
Petty Cash	0			0			0			0			0			0			0			1			1
Management Fees	3			3			3			3			3			3			3			22			37
Total Operating Expenses	$	55		$	51		$	54		$	54		$	57		$	55		$	52		$	377		$	656
EBITDAR	$	13		$	7		$	13		$	16		$	7		$	4		$	11		$	71		$	87
Margin	19.6		%	11.6		%	20.0		%	22.5		%	11.0		%	6.6		%	17.1		%	15.8		%	11.7		%
EBITDARM	$	17		$	10		$	17		$	19		$	10		$	7		$	14		$	93		$	124
Margin	24.6		%	16.6		%	25.0		%	27.5		%	16.0		%	11.6		%	22.1		%	20.8		%	16.7		%
Operating Data
Available Units	40			40			40			40			40			40			40			40			40
Number of Units Occupied (Net)	37			36			38			34			29			30			32			34			30
Average Occupancy	93.6		%	89.9		%	94.5		%	86.1		%	73.6		%	75.3		%	79.4		%	84.6		%	76.1		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	1,806		$	1,578		$	1,757		$	2,005		$	2,121		$	1,920		$	1,931		$	1,863		$	1,989
Avg Total Monthly Rate (in US$)	$	1,819		$	1,593		$	1,782		$	2,020		$	2,173		$	1,960		$	1,975		$	1,891		$	2,034
Avg Resident Occ. - Private	13.0		%	11.7		%	12.0		%	8.5		%	11.4		%	16.4		%	19.0		%	13.0		%	15.7		%
Avg Resident Occ. - Medicaid	87.0		%	88.3		%	88.0		%	91.5		%	88.6		%	83.6		%	81.0		%	87.0		%	84.3		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-134

	Actual
	Jan-03			Feb-03			Mar-03			Apr-03			May-03			Jun-03			Jul-03			Aug-03			Sep-03			Oct-03			Nov-03			Dec-03			Total
Income Statement Data
Revenues
Private Room and Board	$	29		$	21		$	23		$	23		$	6		$	18		$	16		$	15		$	5		$	24		$	21		$	16		$	217
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	29			21			23			23			6			18			16			15			5			24			21			16			217
Total State Paid	35			39			45			44			57			45			55			52			61			53			47			60			593
Other Revenue	1			0			0			0			0			0			1			1			2			1			1			2			11
Total Revenue	$	66		$	61		$	69		$	67		$	63		$	63		$	72		$	69		$	67		$	78		$	68		$	78		$	820
Expenses
Residence Payroll	$	33		$	30		$	29		$	33		$	27		$	27		$	33		$	26		$	28		$	33		$	32		$	33		$	362
Tenant Care	0			0			0			1			0			0			0			0			0			0			1			0			4
Maintenance	2			2			1			1			2			1			1			2			1			1			3			1			16
Kitchen	4			5			4			3			4			2			2			10			5			5			7			5			56
Housekeeping	0			1			0			0			0			0			0			1			1			1			0			1			5
Activities	0			0			0			0			0			0			0			0			0			0			0			0			1
Utilities	4			4			4			4			5			4			4			4			4			4			4			4			48
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			13
Property Taxes	3			3			3			3			3			3			3			3			3			3			3			3			39
Advertising	0			0			0			0			0			0			0			0			0			0			0			0			2
Administrative	1			1			1			1			1			2			(2		)	1			4			1			2			1			15
Bad Debt	(0		)	(0		)	(0		)	1			(2		)	2			2			1			1			(3		)	1			1			2
Petty Cash	0			0			0			0			0			0			0			0			1			0			1			0			3
Management Fees	3			3			3			3			3			3			4			3			3			4			3			4			41
Total Operating Expenses	$	53		$	51		$	47		$	51		$	45		$	46		$	48		$	53		$	51		$	50		$	58		$	55		$	606
EBITDAR	$	13		$	10		$	22		$	16		$	17		$	18		$	24		$	16		$	16		$	28		$	11		$	23		$	214
Margin	19.8		%	16.1		%	31.9		%	24.2		%	27.6		%	27.9		%	33.3		%	23.1		%	24.2		%	36.1		%	15.6		%	29.4		%	26.0		%
EBITDARM	$	16		$	13		$	25		$	20		$	20		$	21		$	28		$	19		$	20		$	32		$	14		$	27		$	255
Margin	24.8		%	21.1		%	36.9		%	29.2		%	32.6		%	32.9		%	38.3		%	28.1		%	29.2		%	41.1		%	20.6		%	34.4		%	31.0		%
Operating Data
Available Units	40			40			40			40			40			40			40			40			40			40			40			40			40
Number of Units Occupied (Net)	32			33			34			34			34			34			35			35			36			36			36			37			35
Average Occupancy	79.8		%	81.7		%	85.9		%	84.5		%	84.4		%	86.2		%	86.5		%	86.5		%	89.8		%	90.5		%	89.7		%	92.9		%	86.5		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,014		$	1,850		$	1,991		$	1,986		$	1,848		$	1,826		$	2,049		$	1,952		$	1,822		$	2,112		$	1,889		$	2,041		$	1,949
Avg Total Monthly Rate (in US$)	$	2,055		$	1,860		$	2,002		$	1,996		$	1,858		$	1,834		$	2,082		$	1,988		$	1,864		$	2,145		$	1,909		$	2,090		$	1,975
Avg Resident Occ. - Private	35.5		%	27.6		%	25.5		%	25.4		%	21.4		%	17.2		%	14.6		%	17.5		%	16.2		%	21.9		%	23.3		%	16.9		%	21.8		%
Avg Resident Occ. - Medicaid	64.5		%	72.4		%	74.5		%	74.6		%	78.6		%	82.8		%	85.4		%	82.5		%	83.8		%	78.1		%	76.7		%	83.1		%	78.2		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-135

	Actual
	Jan-02			Feb-02			Mar-02			Apr-02			May-02			Jun-02			Jul-02			Aug-02			Sep-02			Oct-02			Nov-02			Dec-02			Total
Income Statement Data
Revenues
Private Room and Board	$	45		$	41		$	41		$	42		$	24		$	25		$	41		$	36		$	23		$	33		$	27		$	30		$	409
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	45			41			41			42			24			25			41			36			23			33			27			30			409
Total State Paid	33			55			34			25			37			38			32			28			33			36			41			36			427
Other Revenue	0			0			0			0			0			1			(0		)	1			1			1			0			1			7
Total Revenue	$	79		$	97		$	75		$	67		$	61		$	63		$	72		$	66		$	57		$	71		$	68		$	67		$	843
Expenses
Residence Payroll	$	34		$	31		$	32		$	31		$	31		$	30		$	32		$	30		$	34		$	37		$	28		$	32		$	381
Tenant Care	0			1			0			0			1			0			0			1			1			1			0			1			6
Maintenance	1			1			1			1			2			3			2			3			4			1			1			1			21
Kitchen	6			4			5			4			4			5			4			4			4			4			4			5			53
Housekeeping	0			0			0			0			1			0			1			1			0			0			1			1			6
Activities	0			0			0			0			0			0			0			0			0			0			0			0			0
Utilities	6			4			3			5			3			3			3			2			3			3			4			3			43
Insurance	2			1			1			1			1			1			1			1			1			1			1			1			19
Property Taxes	3			3			3			3			3			3			3			3			3			3			3			4			39
Advertising	0			0			0			0			0			0			0			0			0			0			0			0			2
Administrative	1			2			2			1			3			1			2			3			3			2			1			1			21
Bad Debt	2			(0		)	0			9			(4		)	0			(1		)	2			(2		)	(1		)	1			1			7
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			1
Management Fees	4			5			4			3			3			3			4			3			3			4			3			3			42
Total Operating Expenses	$	60		$	53		$	52		$	59		$	48		$	51		$	52		$	55		$	55		$	55		$	48		$	54		$	641
EBITDAR	$	19		$	44		$	23		$	8		$	13		$	13		$	20		$	11		$	2		$	16		$	20		$	13		$	202
Margin	24.0		%	45.7		%	30.5		%	12.4		%	20.7		%	20.0		%	27.9		%	16.2		%	4.2		%	22.1		%	29.5		%	19.6		%	23.9		%
EBITDARM	$	23		$	49		$	27		$	12		$	16		$	16		$	24		$	14		$	5		$	19		$	23		$	16		$	244
Margin	29.0		%	50.7		%	35.5		%	17.4		%	25.7		%	25.0		%	32.9		%	21.2		%	9.2		%	27.1		%	34.5		%	24.6		%	28.9		%
Operating Data
Available Units	40			40			40			40			40			40			40			40			40			40			40			40			40
Number of Units Occupied (Net)	38			39			38			35			33			32			32			33			34			33			33			33			35
Average Occupancy	95.4		%	97.5		%	94.5		%	88.4		%	83.2		%	80.8		%	79.3		%	83.0		%	85.9		%	83.0		%	82.2		%	83.1		%	86.4		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,057		$	2,473		$	1,981		$	1,898		$	1,834		$	1,922		$	2,281		$	1,937		$	1,630		$	2,090		$	2,058		$	1,989		$	2,017
Avg Total Monthly Rate (in US$)	$	2,069		$	2,477		$	1,985		$	1,906		$	1,835		$	1,964		$	2,265		$	1,980		$	1,662		$	2,128		$	2,070		$	2,008		$	2,033
Avg Resident Occ. - Private	—			—			—			—			—			—			—			—			—			—			—			—			—
Avg Resident Occ. - Medicaid	—			—			—			—			—			—			—			—			—			—			—			—			—

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-136

Property Name:	State:
Chenowick	WA

	CY 2002			CY 2003			YTD July 2004 Ann.
Income Statement Data
Revenues
Private Room and Board	$	283		$	205		$	143
Private Care	—			—			64
Total Private Paid	283			205			207
Total State Paid	517			628			680
Other Revenue	7			3			6
Total Revenue	$	807		$	836		$	893
Expenses
Residence Payroll	$	365		$	389		$	410
Tenant Care	4			3			1
Maintenance	17			18			30
Kitchen	45			58			48
Housekeeping	4			6			3
Activities	1			1			0
Utilities	33			39			35
Insurance	16			13			12
Property Taxes	30			25			33
Advertising	2			5			6
Administrative	20			11			13
Bad Debt	(1		)	0			(0		)
Petty Cash	2			2			4
Management Fees	40			42			45
Total Operating Expenses	$	578		$	612		$	639
EBITDAR	$	229		$	224		$	253
Margin	28.3		%	26.8		%	28.4		%
EBITDARM	$	269		$	266		$	298
Margin	33.3		%	31.8		%	33.4		%
Operating Data
Available Units	36			36			36
Number of Units Occupied (Net)	35			35			34
Average Occupancy	95.9		%	98.1		%	94.1		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	1,930		$	1,967		$	2,182
Avg Total Monthly Rate (in US$)	$	1,947		$	1,973		$	2,197
Avg Resident Occ. - Private	—			20.6		%	18.5		%
Avg Resident Occ. - Medicaid	—			79.4		%	81.5		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-137

	Actual
	Jan-04			Feb-04			Mar-04			Apr-04			May-04			Jun-04			Jul-04			YTD			TTM Ann.
Income Statement Data
Revenues
Private Room and Board	$	11		$	15		$	14		$	15		$	12		$	12		$	11		$	90		$	143
Private Care	5			6			6			7			6			6			4			41			64
Total Private Paid	16			21			21			22			18			18			15			131			207
Total State Paid	52			53			50			49			52			55			63			374			680
Other Revenue	1			0			0			0			1			0			0			3			6
Total Revenue	$	68		$	75		$	71		$	71		$	71		$	73		$	79		$	508		$	893
Expenses
Residence Payroll	$	32		$	31		$	32		$	30		$	36		$	31		$	35		$	227		$	410
Tenant Care	0			(0		)	0			0			0			0			0			1			1
Maintenance	2			2			1			1			3			3			2			14			30
Kitchen	5			5			4			4			5			4			4			30			48
Housekeeping	0			0			0			0			1			0			0			2			3
Activities	0			0			0			0			0			0			0			0			0
Utilities	4			6			6			2			2			3			4			26			35
Insurance	1			1			1			1			1			1			1			7			12
Property Taxes	3			3			2			3			2			3			3			19			33
Advertising	0			1			0			0			1			1			0			3			6
Administrative	1			1			0			0			1			1			2			6			13
Bad Debt	0			(0		)	1			0			(1		)	(0		)	0			1			(0		)
Petty Cash	0			0			0			0			0			1			0			2			4
Management Fees	3			4			4			4			4			4			4			25			45
Total Operating Expenses	$	52		$	52		$	52		$	45		$	55		$	51		$	54		$	361		$	639
EBITDAR	$	17		$	23		$	18		$	26		$	17		$	22		$	24		$	147		$	253
Margin	24.3		%	30.9		%	25.9		%	36.2		%	23.3		%	30.6		%	31.0		%	29.0		%	28.4		%
EBITDARM	$	20		$	27		$	22		$	29		$	20		$	26		$	28		$	173		$	298
Margin	29.3		%	35.9		%	30.9		%	41.2		%	28.3		%	35.6		%	36.0		%	34.0		%	33.4		%
Operating Data
Available Units	36			36			36			36			36			36			36			36			36
Number of Units Occupied (Net)	36			35			33			34			34			33			34			34			34
Average Occupancy	98.8		%	96.1		%	92.6		%	94.5		%	94.4		%	92.8		%	95.0		%	94.9		%	94.1		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	1,896		$	2,154		$	2,111		$	2,083		$	2,077		$	2,179		$	2,289		$	2,111		$	2,182
Avg Total Monthly Rate (in US$)	$	1,922		$	2,157		$	2,120		$	2,091		$	2,101		$	2,189		$	2,300		$	2,125		$	2,197
Avg Resident Occ. - Private	20.5		%	22.9		%	22.4		%	23.5		%	20.6		%	21.0		%	14.2		%	20.7		%	18.5		%
Avg Resident Occ. - Medicaid	79.5		%	77.1		%	77.6		%	76.5		%	79.4		%	79.0		%	85.8		%	79.3		%	81.5		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-138

	Actual
	Jan-03			Feb-03			Mar-03			Apr-03			May-03			Jun-03			Jul-03			Aug-03			Sep-03			Oct-03			Nov-03			Dec-03			Total
Income Statement Data
Revenues
Private Room and Board	$	21		$	14		$	19		$	19		$	13		$	16		$	17		$	17		$	18		$	18		$	15		$	17		$	205
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	21			14			19			19			13			16			17			17			18			18			15			17			205
Total State Paid	47			44			46			56			60			50			49			51			51			63			54			57			628
Other Revenue	1			0			0			0			0			0			0			0			0			0			0			0			3
Total Revenue	$	69		$	58		$	65		$	74		$	73		$	67		$	66		$	68		$	70		$	82		$	69		$	74		$	836
Expenses
Residence Payroll	$	35		$	31		$	33		$	32		$	32		$	33		$	34		$	32		$	30		$	31		$	35		$	31		$	389
Tenant Care	0			0			1			0			0			0			0			0			0			0			0			1			3
Maintenance	1			1			1			1			2			2			1			1			1			3			1			3			18
Kitchen	4			4			4			5			4			5			6			4			5			5			7			5			58
Housekeeping	0			1			1			0			1			1			0			1			0			0			0			0			6
Activities	0			0			0			0			0			0			(0		)	0			0			0			0			0			1
Utilities	4			3			3			3			3			3			3			3			4			3			3			3			39
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			13
Property Taxes	3			3			3			2			3			3			3			2			2			2			(0		)	0			25
Advertising	0			0			1			0			0			0			0			0			0			1			0			1			5
Administrative	1			1			2			1			1			1			1			1			1			1			1			0			11
Bad Debt	0			1			(1		)	0			(0		)	0			3			(3		)	0			0			0			0			0
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			2
Management Fees	3			3			3			4			4			3			3			3			3			4			3			4			42
Total Operating Expenses	$	53		$	49		$	51		$	50		$	52		$	51		$	56		$	47		$	48		$	52		$	53		$	48		$	612
EBITDAR	$	16		$	8		$	14		$	25		$	22		$	16		$	10		$	21		$	22		$	30		$	16		$	26		$	224
Margin	23.2		%	14.5		%	21.2		%	33.0		%	29.4		%	23.8		%	14.8		%	30.9		%	30.9		%	36.4		%	23.2		%	34.8		%	26.8		%
EBITDARM	$	20		$	11		$	17		$	28		$	25		$	19		$	13		$	24		$	25		$	34		$	20		$	30		$	266
Margin	28.2		%	19.5		%	26.2		%	38.0		%	34.4		%	28.8		%	19.8		%	35.9		%	35.9		%	41.4		%	28.2		%	39.8		%	31.8		%
Operating Data
Available Units	36			36			36			36			36			36			36			36			36			36			36			36			36
Number of Units Occupied (Net)	35			33			35			36			35			36			36			36			36			36			35			36			35
Average Occupancy	95.8		%	91.0		%	95.9		%	100.0		%	98.5		%	100.0		%	100.0		%	99.0		%	100.0		%	99.1		%	98.6		%	99.2		%	98.1		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	1,979		$	1,760		$	1,882		$	2,061		$	2,056		$	1,857		$	1,832		$	1,901		$	1,940		$	2,282		$	1,955		$	2,077		$	1,967
Avg Total Monthly Rate (in US$)	$	2,009		$	1,761		$	1,894		$	2,063		$	2,069		$	1,868		$	1,833		$	1,901		$	1,941		$	2,288		$	1,957		$	2,077		$	1,973
Avg Resident Occ. - Private	23.4		%	24.4		%	23.2		%	19.4		%	19.8		%	19.4		%	19.4		%	20.5		%	19.4		%	19.6		%	19.4		%	19.6		%	20.6		%
Avg Resident Occ. - Medicaid	76.6		%	75.6		%	76.8		%	80.6		%	80.2		%	80.6		%	80.6		%	79.5		%	80.6		%	80.4		%	80.6		%	80.4		%	79.4		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-139

	Actual
	Jan-02			Feb-02			Mar-02			Apr-02			May-02			Jun-02			Jul-02			Aug-02			Sep-02			Oct-02			Nov-02			Dec-02			Total
Income Statement Data
Revenues
Private Room and Board	$	29		$	28		$	28		$	25		$	21		$	23		$	22		$	21		$	20		$	24		$	19		$	22		$	283
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	29			28			28			25			21			23			22			21			20			24			19			22			283
Total State Paid	40			37			39			40			45			37			43			44			45			50			48			50			517
Other Revenue	(0		)	0			1			0			(0		)	1			2			0			1			2			0			0			7
Total Revenue	$	70		$	64		$	68		$	65		$	65		$	61		$	67		$	66		$	66		$	76		$	67		$	72		$	807
Expenses
Residence Payroll	$	27		$	27		$	24		$	29		$	29		$	30		$	33		$	35		$	33		$	34		$	32		$	33		$	365
Tenant Care	0			0			1			0			0			1			1			0			0			0			0			1			4
Maintenance	1			1			1			2			0			3			2			2			1			2			1			1			17
Kitchen	4			4			4			4			4			3			4			3			3			3			5			4			45
Housekeeping	0			0			0			0			0			0			1			0			1			0			1			0			4
Activities	0			0			0			0			0			0			0			0			0			0			0			0			1
Utilities	3			3			3			3			2			2			3			3			3			3			3			3			33
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			16
Property Taxes	2			3			3			3			3			3			3			3			3			3			3			1			30
Advertising	0			0			0			0			0			0			0			0			0			0			0			0			2
Administrative	1			3			2			2			3			1			2			1			1			1			1			1			20
Bad Debt	1			(0		)	0			0			2			(2		)	(0		)	(0		)	(1		)	(0		)	(0		)	0			(1		)
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			2
Management Fees	3			3			3			3			3			3			3			3			3			4			3			4			40
Total Operating Expenses	$	44		$	45		$	43		$	48		$	48		$	46		$	52		$	53		$	49		$	51		$	51		$	48		$	578
EBITDAR	$	26		$	19		$	25		$	18		$	17		$	15		$	15		$	13		$	17		$	24		$	16		$	24		$	229
Margin	37.4		%	29.8		%	36.2		%	27.0		%	26.1		%	24.5		%	22.6		%	20.0		%	25.5		%	32.0		%	24.3		%	32.8		%	28.3		%
EBITDARM	$	30		$	22		$	28		$	21		$	20		$	18		$	18		$	16		$	20		$	28		$	20		$	27		$	269
Margin	42.4		%	34.8		%	41.2		%	32.0		%	31.1		%	29.5		%	27.6		%	25.0		%	30.5		%	37.0		%	29.3		%	37.8		%	33.3		%
Operating Data
Available Units	36			36			36			36			36			36			36			36			36			36			36			36			36
Number of Units Occupied (Net)	35			35			35			35			32			33			33			34			35			35			36			36			35
Average Occupancy	98.3		%	97.2		%	96.9		%	97.5		%	87.7		%	91.7		%	92.4		%	95.3		%	97.2		%	97.0		%	100.0		%	100.0		%	95.9		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	1,973		$	1,842		$	1,911		$	1,854		$	2,075		$	1,821		$	1,958		$	1,902		$	1,852		$	2,121		$	1,870		$	1,992		$	1,930
Avg Total Monthly Rate (in US$)	$	1,971		$	1,842		$	1,945		$	1,863		$	2,065		$	1,849		$	2,008		$	1,914		$	1,880		$	2,169		$	1,872		$	1,994		$	1,947
Avg Resident Occ. - Private	—			—			—			—			—			—			—			—			—			—			—			—			—
Avg Resident Occ. - Medicaid	—			—			—			—			—			—			—			—			—			—			—			—			—

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-140

Property Name:	State:
Lexington	WA

	CY 2002			CY 2003			YTD July 2004 Ann.
Income Statement Data
Revenues
Private Room and Board	$	496		$	424		$	360
Private Care	—			—			118
Total Private Paid	496			424			478
Total State Paid	458			519			545
Other Revenue	14			9			5
Total Revenue	$	968		$	953		$	1,028
Expenses
Residence Payroll	$	415		$	450		$	425
Tenant Care	5			6			3
Maintenance	25			22			19
Kitchen	65			70			47
Housekeeping	5			5			3
Activities	2			2			0
Utilities	50			51			49
Insurance	19			15			14
Property Taxes	39			40			44
Advertising	5			6			3
Administrative	16			19			20
Bad Debt	9			8			(11		)
Petty Cash	3			2			1
Management Fees	48			48			51
Total Operating Expenses	$	707		$	742		$	666
EBITDAR	$	261		$	211		$	361
Margin	27.0		%	22.1		%	35.2		%
EBITDARM	$	309		$	258		$	413
Margin	32.0		%	27.1		%	40.2		%
Operating Data
Available Units	44			44			44
Number of Units Occupied (Net)	40			40			39
Average Occupancy	90.4		%	89.8		%	88.8		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,000		$	1,990		$	2,182
Avg Total Monthly Rate (in US$)	$	2,029		$	2,009		$	2,191
Avg Resident Occ. - Private	—			39.6		%	43.1		%
Avg Resident Occ. - Medicaid	—			60.4		%	56.9		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-141

	Actual
	Jan-04			Feb-04			Mar-04			Apr-04			May-04			Jun-04			Jul-04			YTD			TTM Ann.
Income Statement Data
Revenues
Private Room and Board	$	31		$	29		$	37		$	24		$	34		$	31		$	25		$	212		$	360
Private Care	10			10			13			8			12			9			8			71			118
Total Private Paid	41			39			50			32			46			40			34			282			478
Total State Paid	38			44			33			39			34			44			59			290			545
Other Revenue	0			3			0			3			0			1			0			7			5
Total Revenue	$	79		$	86		$	83		$	73		$	80		$	85		$	93		$	579		$	1,028
Expenses
Residence Payroll	$	34		$	32		$	36		$	32		$	39		$	32		$	35		$	240		$	425
Tenant Care	0			0			0			1			0			0			0			2			3
Maintenance	3			1			1			1			2			2			0			12			19
Kitchen	8			8			6			2			5			3			3			35			47
Housekeeping	0			1			0			1			0			0			0			3			3
Activities	0			0			0			0			0			0			0			0			0
Utilities	6			4			4			4			4			4			5			30			49
Insurance	1			1			1			1			1			1			1			8			14
Property Taxes	4			4			3			3			3			4			4			25			44
Advertising	0			0			0			0			0			0			0			2			3
Administrative	1			1			1			2			2			2			1			10			20
Bad Debt	(3		)	3			(1		)	0			(1		)	4			(6		)	(4		)	(11		)
Petty Cash	0			0			0			0			0			0			0			1			1
Management Fees	4			4			4			4			4			4			5			29			51
Total Operating Expenses	$	58		$	60		$	58		$	50		$	62		$	57		$	48		$	393		$	666
EBITDAR	$	21		$	27		$	25		$	23		$	18		$	27		$	45		$	186		$	361
Margin	26.7		%	31.0		%	29.8		%	31.4		%	22.3		%	32.4		%	48.7		%	32.1		%	35.2		%
EBITDARM	$	25		$	31		$	29		$	27		$	22		$	32		$	50		$	215		$	413
Margin	31.7		%	36.0		%	34.8		%	36.4		%	27.3		%	37.4		%	53.7		%	37.1		%	40.2		%
Operating Data
Available Units	44			44			44			44			44			44			44			44			44
Number of Units Occupied (Net)	38			40			39			37			37			40			41			39			39
Average Occupancy	87.1		%	91.7		%	88.2		%	83.6		%	83.4		%	90.5		%	92.7		%	88.1		%	88.8		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,064		$	2,079		$	2,133		$	1,922		$	2,166		$	2,100		$	2,275		$	2,108		$	2,182
Avg Total Monthly Rate (in US$)	$	2,068		$	2,142		$	2,133		$	1,998		$	2,170		$	2,125		$	2,275		$	2,132		$	2,191
Avg Resident Occ. - Private	47.9		%	49.8		%	49.3		%	49.1		%	49.7		%	44.5		%	35.7		%	46.5		%	43.1		%
Avg Resident Occ. - Medicaid	52.1		%	50.2		%	50.7		%	50.9		%	50.3		%	55.5		%	64.3		%	53.5		%	56.9		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-142

	Actual
	Jan-03			Feb-03			Mar-03			Apr-03			May-03			Jun-03			Jul-03			Aug-03			Sep-03			Oct-03			Nov-03			Dec-03			Total
Income Statement Data
Revenues
Private Room and Board	$	41		$	36		$	41		$	30		$	20		$	28		$	42		$	38		$	32		$	36		$	39		$	41		$	424
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	41			36			41			30			20			28			42			38			32			36			39			41			424
Total State Paid	38			32			40			59			55			75			17			47			44			39			38			34			519
Other Revenue	0			0			0			(0		)	0			1			1			2			0			1			3			1			9
Total Revenue	$	79		$	68		$	81		$	89		$	76		$	104		$	60		$	87		$	76		$	76		$	80		$	76		$	953
Expenses
Residence Payroll	$	41		$	35		$	37		$	42		$	40		$	39		$	38		$	34		$	37		$	35		$	37		$	34		$	450
Tenant Care	1			0			0			1			0			0			0			1			1			0			1			1			6
Maintenance	3			2			2			1			1			2			2			2			4			1			1			3			22
Kitchen	7			5			5			6			5			6			4			8			4			3			8			9			70
Housekeeping	1			0			0			1			0			0			0			0			0			0			1			0			5
Activities	0			0			0			0			0			0			0			0			0			0			0			0			2
Utilities	5			4			4			4			4			4			4			4			5			3			6			5			51
Insurance	1			1			1			1			1			1			2			1			1			1			1			1			15
Property Taxes	4			4			4			3			4			4			4			3			3			3			3			3			40
Advertising	0			0			0			0			1			1			1			1			0			1			0			1			6
Administrative	2			1			2			9			(2		)	1			1			1			1			1			1			1			19
Bad Debt	(2		)	(2		)	3			1			7			(7		)	2			1			3			0			1			1			8
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			2
Management Fees	4			3			4			4			4			5			3			4			4			4			4			4			48
Total Operating Expenses	$	67		$	55		$	64		$	74		$	64		$	55		$	60		$	60		$	64		$	54		$	63		$	63		$	742
EBITDAR	$	12		$	13		$	17		$	15		$	12		$	49		$	(1	)	$	27		$	13		$	22		$	17		$	13		$	211
Margin	15.4		%	18.9		%	21.5		%	17.4		%	15.4		%	47.0		%	-1.7		%	31.3		%	16.7		%	29.4		%	21.6		%	17.6		%	22.1		%
EBITDARM	$	16		$	16		$	22		$	20		$	15		$	54		$	2		$	32		$	17		$	26		$	21		$	17		$	258
Margin	20.4		%	23.9		%	26.5		%	22.4		%	20.4		%	52.0		%	3.3		%	36.3		%	21.7		%	34.4		%	26.6		%	22.6		%	27.1		%
Operating Data
Available Units	44			44			44			44			44			44			44			44			44			44			44			44			44
Number of Units Occupied (Net)	38			40			41			41			41			39			40			40			41			37			38			39			40
Average Occupancy	86.3		%	92.0		%	93.0		%	93.9		%	93.0		%	88.8		%	91.0		%	90.0		%	92.9		%	83.6		%	85.5		%	87.5		%	89.8		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,081		$	1,691		$	1,988		$	2,160		$	1,842		$	2,637		$	1,460		$	2,157		$	1,864		$	2,041		$	2,050		$	1,945		$	1,990
Avg Total Monthly Rate (in US$)	$	2,081		$	1,692		$	1,989		$	2,154		$	1,846		$	2,661		$	1,486		$	2,205		$	1,865		$	2,075		$	2,126		$	1,969		$	2,009
Avg Resident Occ. - Private	50.8		%	45.2		%	36.9		%	37.1		%	33.5		%	32.9		%	33.9		%	36.8		%	38.6		%	41.4		%	44.8		%	43.2		%	39.6		%
Avg Resident Occ. - Medicaid	49.2		%	54.8		%	63.1		%	62.9		%	66.5		%	67.1		%	66.1		%	63.2		%	61.4		%	58.6		%	55.2		%	56.8		%	60.4		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-143

	Actual
	Jan-02			Feb-02			Mar-02			Apr-02			May-02			Jun-02			Jul-02			Aug-02			Sep-02			Oct-02			Nov-02			Dec-02			Total
Income Statement Data
Revenues
Private Room and Board	$	41		$	43		$	37		$	41		$	38		$	41		$	42		$	42		$	33		$	50		$	41		$	46		$	496
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	41			43			37			41			38			41			42			42			33			50			41			46			496
Total State Paid	42			30			32			31			35			43			38			40			47			41			42			38			458
Other Revenue	0			0			1			(0		)	0			0			1			3			0			1			0			7			14
Total Revenue	$	83		$	73		$	70		$	72		$	73		$	84		$	82		$	84		$	81		$	92		$	83		$	91		$	968
Expenses
Residence Payroll	$	34		$	34		$	31		$	32		$	32		$	29		$	32		$	39		$	38		$	39		$	40		$	36		$	415
Tenant Care	1			0			0			0			0			0			0			1			1			0			0			1			5
Maintenance	2			1			4			3			(0		)	2			1			2			2			2			4			2			25
Kitchen	5			5			5			5			6			5			5			5			7			5			5			5			65
Housekeeping	0			0			0			1			1			0			0			1			1			0			0			1			5
Activities	0			0			0			0			0			0			0			0			0			0			0			0			2
Utilities	5			5			4			4			4			4			4			5			4			4			4			4			50
Insurance	1			2			2			2			2			2			2			2			2			2			2			2			19
Property Taxes	3			3			3			3			3			3			3			3			3			3			3			2			39
Advertising	0			0			1			0			0			0			0			1			0			0			1			1			5
Administrative	2			1			1			1			1			1			1			1			2			2			1			1			16
Bad Debt	(0		)	1			(0		)	(1		)	(0		)	0			0			1			0			1			4			4			9
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			3
Management Fees	4			4			3			4			4			4			4			4			4			5			4			5			48
Total Operating Expenses	$	59		$	56		$	55		$	55		$	53		$	51		$	54		$	65		$	64		$	63		$	69		$	64		$	707
EBITDAR	$	24		$	17		$	14		$	17		$	20		$	33		$	28		$	20		$	17		$	29		$	14		$	27		$	261
Margin	29.1		%	23.4		%	20.6		%	24.2		%	27.4		%	39.8		%	34.3		%	23.1		%	20.9		%	31.1		%	17.3		%	29.7		%	27.0		%
EBITDARM	$	28		$	21		$	18		$	21		$	24		$	38		$	32		$	24		$	21		$	33		$	19		$	32		$	309
Margin	34.1		%	28.4		%	25.6		%	29.2		%	32.4		%	44.8		%	39.3		%	28.1		%	25.9		%	36.1		%	22.3		%	34.7		%	32.0		%
Operating Data
Available Units	44			44			44			44			44			44			44			44			44			44			44			44			44
Number of Units Occupied (Net)	43			37			32			35			38			39			41			43			43			43			43			40			40
Average Occupancy	98.0		%	83.0		%	73.6		%	80.1		%	86.4		%	88.0		%	93.4		%	97.5		%	98.0		%	97.0		%	98.4		%	90.9		%	90.4		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	1,933		$	1,989		$	2,121		$	2,047		$	1,924		$	2,163		$	1,957		$	1,901		$	1,861		$	2,131		$	1,916		$	2,108		$	2,000
Avg Total Monthly Rate (in US$)	$	1,934		$	2,000		$	2,146		$	2,046		$	1,924		$	2,169		$	1,985		$	1,968		$	1,867		$	2,154		$	1,921		$	2,282		$	2,029
Avg Resident Occ. - Private	—			—			—			—			—			—			—			—			—			—			—			—			—
Avg Resident Occ. - Medicaid	—			—			—			—			—			—			—			—			—			—			—			—			—

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-144

Property Name:	State:
Pioneer	WA

	CY 2002			CY 2003			YTD July 2004 Ann.
Income Statement Data
Revenues
Private Room and Board	$	601		$	564		$	418
Private Care	—			—			200
Total Private Paid	601			564			618
Total State Paid	349			314			458
Other Revenue	11			9			19
Total Revenue	$	961		$	887		$	1,095
Expenses
Residence Payroll	$	367		$	384		$	395
Tenant Care	6			6			6
Maintenance	16			22			24
Kitchen	56			53			46
Housekeeping	7			4			7
Activities	2			1			1
Utilities	42			44			46
Insurance	16			14			13
Property Taxes	32			28			33
Advertising	4			7			4
Administrative	16			18			17
Bad Debt	3			8			(4		)
Petty Cash	1			1			2
Management Fees	48			44			55
Total Operating Expenses	$	616		$	633		$	644
EBITDAR	$	345		$	253		$	451
Margin	35.9		%	28.6		%	41.1		%
EBITDARM	$	393		$	298		$	505
Margin	40.9		%	33.6		%	46.1		%
Operating Data
Available Units	36			36			36
Number of Units Occupied (Net)	35			32			35
Average Occupancy	97.0		%	89.3		%	97.0		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,266		$	2,277		$	2,569
Avg Total Monthly Rate (in US$)	$	2,293		$	2,300		$	2,614
Avg Resident Occ. - Private	—			52.3		%	45.4		%
Avg Resident Occ. - Medicaid	—			47.7		%	54.6		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-145

	Actual
	Jan-04			Feb-04			Mar-04			Apr-04			May-04			Jun-04			Jul-04			YTD			TTM Ann.
Income Statement Data
Revenues
Private Room and Board	$	37		$	32		$	37		$	26		$	36		$	34		$	35		$	237		$	418
Private Care	15			13			16			14			17			17			16			108			200
Total Private Paid	52			45			53			40			53			51			51			345			618
Total State Paid	29			32			31			43			34			45			36			249			458
Other Revenue	1			0			0			1			1			2			1			7			19
Total Revenue	$	82		$	77		$	84		$	85		$	88		$	98		$	88		$	601		$	1,095
Expenses
Residence Payroll	$	30		$	31		$	34		$	32		$	34		$	31		$	34		$	225		$	395
Tenant Care	0			1			0			0			1			0			1			3			6
Maintenance	3			2			(2		)	1			3			2			1			10			24
Kitchen	6			5			5			4			5			3			4			31			46
Housekeeping	0			0			1			0			1			0			0			3			7
Activities	0			0			0			0			0			0			0			1			1
Utilities	5			4			4			5			4			4			4			28			46
Insurance	1			1			1			1			1			1			1			7			13
Property Taxes	3			3			2			2			2			3			3			19			33
Advertising	0			(0		)	0			0			0			0			0			2			4
Administrative	1			1			1			1			1			2			2			9			17
Bad Debt	0			(3		)	0			0			(1		)	1			(0		)	(3		)	(4		)
Petty Cash	0			0			0			0			0			0			0			1			2
Management Fees	4			4			4			4			4			5			4			30			55
Total Operating Expenses	$	53		$	49		$	51		$	51		$	56		$	52		$	53		$	366		$	644
EBITDAR	$	29		$	27		$	33		$	33		$	33		$	46		$	35		$	236		$	451
Margin	35.4		%	35.6		%	39.4		%	39.6		%	36.9		%	46.6		%	39.3		%	39.2		%	41.1		%
EBITDARM	$	33		$	31		$	37		$	38		$	37		$	50		$	39		$	266		$	505
Margin	40.4		%	40.6		%	44.4		%	44.6		%	41.9		%	51.6		%	44.3		%	44.2		%	46.1		%
Operating Data
Available Units	36			36			36			36			36			36			36			36			36
Number of Units Occupied (Net)	32			36			36			36			36			35			34			35			35
Average Occupancy	89.6		%	100.7		%	99.6		%	99.3		%	98.7		%	97.6		%	94.6		%	97.1		%	97.0		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,516		$	2,115		$	2,335		$	2,347		$	2,444		$	2,715		$	2,548		$	2,428		$	2,569
Avg Total Monthly Rate (in US$)	$	2,549		$	2,116		$	2,343		$	2,366		$	2,486		$	2,780		$	2,575		$	2,456		$	2,614
Avg Resident Occ. - Private	56.2		%	54.4		%	49.0		%	44.3		%	47.0		%	45.9		%	43.1		%	48.5		%	45.4		%
Avg Resident Occ. - Medicaid	43.8		%	45.6		%	51.0		%	55.7		%	53.0		%	54.1		%	56.9		%	51.5		%	54.6		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-146

	Actual
	Jan-03			Feb-03			Mar-03			Apr-03			May-03			Jun-03			Jul-03			Aug-03			Sep-03			Oct-03			Nov-03			Dec-03			Total
Income Statement Data
Revenues
Private Room and Board	$	50		$	52		$	54		$	55		$	42		$	42		$	41		$	46		$	40		$	46		$	53		$	44		$	564
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	50			52			54			55			42			42			41			46			40			46			53			44			564
Total State Paid	32			27			28			24			27			27			29			17			29			24			24			26			314
Other Revenue	0			2			1			0			1			1			0			2			3			(1		)	0			(0		)	9
Total Revenue	$	82		$	80		$	83		$	79		$	70		$	69		$	70		$	65		$	72		$	69		$	77		$	70		$	887
Expenses
Residence Payroll	$	34		$	32		$	34		$	32		$	31		$	34		$	36		$	33		$	30		$	29		$	28		$	31		$	384
Tenant Care	0			1			1			0			0			1			1			1			0			0			0			1			6
Maintenance	1			2			1			1			1			2			2			3			3			2			2			1			22
Kitchen	4			5			4			3			4			5			6			4			2			4			7			5			53
Housekeeping	0			0			0			0			0			0			1			0			0			0			0			0			4
Activities	(0		)	0			0			0			0			0			(0		)	0			0			0			0			0			1
Utilities	4			4			4			4			3			4			4			4			4			3			4			3			44
Insurance	1			1			1			1			2			1			1			1			1			1			1			1			14
Property Taxes	3			3			3			3			3			3			3			2			2			2			1			1			28
Advertising	1			1			0			0			0			1			1			0			0			1			0			1			7
Administrative	2			2			2			1			1			2			1			2			1			2			1			2			18
Bad Debt	(0		)	3			1			0			0			1			(1		)	(2		)	2			0			3			0			8
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			1
Management Fees	4			4			4			4			4			3			4			3			4			3			4			4			44
Total Operating Expenses	$	55		$	57		$	56		$	50		$	50		$	57		$	58		$	53		$	49		$	50		$	50		$	49		$	633
EBITDAR	$	27		$	23		$	27		$	29		$	20		$	12		$	12		$	13		$	22		$	19		$	27		$	21		$	253
Margin	33.0		%	28.6		%	32.7		%	37.2		%	28.9		%	17.6		%	17.5		%	19.3		%	31.1		%	27.7		%	34.7		%	30.6		%	28.6		%
EBITDARM	$	31		$	27		$	31		$	33		$	24		$	16		$	16		$	16		$	26		$	22		$	31		$	25		$	298
Margin	38.0		%	33.6		%	37.7		%	42.2		%	33.9		%	22.6		%	22.5		%	24.3		%	36.1		%	32.7		%	39.7		%	35.6		%	33.6		%
Operating Data
Available Units	36			36			36			36			36			36			36			36			36			36			36			36			36
Number of Units Occupied (Net)	36			37			34			33			31			31			30			30			31			30			32			31			32
Average Occupancy	100.0		%	101.5		%	95.2		%	91.7		%	85.8		%	86.3		%	82.7		%	82.8		%	86.2		%	84.1		%	87.8		%	87.1		%	89.3		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,271		$	2,153		$	2,389		$	2,391		$	2,245		$	2,204		$	2,359		$	2,101		$	2,222		$	2,309		$	2,425		$	2,249		$	2,277
Avg Total Monthly Rate (in US$)	$	2,279		$	2,201		$	2,418		$	2,396		$	2,274		$	2,230		$	2,359		$	2,185		$	2,309		$	2,274		$	2,436		$	2,238		$	2,300
Avg Resident Occ. - Private	49.5		%	53.8		%	54.1		%	50.2		%	49.3		%	48.9		%	51.8		%	48.1		%	56.0		%	55.3		%	56.4		%	54.2		%	52.3		%
Avg Resident Occ. - Medicaid	50.5		%	46.2		%	45.9		%	49.8		%	50.7		%	51.1		%	48.2		%	51.9		%	44.0		%	44.7		%	43.6		%	45.8		%	47.7		%

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-147

	Actual
	Jan-02			Feb-02			Mar-02			Apr-02			May-02			Jun-02			Jul-02			Aug-02			Sep-02			Oct-02			Nov-02			Dec-02			Total
Income Statement Data
Revenues
Private Room and Board	$	47		$	54		$	48		$	50		$	52		$	47		$	59		$	51		$	59		$	46		$	46		$	41		$	601
Private Care	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Private Paid	47			54			48			50			52			47			59			51			59			46			46			41			601
Total State Paid	28			25			28			32			33			30			29			22			27			32			28			35			349
Other Revenue	1			1			1			1			(0		)	1			1			0			0			3			1			3			11
Total Revenue	$	76		$	80		$	76		$	83		$	85		$	79		$	88		$	74		$	87		$	81		$	75		$	79		$	961
Expenses
Residence Payroll	$	28		$	28		$	31		$	30		$	32		$	30		$	32		$	31		$	30		$	33		$	32		$	30		$	367
Tenant Care	1			0			0			1			1			0			1			1			0			1			1			1			6
Maintenance	2			2			1			3			1			1			2			1			2			2			(0		)	1			16
Kitchen	5			5			4			5			5			5			5			5			5			5			5			4			56
Housekeeping	1			0			1			0			1			0			0			0			0			1			0			1			7
Activities	0			0			0			0			0			0			0			0			(0		)	0			0			0			2
Utilities	4			4			4			4			4			3			3			3			3			3			4			4			42
Insurance	1			1			1			1			1			1			1			1			1			1			1			1			16
Property Taxes	2			3			3			3			3			3			3			3			3			3			3			2			32
Advertising	0			0			0			0			0			0			0			1			0			0			0			1			4
Administrative	1			1			1			2			2			1			1			1			2			2			1			1			16
Bad Debt	0			5			0			(0		)	(0		)	2			(2		)	0			2			(4		)	2			(1		)	3
Petty Cash	0			0			0			0			0			0			0			0			0			0			0			0			1
Management Fees	4			4			4			4			4			4			4			4			4			4			4			4			48
Total Operating Expenses	$	49		$	54		$	51		$	53		$	52		$	51		$	51		$	51		$	54		$	50		$	52		$	48		$	616
EBITDAR	$	27		$	26		$	25		$	31		$	33		$	28		$	37		$	22		$	33		$	31		$	22		$	30		$	345
Margin	35.7		%	32.3		%	32.5		%	36.8		%	38.5		%	35.4		%	42.4		%	30.0		%	38.2		%	38.1		%	30.0		%	38.8		%	35.9		%
EBITDARM	$	31		$	30		$	29		$	35		$	37		$	32		$	42		$	26		$	37		$	35		$	26		$	34		$	393
Margin	40.7		%	37.3		%	37.5		%	41.8		%	43.5		%	40.4		%	47.4		%	35.0		%	43.2		%	43.1		%	35.0		%	43.8		%	40.9		%
Operating Data
Available Units	36			36			36			36			36			36			36			36			36			36			36			36			36
Number of Units Occupied (Net)	33			34			35			36			36			36			35			36			37			37			32			34			35
Average Occupancy	92.5		%	94.7		%	96.0		%	98.7		%	98.7		%	99.3		%	96.2		%	99.6		%	102.4		%	102.3		%	89.6		%	94.1		%	97.0		%
Avg Monthly Rate (excludes Other Rev.) (in US$)	$	2,249		$	2,321		$	2,180		$	2,317		$	2,387		$	2,178		$	2,536		$	2,049		$	2,348		$	2,113		$	2,282		$	2,240		$	2,266
Avg Total Monthly Rate (in US$)	$	2,268		$	2,338		$	2,200		$	2,342		$	2,387		$	2,198		$	2,553		$	2,051		$	2,353		$	2,196		$	2,322		$	2,319		$	2,293
Avg Resident Occ. - Private	—			—			—			—			—			—			—			—			—			—			—			—			—
Avg Resident Occ. - Medicaid	—			—			—			—			—			—			—			—			—			—			—			—			—

Note:

YTD = Year-to-date.

TTM Ann. = Trailing three months annualized.

A-148