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<SEC-DOCUMENT>0000908737-05-000313.txt : 20050503
<SEC-HEADER>0000908737-05-000313.hdr.sgml : 20050503
<ACCEPTANCE-DATETIME>20050503122542
ACCESSION NUMBER:		0000908737-05-000313
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20050503
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20050503
DATE AS OF CHANGE:		20050503

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SENIOR HOUSING PROPERTIES TRUST
		CENTRAL INDEX KEY:			0001075415
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				043445278
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15319
		FILM NUMBER:		05793825

	BUSINESS ADDRESS:	
		STREET 1:		400 CENTRE STREET
		CITY:			NEWTON
		STATE:			MA
		ZIP:			02458
		BUSINESS PHONE:		6173323990
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>snh8k_may03.htm
<TEXT>
<HTML>
<HEAD>
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     <!-- Control Number:                                                                  -->
     <!-- Rev Number:     1                                                                -->
     <!-- Client Name:    Senior Housing Properties Trust                                  -->
     <!-- Project Name:   8K - May 3, 2005                                                 -->
     <!-- Firm Name:                                                                       -->
     <TITLE>8K</TITLE>
</HEAD>
<BODY>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="4">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</FONT><BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE="3">WASHINGTON, D.C. 20549</FONT></H1>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>FORM 8-K</FONT></H1>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="3">CURRENT REPORT<BR>
PURSUANT TO SECTION 13 OR 15(d) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934 </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="3"><BR> </FONT></H1>


<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date
of Report (Date of earliest event reported): May 3, 2005</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<p ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="4"><B>SENIOR HOUSING PROPERTIES
TRUST </B></font></p>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" WIDTH="100%">

<TR VALIGN="TOP" ALIGN="CENTER">
     <TD width=33%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Maryland</B></font><BR><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(State of organization)</FONT></TD>
     <TD width=34%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>001-15319</B></font><BR><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(Commission file number)</FONT></TD>
     <TD width=33%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>04-3445278</B><BR></font><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(I.R.S. Employer Identification Number)</FONT></TD></TR>
</TABLE>
<BR>

<BR>
<!-- MARKER FORMAT-SHEET="Head Minor Center Bold" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>400 Centre Street,
Newton, Massachusetts 02458  </FONT></H1>

<BR>
<!-- MARKER FORMAT-SHEET="Head Minor Center Bold" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>617-796-8350 </FONT></H1>



<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check the appropriate box below if
the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions. </FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><img src="ballot.jpg">  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><img src="ballot.jpg"> </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><img src="ballot.jpg"> </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><img src="ballot.jpg"> </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </FONT></TD>
</TR>
</TABLE>
<BR>

<BR>
<HR SIZE=5 COLOR=GRAY NOSHADE>
<page>


<!-- MARKER FORMAT-SHEET="Head Left Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 2.02.&nbsp;&nbsp;RESULTS OF OPERATIONS AND FINANCIAL CONDITION.</B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On May 3, 2005, Senior Housing
Properties Trust, or the Company, issued a press release setting forth the Company&#146;s
results of operations and financial condition for the quarter ended March 31, 2005 and
also provided certain supplemental operating and financial data for the quarter ended
March 31, 2005. Copies of the Company&#146;s press release and supplemental operating and
financial data are furnished as Exhibits 99.1 and 99.2 hereto, respectively.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 9.01.&nbsp;&nbsp;FINANCIAL STATEMENTS AND EXHIBITS</B>. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;
          Exhibits. </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Company hereby furnishes the
following exhibits: </FONT></P>

 <!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Press release dated May 3, 2005.
</FONT></P>

 <!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Quarter 2005 Supplemental Operating and Financial Data.</FONT></P>


<BR>
<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>


<!-- MARKER FORMAT-SHEET="Head Minor Center Bold" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>SIGNATURES</B> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.  </FONT></P>


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" width="100%">
<TR VALIGN="TOP">
     <TD width="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD width="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
          <B>SENIOR HOUSING PROPERTIES TRUST</B><BR>
          <BR>
          <BR>
          By:<u> /s/ John R. Hoadley&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR>
          &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;John R. Hoadley<BR>
          &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;Treasurer and Chief Financial Officer
     </FONT></TD></TR>
</TABLE>

<BR>
<BR>
<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date: May 3, 2005</FONT></P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>ballot.jpg
<DESCRIPTION>GRAPHIC
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end
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>ex99-1.htm
<TEXT>
<HTML>
<HEAD>
     <!-- Created by EDGAR Ease Plus (EDGAR Ease+) -->
     <!-- Project:        O:\Edgar\SNH\8K\2005\2005-05-03\snh8k_may03.eep                  -->
     <!-- Control Number:                                                                  -->
     <!-- Rev Number:     1                                                                -->
     <!-- Client Name:    Senior Housing Properties Trust                                  -->
     <!-- Project Name:   8K - May 3, 2005                                                 -->
     <!-- Firm Name:                                                                       -->
     <TITLE>Exhibit 99.1</TITLE>
</HEAD>
<BODY>

<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>FOR IMMEDIATE RELEASE</B></FONT></TD>
     <TD WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Contact</U>:<BR>
     Timothy Bonang<BR>
     Manager of Investor Relations<BR>
     (617) 796-8149<BR>
     www.snhreit.com</FONT></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Senior Housing Properties Trust Announces
Financial Results for the Quarter Ended March 31, 2005</FONT></H1>

<HR ALIGN=center SIZE=1 NOSHADE>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Newton, MA</U> (May 3, 2005):
Senior Housing Properties Trust (NYSE: SNH) today announced its financial results for the
quarter ended March 31, 2005.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><i>Results for the
quarter ended March 31, 2005:</i></B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net income was $13.9 million, or
$0.20 per share, for the quarter ended March 31, 2005, compared to $13.3 million, or
$0.21 per share, for the same quarter last year.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Funds from operations (FFO) for the
quarter ended March 31, 2005 were $25.4 million, or $0.37 per share. This compares to FFO
for the quarter ended March 31, 2004 of $23.7 million, or $0.38 per share.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The weighted average number of
common shares outstanding totaled 68,495,909 and 62,354,437 for the quarters ended March
31, 2005 and 2004, respectively.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><i>Conference Call:</i></B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On Tuesday, May 3, 2005, at 1:00
p.m. EDT, David J. Hegarty, President, and John R. Hoadley, Chief Financial Officer, will
host a conference call to discuss the results for the quarter ended March 31, 2005. The
conference call telephone number is (800) 289-0493. Participants calling from outside the
United States and Canada should dial (913) 981-5510. No pass code is necessary to access
the call from either number. Participants should dial in about 15 minutes prior to the
scheduled start of the call. A replay of the conference call will be available through
May 12, 2005. To hear the replay, dial (719) 457-0820. The replay pass code is 8807413.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A live audio webcast of the
conference call will also be available in listen-only mode on SNH&#146;s web site.
Participants wanting to access the webcast should visit the web site about five minutes
before the call. The archived webcast will be available for replay on SNH&#146;s web site
for about one week after the call.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Senior Housing Properties Trust is a
real estate investment trust, or REIT, that owns 181 senior living properties located in
32 states. SNH is headquartered in Newton, Massachusetts.  </FONT></P>


<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>


<!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Senior Housing Properties Trust<BR>
Financial Information</b><BR>
(In thousands, except per share data)  </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Income Statement:</B></FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=70%>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=CENTER colspan=2><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Quarter Ended March 31,</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>2005</U> </FONT></TD>
     <TD  ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>2004</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Revenues:</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Rental income(1)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$38,888&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$34,829&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Interest and other income(2)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>339&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,714&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=black SIZE=1 width="95%"></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=black SIZE=1 width="95%"></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39,227&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36,543&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=black SIZE=1 width="95%"></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=black SIZE=1 width="95%"></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Expenses:</FONT></TD>
     <td></td>
     <td></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Interest</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,223&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,370&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Depreciation</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,746&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,585&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;General and administrative(1)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,393&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,319&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=black SIZE=1 width="95%"></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=black SIZE=1 width="95%"></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Total expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25,362&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23,274&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=black SIZE=1 width="95%"></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=black SIZE=1 width="95%"></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$13,865&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$13,269&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=black SIZE=2 width="95%"></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=black SIZE=2 width="95%"></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Weighted average shares outstanding</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>68,496&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>62,354&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=black SIZE=2 width="95%"></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=black SIZE=2 width="95%"></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Net income per share</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$0.20&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$0.21&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=black SIZE=2 width="95%"></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=black SIZE=2 width="95%"></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Head Left Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Balance Sheet: </B></FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=70%>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At March 31, 2005</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At December 31, 2004</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=black SIZE=1 width="95%"></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=black SIZE=1 width="95%"></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=60% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Assets</U> </FONT></TD>
     <TD WIDTH=20% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=20% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Real estate properties</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1,604,693&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1,600,952&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Less accumulated depreciation</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>209,978&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>199,232&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=black SIZE=1 width="95%"></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=black SIZE=1 width="95%"></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,394,715&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,401,720&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cash and cash equivalents</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,564&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,409&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Restricted cash</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,527&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,176&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Deferred financing fees, net</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,885&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,367&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other assets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23,157&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27,058&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=black SIZE=1 width="95%"></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=black SIZE=1 width="95%"></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total assets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1,436,848&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1,447,730&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=black SIZE=2 width="95%"></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=black SIZE=2 width="95%"></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Liabilities and Shareholders' Equity</U> </FONT></TD>
     <td></td>
     <td></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Unsecured revolving bank credit facility</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$38,000&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$37,000&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Senior unsecured notes, net of discount</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>393,816&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>393,775&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Junior subordinated debentures due 2041</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28,241&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28,241&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Secured debt and capital leases</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>75,691&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>76,162&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=black SIZE=1 width="95%"></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=black SIZE=1 width="95%"></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total debt</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>535,748&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>535,178&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other liabilities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19,408&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21,885&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=black SIZE=1 width="95%"></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=black SIZE=1 width="95%"></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total liabilities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>555,156&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>557,063&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Shareholders' equity</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>881,692&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>890,667&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=black SIZE=1 width="95%"></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=black SIZE=1 width="95%"></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total liabilities and shareholders' equity</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1,436,848&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1,447,730&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=black SIZE=2 width="95%"></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=black SIZE=2 width="95%"></TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang " FSL="Default" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Rental income for the quarter ended March 31, 2005, includes $2.2 million of
          income from two hospitals operated by HealthSouth Corporation, or HealthSouth.
          Effective January 2, 2002, we entered an amended lease with HealthSouth for two
          hospitals. In April 2003, we commenced a lawsuit against HealthSouth seeking,
          among other matters, to reform the amended lease based upon HealthSouth&#146;s
          fraud by increasing the rent payable to us from the date of amendment forward.
          This litigation is pending at this time. On October 26, 2004, we terminated the
          amended lease for default because HealthSouth failed to deliver to us accurate
          and timely financial information as required by the amended lease. On November
          2, 2004, HealthSouth brought a new lawsuit against us seeking to prevent our
          termination of the amended lease. On November 9, 2004, after a hearing, the
          court denied HealthSouth&#146;s request for a preliminary injunction to prevent
          the lease termination. We are currently seeking an expedited judicial
          determination that the lease termination was valid and we are pursuing damages
          against HealthSouth in the lawsuit which we brought in 2003. We have also begun
          work to identify and qualify a new tenant operator for the hospitals. Our lease
          with HealthSouth requires that, after termination, HealthSouth manage the
          hospitals for our account for a management fee during the period of the
          transition to a new tenant and remit the net cash flow to us. During the
          pendency of these disputes, HealthSouth has continued to pay us at the disputed
          rent amount and we have applied the payments received against the net cash flow
          due, but we do not know how long HealthSouth may continue to make payments.
          Legal expenses related to this matter were approximately $400,000 and
          $50,000, respectively, in the quarters ended March 31, 2005 and 2004, and are
          included in general and administrative expenses. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Included in Other Income for the quarter ended March 31, 2004 is $1.25 million
          received in a settlement of litigation with Marriott International, Inc. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>


<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>


<!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Senior Housing Properties Trust<BR>
Funds From Operations</b><BR>
(In thousands, except per share data)  </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Calculation of Funds From
Operations (FFO) <SUP>(1)</SUP>:</B> </FONT> </P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=70%>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=center colspan=2><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Quarter Ended March 31,</U> </FONT></td></TR>
<TR VALIGN=Bottom>
     <TD width="70%" ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD width="15%" ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>2005</U></FONT></TD>
     <TD width="15%" ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>2004</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net Income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$13,865&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$13,269&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Add: Depreciation expense</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,746&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,585&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred percentage rent(2)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>815&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>840&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=black SIZE=1 width="95%"></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=black SIZE=1 width="95%"></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FFO</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$25,426&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$23,694&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=black SIZE=2 width="95%"></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=black SIZE=2 width="95%"></TD></TR>
<tr><td colspan=3>&nbsp;</td></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Weighted average shares outstanding</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>68,496&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>62,354&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=black SIZE=2 width="95%"></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=black SIZE=2 width="95%"></TD></TR>
<tr><td colspan=3>&nbsp;</td></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FFO per share</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$0.37&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$0.38&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=black SIZE=2 width="95%"></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=black SIZE=2 width="95%"></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Distributions declared</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$0.32&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$0.31&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=black SIZE=2 width="95%"></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=black SIZE=2 width="95%"></TD></TR>
</TABLE>
<BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          We compute FFO as shown in the calculation above. Our calculation of FFO differs
          from the NAREIT definition of FFO because we include deferred percentage rent in
          FFO as discussed in Note 2 below. We consider FFO to be an appropriate measure
          of performance for a real estate investment trust, or REIT, along with net
          income and cash flow from operating, investing and financing activities. We
          believe that FFO provides useful information to investors because by excluding
          the effects of certain historical costs, such as depreciation expense and gain
          or loss on sale of properties, FFO can facilitate comparison of current
          operating performance among REITs. FFO does not represent cash generated by
          operating activities in accordance with generally accepted accounting
          principles, or GAAP, and should not be considered an alternative to net income
          or cash flow from operating activities as a measure of financial performance or
          liquidity. FFO is one important factor considered by our board of trustees in
          determining the amount of distributions to shareholders. Other important factors
          include, but are not limited to, requirements to maintain our status as a REIT,
          limitations in our revolving bank credit facility and public debt covenants, the
          availability of debt and equity capital to us and our expectation of our future
          performance. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          We recognize percentage rental income received during the first, second and
          third quarters in the fourth quarter. Although recognition of revenue is
          deferred until the fourth quarter for purposes of calculating net income, the
          calculation of FFO for the first three quarters includes estimated amounts with
          respect to those periods. The fourth quarter FFO calculation excludes the
          amounts recognized during the first three quarters. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<div align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>WARNING REGARDING FORWARD LOOKING STATEMENTS</B></U></font></div>
<div><FONT FACE="Times New Roman, Times, Serif" SIZE="2">THE FOREGOING PRESS RELEASE CONTAINS
FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM
ACT OF 1995 AND FEDERAL SECURITIES LAWS. THESE STATEMENTS REPRESENT OUR PRESENT BELIEFS
AND EXPECTATIONS BUT THEY MAY NOT OCCUR FOR VARIOUS REASONS. FOR EXAMPLE, AS NOTED ABOVE,
WE ARE CURRENTLY INVOLVED IN LITIGATION WITH HEALTHSOUTH. WE HAVE SENT HEALTHSOUTH A
LEASE TERMINATION NOTICE AND HEALTHSOUTH HAS DISPUTED THE LEASE TERMINATION AND HAS
CONTINUED TO PAY US AT A DISPUTED RENT AMOUNT. WE CANNOT PREDICT HOW OR WHEN OUR DISPUTES
WITH HEALTHSOUTH WILL BE RESOLVED. DISCOVERY DURING LAWSUITS OR DECISIONS BY COURTS MAY
CREATE RESULTS THAT ARE DIFFERENT FROM ANY IMPLICATIONS HEREIN. YOU SHOULD NOT PLACE
UNDUE RELIANCE UPON FORWARD LOOKING STATEMENTS. </FONT> </div>

<!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(End) </FONT></P>


<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-5-</FONT></P>
<HR SIZE=5 COLOR=GRAY NOSHADE>





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<SEQUENCE>4
<FILENAME>ex99-2.txt
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                               [GRAPHIC OMITTED]

                        SENIOR HOUSING PROPERTIES TRUST

                               First Quarter 2005
                   Supplemental Operating and Financial Data











            All amounts in this report are unaudited, except for the
                 December 31, 2004 Consolidated Balance Sheet.


<PAGE>

                          TABLE OF CONTENTS

                                                                Page

CORPORATE INFORMATION

   Company Profile                                                5
   Investor Information                                           6
   Research Coverage                                              7

FINANCIAL INFORMATION

   Key Financial Data                                             9
   Consolidated Balance Sheet                                    10
   Consolidated Statement of Income                              11
   Consolidated Statement of Cash Flows                          12
   Calculation of EBITDA                                         13
   Calculation of Funds from Operations (FFO)                    14
   Debt Summary                                                  15
   Debt Maturity Schedule                                        16
   Leverage Ratios, Coverage Ratios and Public Debt Covenants    17
   Acquisitions Information                                      18
   Financing Activities                                          19

PORTFOLIO INFORMATION

   Portfolio Summary by Facility Type and Tenant                 21
   Occupancy by Facility Type and Tenant                         22
   % Private Pay by Facility Type and Tenant                     23
   Rent Coverage by Tenant                                       24
   Portfolio Lease Expiration Schedule                           25

                                       2

<PAGE>


                  WARNING REGARDING FORWARD LOOKING STATEMENTS

CERTAIN STATEMENTS  CONTAINED IN THIS SUPPLEMENTAL  OPERATING AND FINANCIAL DATA
REPORT FOR THE  QUARTER  ENDED MARCH 31,  2005 ARE  FORWARD  LOOKING  STATEMENTS
WITHIN THE MEANING OF THE PRIVATE  SECURITIES  LITIGATION REFORM ACT OF 1995 AND
FEDERAL  SECURITIES  LAWS.  THESE FORWARD LOOKING  STATEMENTS ARE BASED UPON OUR
PRESENT BELIEFS AND  EXPECTATIONS,  BUT THEY ARE NOT GUARANTEED TO OCCUR AND MAY
NOT OCCUR.  ACTUAL  RESULTS MAY DIFFER  MATERIALLY  FROM THOSE  CONTAINED  IN OR
IMPLIED BY OUR FORWARD LOOKING  STATEMENTS AS A RESULT OF VARIOUS FACTORS.  SUCH
FACTORS INCLUDE, WITHOUT LIMITATION, CHANGES IN MEDICARE OR MEDICAID RATES WHICH
MAY AFFECT SOME OF OUR  TENANTS'  ABILITIES TO PAY RENTS DUE TO US. IN ADDITION,
WE  ARE  CURRENTLY  INVOLVED  IN  LITIGATION  WITH  HEALTHSOUTH.  WE  HAVE  SENT
HEALTHSOUTH A LEASE  TERMINATION  NOTICE AND  HEALTHSOUTH HAS DISPUTED THE LEASE
TERMINATION  AND  CONTINUED  TO PAY US  MONTHLY  AMOUNTS  EQUAL TO THE  DISPUTED
AMOUNTS  DUE UNDER THE  TERMINATED  LEASE.  WE  CANNOT  PREDICT  HOW OR WHEN OUR
DISPUTES  WITH  HEALTHSOUTH  WILL BE  RESOLVED.  DISCOVERY  DURING  LAWSUITS  OR
DECISIONS BY COURTS MAY CREATE RESULTS THAT ARE DIFFERENT FROM ANY  IMPLICATIONS
HEREIN.  YOU SHOULD NOT PLACE UNDUE  RELIANCE UPON FORWARD  LOOKING  STATEMENTS.
EXCEPT AS MAY BE REQUIRED BY  APPLICABLE  LAW, WE DO NOT INTEND TO IMPLY THAT WE
WILL  RELEASE  PUBLICLY  THE  RESULT  OF ANY  REVISION  TO THE  FORWARD  LOOKING
STATEMENTS TO REFLECT THE FUTURE OCCURRENCE OF PRESENTLY UNANTICIPATED EVENTS.


<PAGE>

                             CORPORATE INFORMATION



















<PAGE>

                        Senior Housing Properties Trust
                   Supplemental Operating and Financial Data
                                 March 31, 2005

                                 COMPANY PROFILE
- --------------------------------------------------------------------------------
The Company:
Senior Housing  Properties  Trust is a real estate  investment  trust,  or REIT,
which  owns  independent  and  assisted  living   properties,   continuing  care
retirement  communities and nursing homes located  throughout the United States.
All of our  properties  are triple net leased,  meaning that each tenant pays us
rent, but remains responsible to pay all operating costs,  taxes,  insurance and
maintenance  costs that arise from the use of our property.  Our 181  properties
are leased to eleven  tenants  under 12 leases.  We are  included in a number of
stock indices,  including the Russell 2000(R), the Morgan Stanley REIT Index and
the S&P REIT Composite Index.

Management:
Senior  Housing  Properties  Trust is managed by Reit  Management & Research LLC
(RMR). RMR was founded in 1986 to manage public  investments in real estate.  As
of March 31,  2005,  RMR oversaw one of the  largest  portfolios  of public real
estate  in  the  United  States,  including  more  than  850  properties,   with
approximately  81 million  square feet,  located in 42 states,  Washington,  DC,
Puerto  Rico  and  Ontario,   Canada.  RMR  has  almost  400  employees  in  its
headquarters and regional offices located throughout the country. In addition to
managing SNH, RMR and its affiliates also manage  Hospitality  Properties  Trust
(HPT), a publicly traded REIT that owns hotels,  HRPT Properties  Trust (HRP), a
publicly  traded  REIT that  primarily  owns and  leases  office  buildings  and
industrial  properties and three mutual funds which invest in unaffiliated  real
estate  companies.  The three REITs  managed by RMR had  combined  total  market
capitalization  of  approximately  $11 billion as of March 31, 2005.  We believe
that  being  managed  by RMR is a  competitive  advantage  for SNH  because  RMR
provides SNH with a depth of management and experience which may be unequaled in
the real estate  industry.  We also  believe  RMR is able to provide  management
services  to SNH at costs that are lower than SNH would have to pay for  similar
quality services.

Strategy:
Our present business plan is to maintain an investment  portfolio of independent
living  properties,  assisted living properties and nursing homes and to acquire
additional  senior  living  properties  primary for income and  secondarily  for
appreciation  potential.  Our current  growth  strategy is generally  focused on
making portfolio acquisitions of geographically  diverse,  primarily independent
and assisted  senior living  properties  where the majority of the residents pay
for occupancy and services from private resources rather than through government
programs.  We base our  acquisition  decisions on the  historical  and projected
operating  results of the target  properties  and the financial  strength of the
proposed tenants and their guarantors,  among other considerations.  Our present
financial strategy is to maintain a conservative  capital structure which limits
the  amount  of debt  that we  issue.  We do not have any  investments  in joint
ventures or  partnerships.  Also, the majority of our debt is fixed rate, and we
have no significant debt maturities until 2012.

Stock Exchange Listing:                 Corporate Headquarters:
New York Stock Exchange                 400 Centre Street
                                        Newton, MA 02458
Trading Symbol:                         (t) (617) 796-8350
                                        (f) (617) 796-8349
Common Shares -- SNH

Senior Unsecured Debt Ratings:

Moody's -- Ba2
Standard & Poor's -- BB+

Portfolio Data as of 3/31/05:

Total properties                                 181
Total units / beds                            22,546
Percent of rent from private pay properties    83.7% (1)

Portfolio Concentration as of 3/31/05 (by facility type):
<TABLE>
<CAPTION>
                               Number of       Number of      Carrying Value                  Annualized
                               Properties      Units/Beds    of Investment (2)    Percent    Current Rent       Percent
                               ----------------------------------------------------------------------------------------
<S>                                   <C>         <C>         <C>                  <C>          <C>              <C>
Independent Living (IL) (3)            36          10,412     $   902,306           56.2%       $  90,612         57.0%
Assisted Living (AL)                   81           5,337         438,082           27.3%          42,452         26.7%
Nursing Homes                          62           6,433         220,752           13.8%          17,119         10.8%
Hospitals                               2             364          43,553            2.7%           8,700          5.5%
                               ----------------------------------------------------------------------------------------
Total                                 181          22,546     $ 1,604,693          100.0%       $ 158,883        100.0%
                               ========================================================================================
</TABLE>

Operating Statistics for Q1 2005 (by tenant):
<TABLE>
<CAPTION>
                               Number of       Number of      Annualized        Rent                          Percent
Tenant                         Properties      Units/Beds    Current Rent    Coverage (4)   Occupancy (4) Private Pay (4)
- -------------------------------------------------------------------------------------------------------------------------
<S>                                   <C>          <C>          <C>                 <C>               <C>          <C>
Five Star / Sunrise (5)                31           7,307       $  64,206           1.14x             92%           85%
Five Star                              98           7,731          32,005           1.63x             87%           41%
Sunrise / Marriott (6)                 14           4,091          31,197           1.25x             90%           80%
New Seasons / IBC (7)                  10           1,019           9,287           1.11x             79%          100%
HealthSouth (8)                         2             364           8,700              NA              NA            NA
Alterra Healthcare Corporation         18             894           7,136           1.63x             84%           98%
Genesis HealthCare Corporation          1             156           1,522           1.71x             96%           23%
5 Private Companies (combined)          7             984           4,830           1.87x             87%           24%
                               ------------------------------------------
                                      181          22,546       $ 158,883
                               ==========================================

<FN>
(1)  Represents  the  percentage  of SNH's  rental  income that is derived  from
     properties  where the  underlying  operating  revenues are greater than 80%
     private pay.
(2)  Amounts are before depreciation, but after impairment write downs.
(3)  Properties  where the majority of units are independent  living  apartments
     are classified as independent living communities.
(4)  All tenant  operating data  presented are based upon the operating  results
     provided by our tenants for the indicated periods, or the most recent prior
     period for which  tenant  operating  results are  available  to us from our
     tenants.  Rent  coverage  is  calculated  as  operating  cash flow from our
     tenants'  facility  operations,  before  subordinated  charges  and capital
     expenditure  reserves,   divided  by  rent  payable  to  us.  We  have  not
     independently verified our tenants' operating data.
(5)  These 31 properties  leased to Five Star Quality Care,  Inc., or Five Star,
     are managed by Sunrise  Senior Living,  Inc., or Sunrise.  Sunrise does not
     guaranty Five Star's lease obligations.
(6)  Marriott International,  Inc., or Marriott,  guarantees the lease for these
     14 properties leased to Sunrise.
(7)  Independence Blue Cross, or IBC, a Pennsylvania health insurer,  guarantees
     the  lease  for the 10  properties  leased to  NewSeasons  Assisted  Living
     Communities, Inc., or NewSeasons.
(8)  During 2003, HealthSouth issued a press release stating that its historical
     financial  information  should  not be  relied  upon.  Since  that time and
     through  the  date of  this  report,  HealthSouth  has  not  filed  audited
     financial  information  with  the  SEC.  Because  we have  reason  to doubt
     whatever  information  we have  from  HealthSouth  we do not  disclose  any
     operating  data for this tenant.  See also Note 2 on page 21 regarding  our
     litigation with HealthSouth.
</FN>
</TABLE>

                                       5

<PAGE>


                        Senior Housing Properties Trust
                   Supplemental Operating and Financial Data
                              Contact Information
                                 March 31, 2005

                              INVESTOR INFORMATION
- --------------------------------------------------------------------------------


                               Board of Trustees
- --------------------------------------------------------------------------------

Barry M. Portnoy                       Gerard M. Martin
Managing Trustee                       Managing Trustee


Frank J. Bailey                        Frederick N. Zeytoonjian
Independent Trustee                    Independent Trustee


John L. Harrington
Independent Trustee


                               Senior Management
- --------------------------------------------------------------------------------
David J. Hegarty                       John R. Hoadley
President, Chief Operating Officer     Treasurer and Chief Financial Officer
and Secretary


                              Contact Information
- --------------------------------------------------------------------------------
Investor Relations                     Inquiries
Senior Housing Properties Trust        Financial inquiries should be directed to
400 Centre Street                      John R. Hoadley, Treasurer and Chief
Newton, MA 02458                       Financial Officer, at (617) 796-8350 or
(t) (617) 796-8350                     jhoadley@reitmr.com.
(f) (617) 796-8349
(email) info@snhreit.com               Investor and media inquiries should be
(website) www.snhreit.com              directed to Timothy A. Bonang, Manager of
                                       Investor Relations, at (617) 796-8149 or
                                       tbonang@reitmr.com.


                                        6
<PAGE>


                        Senior Housing Properties Trust
                   Supplemental Operating and Financial Data
                                 March 31, 2005

                               RESEARCH COVERAGE
- --------------------------------------------------------------------------------
                            Equity Research Coverage
- --------------------------------------------------------------------------------

A.G. Edwards & Sons                     RBC Capital Markets
John Sheehan                            Jay Leupp
(314) 955-5834                          (415) 633-8588

Legg Mason                              Stifel, Nicolaus
Jerry Doctrow                           Phillip Martin
(410) 454-5142                          (312) 832-2756

Merrill Lynch                           UBS
David Tsoupros                          Christopher Pike
(212) 449-9697                          (212) 713-2087

Raymond James                           Wachovia Securities
Paul Puryear                            Stephen Swett
(727) 573-3800                          (212) 909-0954

                             Debt Research Coverage
- --------------------------------------------------------------------------------
UBS                                     Wachovia Securities
Ray Garson                              Dan Sullivan
(203) 719-6415                          (704) 383-6441

                                Rating Agencies
- --------------------------------------------------------------------------------
Moody's Investor Service                Standard and Poor's
Karen Nickerson                         George Skoufis
(212) 553-4924                          (212) 438-2608




SNH is  followed  by the  analysts  and its  publicly  held debt is rated by the
rating  agencies  listed  above.  Please note that any  opinions,  estimates  or
forecasts  regarding SNH's performance made by these analysts or agencies do not
represent opinions,  forecasts or predictions of SNH or its management. SNH does
not by its reference  above imply its  endorsement  of or  concurrence  with any
information, conclusions or recommendations provided by any of these analysts or
agencies.

                                       7
<PAGE>


                             FINANCIAL INFORMATION













<PAGE>


                        Senior Housing Properties Trust
                   Supplemental Operating and Financial Data

                               KEY FINANCIAL DATA
- --------------------------------------------------------------------------------
        (share amounts and dollars in thousands, except per share data)

<TABLE>
<CAPTION>
                                                                   As of and For the Three Months Ended
                                                   -------------------------------------------------------------------
                                                     3/31/2005    12/31/2004     9/30/2004     6/30/2004     3/31/2004
                                                   -----------   -----------   -----------   -----------   -----------
<S>                                                <C>           <C>           <C>           <C>           <C>
Shares Outstanding:
Common shares outstanding (at end of period)            68,496        68,496        63,496        63,472        63,469
Weighted average common shares outstanding -
  basic and diluted (1)                                 68,496        64,311        63,477        63,471        62,354

Common Share Data:
Price at end of period                             $     16.68   $     18.94   $     17.82   $     16.79   $     19.50
High during period                                 $     19.10   $     20.34   $     18.24   $     20.05   $     19.55
Low during period                                        16.20   $     17.85   $     16.10   $     13.50   $     17.00
Annualized dividends paid per share                       1.28   $      1.28   $      1.28   $      1.24   $      1.24
Annualized dividend yield (at end of period)              7.7%          6.8%          7.2%          7.4%          6.4%

Market Capitalization:
Total debt (book value)                                535,748   $   535,178   $   478,274   $   481,433   $   487,518
Plus: market value of common shares
  (at end of period)                                 1,142,513     1,297,314     1,131,499     1,065,695     1,237,646
                                                   -----------   -----------   -----------   -----------   -----------
Total market capitalization                        $ 1,678,261   $ 1,832,492   $ 1,609,773   $ 1,547,128   $ 1,725,164
Total debt / total market capitalization                 31.9%         29.2%         29.7%         31.1%         28.3%

Book Capitalization:
Total debt                                         $   535,748   $   535,178   $   478,274   $   481,433   $   487,518
Plus: total shareholders' equity                       881,692       890,667       798,536       803,791       810,390
                                                   -----------   -----------   -----------   -----------   -----------
Total book capitalization                          $ 1,417,440   $ 1,425,845   $ 1,276,810   $ 1,285,224   $ 1,297,908
Total debt / total book capitalization                   37.8%         37.5%         37.5%         37.5%         37.6%

Selected Balance Sheet Data:
Total assets                                       $ 1,436,848   $ 1,447,730   $ 1,300,173   $ 1,308,287   $ 1,318,804
Total liabilities                                  $   555,156   $   557,063   $   501,637   $   504,496   $   508,414
Gross book value of real estate assets (2)         $ 1,604,693   $ 1,600,952   $ 1,447,874   $ 1,445,713   $ 1,442,707
Total debt / gross book value of real estate             33.4%         33.4%         33.0%         33.3%         33.8%

Selected Income Statement Data:
Total revenues                                     $    39,227   $    40,730   $    35,744   $    35,506   $    36,543
EBITDA (3)                                         $    36,649   $    35,316   $    33,722   $    33,558   $    34,064
Net income                                         $    13,865   $    16,513   $    12,919   $    14,041   $    13,269
Funds from operations (FFO) (4)                    $    25,426   $    24,390   $    23,437   $    23,303   $    23,694
Common distributions paid                          $    21,919   $    21,919   $    20,319   $    19,676   $    19,675

Per Share Data:
Net income                                         $      0.20   $      0.26   $      0.20   $      0.22   $      0.21
FFO                                                $      0.37   $      0.38   $      0.37   $      0.37   $      0.38
Common distributions paid                          $      0.32   $      0.32   $      0.32   $      0.31   $      0.31
FFO payout ratio                                         86.2%         89.9%         86.7%         84.4%         83.0%

Coverage Ratios:
EBITDA (3) / interest expense                             3.3x          3.2x          3.3x          3.3x          3.3x

<FN>
     (1)  SNH has no  outstanding  common  share  equivalents,  such  as  units,
          convertible debt or stock options.
     (2)  Gross book value of real estate assets is real estate  properties,  at
          cost,  after  impairment   write  downs,   including   purchase  price
          allocations relating to FAS 141.
     (3)  See page 13 for calculation of EBITDA.
     (4)  See page 14 for calculation of FFO.
</FN>
</TABLE>

                                       9
<PAGE>


                         Senior Housing Properties Trust
                   Supplemental Operating and Financial Data
                                 March 31, 2005

                           CONSOLIDATED BALANCE SHEET
- --------------------------------------------------------------------------------
                       (in thousands, except share data)

                                                      As of         As of
                                                    March 31,    December 31,
                                                      2005          2004
                                                   -----------   -----------
                                                                  (audited)
ASSETS
   Real estate properties, at cost:
      Land                                         $   178,357   $   178,353
      Buildings and improvements                     1,426,336     1,422,599
                                                   -----------   -----------
                                                     1,604,693     1,600,952
      Less accumulated depreciation                    209,978       199,232
                                                   -----------   -----------
                                                     1,394,715     1,401,720
   Cash and cash equivalents                             3,564         3,409
   Restricted cash                                       6,527         6,176
   Deferred financing fees, net                          8,885         9,367
   Other assets                                         23,157        27,058
                                                   -----------   -----------
   Total assets                                    $ 1,436,848   $ 1,447,730
                                                   ===========   ===========

LIABILITIES AND SHAREHOLDERS' EQUITY
   Unsecured revolving bank credit facility        $    38,000   $    37,000
   Senior unsecured notes due 2012 and 2015,
      net of discount                                  393,816       393,775
   Junior subordinated debentures due 2041              28,241        28,241
   Secured debt and capital leases                      75,691        76,162
   Accrued interest                                     10,582        12,519
   Other liabilities                                     8,826         9,366
                                                   -----------   -----------
   Total liabilities                                   555,156       557,063
                                                   -----------   -----------

   Commitments and contingencies

   Shareholders' equity:
      Common shares of beneficial interest, $0.01
         par value:
      80,000,000 shares authorized; 68,495,908
         shares issued and outstanding                     685           685
      Additional paid-in capital                     1,034,686     1,034,686
      Cumulative net income                            222,356       208,491
      Cumulative distributions                        (381,486)     (359,567)
      Unrealized gain on investments                     5,451         6,372
                                                   -----------   -----------
         Total shareholders' equity                    881,692       890,667
                                                   -----------   -----------
   Total liabilities and shareholders' equity      $ 1,436,848   $ 1,447,730
                                                   ===========   ===========

                                       10
<PAGE>


                        Senior Housing Properties Trust
                   Supplemental Operating and Financial Data
                                 March 31, 2005

                        CONSOLIDATED STATEMENT OF INCOME
- --------------------------------------------------------------------------------
                     (in thousands, except per share data)


                                                   For the Three Months Ended
                                                   -------------------------
                                                    3/31/2005     3/31/2004
                                                   -----------   -----------
Revenues:
   Rental income (1)                               $    38,888   $    34,829
   Interest and other income (2)                           339         1,714
                                                   -----------   -----------
      Total revenues                                    39,227        36,543
                                                   -----------   -----------

Expenses:
   Interest                                             11,223        10,370
   Depreciation                                         10,746         9,585
   General and administrative (1)                        3,393         3,319
                                                   -----------   -----------
      Total expenses                                    25,362        23,274
                                                   -----------   -----------
Net income                                         $    13,865   $    13,269
                                                   ===========   ===========

Weighted average common shares outstanding              68,496        62,354
                                                   ===========   ===========

Basic and diluted net income per share             $      0.20   $      0.21
                                                   ===========   ===========


Additional Data:
   General and administrative expenses (3)/
      total revenues (4)                                  7.5%          6.5%
   General and administrative expenses (3)/
      total assets (at end of period)                    0.21%         0.17%

   Straight-line rent included in rental
      income (5)                                   $       107   $        89

(1)  Rental income for the quarter  ended March 31, 2005,  includes $2.2 million
     of income  from two  hospitals  operated  by  HealthSouth  Corporation,  or
     HealthSouth.  Effective  January 2, 2002,  we entered an amended lease with
     HealthSouth  for two  hospitals.  In April  2003,  we  commenced  a lawsuit
     against  HealthSouth  seeking,  among other matters,  to reform the amended
     lease based upon  HealthSouth's  fraud by increasing the rent payable to us
     from the date of the amendment forward.  This litigation is pending at this
     time.  On October 26, 2004,  we  terminated  the amended  lease for default
     because  HealthSouth  failed to deliver to us accurate and timely financial
     information  as  required  by the  amended  lease.  On  November  2,  2004,
     HealthSouth  brought a new  lawsuit  against  us  seeking  to  prevent  our
     termination of the amended lease. On November 9, 2004, after a hearing, the
     court denied HealthSouth's request for a preliminary  injunction to prevent
     the lease  termination.  We are  currently  seeking an  expedited  judicial
     determination  that the lease  termination  was  valid and we are  pursuing
     damages  against  HealthSouth  in the lawsuit  which we brought in 2003. We
     have also begun work to identify and qualify a new tenant  operator for the
     hospitals.  Our lease with HealthSouth  requires that,  after  termination,
     HealthSouth  manage the  hospitals  for our  account for a  management  fee
     during the period of the  transition to a new tenant and remit the net cash
     flow  to us.  During  the  pendency  of  these  disputes,  HealthSouth  has
     continued  to pay us at the  disputed  rent amount and we have  applied the
     payments  received  against  the net cash flow due,  but we do not know how
     long  HealthSouth may continue to make payments.  Legal expenses related to
     this matter were approximately $400,000 and $50,000,  respectively,  in the
     quarters  ended  March 31, 2005 and 2004,  and are  included in general and
     administrative expenses.
(2)  Included  in Other  Income for the  quarter  ended  March 31, 2004 is $1.25
     million received in a settlement of litigation with Marriott International,
     Inc.
(3)  Costs  associated  with our  litigations  with  HealthSouth  (on going) and
     Marriott  (settled  in  January  2004) and costs  associated  with a failed
     acquisition  written  off in the first  quarter of 2004 are  excluded  from
     general and administrative expenses for purposes of these calculations.
(4)  Includes deferred percentage rent (see Note 1 on pages 13 and 14).
(5)  We report  rental  income on a  straight-line  basis  over the terms of the
     respective  leases.  Rental income  includes  non-cash  straight-line  rent
     adjustments.

                                       11
<PAGE>


                        Senior Housing Properties Trust
                   Supplemental Operating and Financial Data
                                 March 31, 2005

                      CONSOLIDATED STATEMENT OF CASH FLOWS
- --------------------------------------------------------------------------------
                                 (in thousands)

                                                   For the Three Months Ended
                                                   -------------------------
                                                    3/31/2005     3/31/2004
                                                   -----------   -----------
Cash flows from operating activities:
   Net income                                      $    13,865   $    13,269
   Adjustments to reconcile net income to cash
     provided by operating activities:
      Depreciation                                      10,746         9,585
      Amortization of deferred finance fees and
         debt discounts                                    531           526
      Change in assets and liabilities:
         Restricted cash                                  (351)           (2)
         Other assets                                    2,998         2,001
         Accrued interest                               (1,937)       (2,095)
         Other liabilities                                (559)        1,620
                                                   -----------   -----------
      Cash provided by operating activities             25,293        24,904
                                                   -----------   -----------

Cash flows from investing activities:
   Acquisitions                                         (3,741)      (24,466)
                                                   -----------   -----------
      Cash used for investing activities                (3,741)      (24,466)
                                                   -----------   -----------

Cash flows from financing activities:
   Proceeds from issuance of common shares, net              -        86,144
   Proceeds from borrowings on revolving bank credit
      facility                                           10,000        29,000
   Repayments of borrowings on revolving bank credit
      facility                                          (9,000)      (97,000)
   Repayment of debt                                      (471)         (192)
   Deferred financing fees                                  (8)            -
   Distributions to shareholders                       (21,919)      (18,121)
                                                   -----------   -----------
      Cash provided by financing activities            (21,398)         (169)
                                                   -----------   -----------

Increase in cash and cash equivalents                      155           269
   Cash and cash equivalents at beginning of
      period                                             3,409         3,530
                                                   -----------   -----------
   Cash and cash equivalents at end of period      $     3,564   $     3,799
                                                   ===========   ===========

Supplemental cash flow information:
   Interest paid                                   $    12,629   $    11,939

                                       12
<PAGE>


                        Senior Housing Properties Trust
                   Supplemental Operating and Financial Data
                                 March 31, 2005

                             CALCULATION OF EBITDA
- --------------------------------------------------------------------------------
                             (dollars in thousands)

                                                   For the Three Months Ended
                                                   -------------------------
                                                    3/31/2005     3/31/2004
                                                   -----------   -----------
Net income                                         $    13,865   $    13,269
Plus: interest expense                                  11,223        10,370
Plus: depreciation expense                              10,746         9,585
Plus: deferred percentage rent adjustment (1)              815           840
                                                   -----------   -----------
EBITDA                                             $    36,649   $    34,064
                                                   ===========   ===========

(1)  We recognize percentage rental income received during the first, second and
     third quarters in the fourth  quarter.  Although  recognition of revenue is
     deferred until the fourth  quarter for purposes of calculating  net income,
     our calculation of EBITDA for the first three quarters  includes  estimated
     amounts  with  respect  to  those   periods.   The  fourth  quarter  EBITDA
     calculation   excludes  the  amounts  recognized  during  the  first  three
     quarters.

We compute EBITDA as net income plus interest expense,  depreciation expense and
deferred  percentage  rent. We consider  EBITDA to be an appropriate  measure of
performance  for a REIT,  along with net  income  and cash flow from  operating,
investing and financing activities.  EBITDA does not represent cash generated by
operating   activities  in  accordance   with  generally   accepted   accounting
principals,  or GAAP,  and should not be considered an alternative to net income
or cash flow from operating activities as a measure of financial  performance or
liquidity.

                                       13
<PAGE>


                        Senior Housing Properties Trust
                   Supplemental Operating and Financial Data
                                 March 31, 2005

                   CALCULATION OF FUNDS FROM OPERATIONS (FFO)
- --------------------------------------------------------------------------------
                             (dollars in thousands)

                                                   For the Three Months Ended
                                                   -------------------------
                                                    3/31/2005     3/31/2004
                                                   -----------   -----------
Net income                                         $    13,865   $    13,269
Plus: depreciation expense                              10,746         9,585
      deferred percentage rent adjustment (1)              815           840
                                                   -----------   -----------
FFO                                                $    25,426   $    23,694
                                                   ===========   ===========

Weighted average shares outstanding                     68,496        62,354

Net income per share                                      0.20          0.21
FFO per share                                             0.37          0.38

(1)  We recognize percentage rental income received during the first, second and
     third quarters in the fourth  quarter.  Although  recognition of revenue is
     deferred until the fourth  quarter for purposes of calculating  net income,
     our  calculation  of FFO for the first three  quarters  includes  estimated
     amounts with respect to those periods.  The fourth quarter FFO  calculation
     excludes the amounts recognized during the first three quarters.

We compute FFO as shown in the calculation above. Our calculation of FFO differs
from the  National  Association  of Real Estate  Investment  Trusts,  or NAREIT,
definition  of  FFO  because  we  include  deferred  percentage  rent  in FFO as
discussed  in Note 1 above.  We  consider  FFO to be an  appropriate  measure of
performance for a real estate  investment  trust, or REIT, along with net income
and cash flow from  operating,  investing and financing  activities.  We believe
that FFO  provides  useful  information  to investors  because by excluding  the
effects of certain  historical costs,  such as depreciation  expense and gain or
loss on sale of properties,  FFO can facilitate  comparison of current operating
performance  among REITs.  FFO does not  represent  cash  generated by operating
activities in accordance with generally accepted accounting principles, or GAAP,
and  should not be  considered  an  alternative  to net income or cash flow from
operating activities as a measure of financial performance or liquidity.  FFO is
one  important  factor  considered by our board of trustees in  determining  the
amount of distributions to shareholders.  Other important  factors include,  but
are not limited to,  requirements to maintain our status as a REIT,  limitations
in  our  revolving  bank  credit  facility  and  public  debt   covenants,   the
availability  of debt and equity capital to us and our expectation of our future
performance.

                                       14
<PAGE>


                        Senior Housing Properties Trust
                   Supplemental Operating and Financial Data
                                 March 31, 2005

                                  DEBT SUMMARY
- --------------------------------------------------------------------------------
                             (dollars in thousands)

<TABLE>
<CAPTION>
                                                     Coupon       Interest      Principal     Maturity       Due at       Years to
                                                      Rate          Rate         Balance        Date        Maturity      Maturity
                                                   -----------   -----------   -----------   -----------   -----------   -----------
<S>                                                <C>           <C>           <C>           <C>           <C>           <C>
Secured Debt:

   Secured Floating Rate Debt:
      Mortgage - secured by 1 property (Prime
         less 200 bps)                                  3.250%        3.250%   $     4,170        7/3/05   $     4,170           0.3

   Secured Fixed Rate Debt:
      Tax exempt bonds - secured by 1 property          5.875%        5.875%   $    14,700       12/1/27   $    14,700          22.7
      Mortgage - secured by 16 properties (1)           6.970%        6.330%        37,212        6/2/12        30,070           7.2
      Mortgage - secured by 4 properties (1)            6.110%        6.420%        12,591      11/30/13        10,218           8.7
      Capital leases - 2 properties                     7.700%        7.700%         7,018       5/31/16             -          11.2
                                                   -----------                 -----------                 -----------   -----------
         Total / weighted average secured fixed
            rate debt                                   6.665%                 $    71,521                 $    54,988          11.0
                                                   ===========                 ===========                 ===========   ===========

         Total / weighted average secured debt          6.477%                 $    75,691                 $    65,207          10.4
                                                   ===========                 ===========                 ===========   ===========

Unsecured Debt:

   Unsecured Floating Rate Debt:
      Revolving credit facility (LIBOR + 145 bps)       4.050%        4.050%   $    38,000      11/30/05   $    38,000           0.7

   Unsecured Fixed Rate Debt:
      Senior notes due 2012                             8.625%        8.625%   $   245,000       1/15/12   $   245,000           6.8
      Senior notes due 2015                             7.875%        7.875%       150,000       4/15/15       150,000          10.0
      Junior subordinated debentures (2)               10.125%       10.125%        28,241       6/15/41        28,241          36.2
                                                   -----------                 -----------                 -----------   -----------
         Total / weighted average unsecured
            fixed rate debt                             7.784%                 $   423,241                 $   423,241           7.5
                                                   ===========                 ===========                 ===========   ===========

         Total / weighted average unsecured debt        7.476%                 $   461,241                 $   461,241           6.9
                                                   ===========                 ===========                 ===========   ===========


Total / weighted average secured floating rate debt     3.250%                 $     4,170                 $     4,170           0.3
Total / weighted average secured debt fixed rate debt   6.665%                      71,521                      54,988          11.0
Total / weighted average unsecured floating rate debt   4.050%                      38,000                      38,000           0.7
Total / weighted average unsecured fixed rate debt      7.784%                     423,241                     423,241           7.5
                                                   -----------                 -----------                 -----------   -----------
   Total / weighted average debt                        7.335%                 $   536,932                 $   520,399           7.4
                                                   ===========                 ===========                 ===========   ===========

<FN>
(1) Includes the effect of mark-to-market accounting for certain assumed mortgages.
(2) The junior subordinated debentures become prepayable at par in June 2006.
</FN>
</TABLE>

                                       15
<PAGE>


                        Senior Housing Properties Trust
                   Supplemental Operating and Financial Data
                                 March 31, 2005

                             DEBT MATURITY SCHEDULE
- --------------------------------------------------------------------------------
                             (dollars in thousands)

<TABLE>
<CAPTION>
                                                                Scheduled Principal Payments During Period
                                                   -------------------------------------------------------------------
                                                     Secured
                                                   Fixed Rate      Secured      Unsecured     Unsecured
                                                    Debt and      Floating      Floating       Fixed
Year                                             Capital Leases   Rate Debt     Rate Debt     Rate Debt       Total
- ------------------------------------------------   -----------   -----------   -----------   -----------   -----------
<C>                                                <C>           <C>           <C>           <C>           <C>
2005                                               $     1,381   $     4,170   $    38,000   $         -   $    43,551
2006                                                     1,982             -             -             -         1,982
2007                                                     2,123             -             -             -         2,123
2008                                                     2,265             -             -             -         2,265
2009                                                     2,435             -             -             -         2,435
2010                                                     2,007             -             -             -         2,007
2011                                                     1,703             -             -             -         1,703
2012                                                    31,259             -             -       245,000       276,259
2013                                                    10,820             -             -             -        10,820
2014 and thereafter                                     15,546             -             -       178,241       193,787
                                                   -----------   -----------   -----------   -----------   -----------
                                                   $    71,521   $     4,170   $    38,000   $   423,241   $   536,932
                                                   ===========   ===========   ===========   ===========   ===========
</TABLE>


                                       16
<PAGE>


                        Senior Housing Properties Trust
                   Supplemental Operating and Financial Data
                                 March 31, 2005

           LEVERAGE RATIOS, COVERAGE RATIOS AND PUBLIC DEBT COVENANTS
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                     As Of And For The Three Months Ended
                                                   -------------------------------------------------------------------
                                                    3/31/2005    12/31/2004     9/30/2004     6/30/2004     3/31/2004
                                                   -----------   -----------   -----------   -----------   -----------
<S>                                                      <C>           <C>           <C>           <C>           <C>
Leverage Ratios:

   Total debt / total assets                             37.3%         37.0%         36.8%         36.8%         37.0%
   Total debt / gross book value of real estate
      assets (1)                                         33.4%         33.4%         33.0%         33.3%         33.8%
   Total debt / total market capitalization              31.9%         29.2%         29.7%         31.1%         28.3%
   Total debt / total book capitalization                37.8%         37.5%         37.5%         37.5%         37.6%
   Secured debt / total assets                            5.3%          5.3%          2.0%          2.0%          2.4%
   Variable rate debt / total debt                        7.9%          7.7%          7.1%          7.7%          8.8%

Coverage Ratios:

   EBITDA / interest expense                              3.3x          3.2x          3.3x          3.3x          3.3x

Public Debt Covenants (2):

   Total debt / adjusted total assets - allowable
      maximum 60.0%                                      31.0%         30.9%         30.4%         30.6%         31.0%
   Secured debt / adjusted total assets - allowable
      maximum 40.0%                                       4.6%          4.7%          1.8%          1.8%          2.1%
   Consolidated income available for debt service /
      debt service - required minimum 2.00x              3.67x         3.65x         3.72x         3.45x         3.72x
   Total unencumbered assets to unsecured debt -
      required minimum 1.50x                             3.48x         3.48x         3.37x         3.33x         3.33x

<FN>
(1)  Gross book value of real estate assets is real estate properties,  at cost,
     less impairment write downs,  including purchase price allocations relating
     to FAS 141.

(2)  Adjusted total assets and unencumbered assets include original cost of real
     estate  assets less  impairment  write downs and exclude  depreciation  and
     amortization,  accounts  receivable  and  intangible  assets.  Consolidated
     income  available  for debt service is earnings from  operations  excluding
     interest expense, depreciation and amortization, taxes, gains and losses on
     sales of property and amortization of deferred charges.
</FN>
</TABLE>

                                       17
<PAGE>


                        Senior Housing Properties Trust
                   Supplemental Operating and Financial Data
                                 March 31, 2005

                            ACQUISITIONS INFORMATION
- --------------------------------------------------------------------------------
                             (dollars in thousands)

<TABLE>
<CAPTION>
                                              Number of                           Purchase            Cap
            Tenant          Unit Type         Properties         Units            Price (1)         Rate (2)
       ---------------   ---------------   ---------------   ---------------   ---------------   ---------------
<S>      <C>               <C>               <C>               <C>               <C>               <C>




       ---------------------------------------------------------------------------------------------------------
        Q1 2005 Total / Weighted Average                -                 -      $          -                 -

<FN>
(1)  Represents the gross purchase price and excludes closing costs and purchase
     price allocations relating to FAS 141.
(2)  Represents annual GAAP rent divided by the purchase price.
</FN>
</TABLE>


    THERE WERE NO ACQUISITIONS DURING THE THREE MONTHS ENDED MARCH 31, 2005.

                                       18
<PAGE>


                        Senior Housing Properties Trust
                   Supplemental Operating and Financial Data
                                 March 31, 2005

                              FINANCING ACTIVITIES
- --------------------------------------------------------------------------------
                    (share amounts and dollars in thousands)

                                                  For the Three
                                                   Months Ended
                                                    3/31/2005
                                                   -----------
Debt Transactions (1):
New debt raised                                    $         -
New debt assumed as part of acquisitions                     -
                                                   -----------
Total new debt                                               -

Debt retired                                                 -
                                                   -----------
Net debt                                           $         -
                                                   ===========

Equity Transactions:
New common shares issued                                     -
New common equity raised, net                      $         -


(1)  Exclude drawings and repayments on our revolving credit facility.


      THERE WERE NO NEW FINANCING ACTIVITIES DURING THE THREE MONTHS ENDED
                                MARCH 31, 2005.

                                       19
<PAGE>


                             PORTFOLIO INFORMATION



<PAGE>

                        Senior Housing Properties Trust
                   Supplemental Operating and Financial Data
                                 March 31, 2005

                  PORTFOLIO SUMMARY BY FACILITY TYPE AND TENANT
- --------------------------------------------------------------------------------
                             (dollars in thousands)

<TABLE>
<CAPTION>
                                      Number of     Number of   Carrying Value                Investment   Annualized
                                      Properties    Units/Beds of Investment (1)   Percent     per unit   Current Rent       Percent
                                     -----------------------------------------------------------------------------------------------
<S>                                  <C>           <C>           <C>           <C>           <C>           <C>           <C>
Facility Type:
Independent Living (IL) (2)                   36        10,412   $   902,306         56.2%   $      86.7   $    90,612         57.0%
Assisted Living (AL)                          81         5,337       438,082         27.3%          82.1        42,452         26.7%
Nursing Homes                                 62         6,433       220,752         13.8%          34.3        17,119         10.8%
Hospitals (3)                                  2           364        43,553          2.7%         119.7         8,700          5.5%
                                     -----------------------------------------------------------------------------------------------
                             Total           181        22,546   $ 1,604,693        100.0%   $      71.2   $   158,883        100.0%
                                     ===============================================================================================

Tenant:
Five Star / Sunrise (4)                       31         7,307   $   628,892         39.2%   $      86.1   $    64,206         40.4%
Five Star                                     98         7,731       408,914         25.4%          52.9        32,005         20.1%
Sunrise / Marriott (5)                        14         4,091       325,473         20.3%          79.6        31,197         19.6%
New Seasons / IBC (6)                         10         1,019        87,641          5.5%          86.0         9,287          5.9%
HealthSouth (3)                                2           364        43,553          2.7%         119.7         8,700          5.5%
Alterra Healthcare Corporation                18           894        61,126          3.8%          68.4         7,136          4.5%
Genesis HealthCare Corporation                 1           156        13,007          0.8%          83.4         1,522          1.0%
5 Private Companies (combined)                 7           984        36,087          2.3%          36.7         4,830          3.0%
                                     -----------------------------------------------------------------------------------------------
                             Total           181        22,546   $ 1,604,693        100.0%   $      71.2   $   158,883        100.0%
                                     ===============================================================================================

<FN>
(1)  Amounts are before depreciation, but after impairment write downs.
(2)  Properties  where the majority of units are independent  living  apartments
     are classified as independent living communities.
(3)  Effective January 2, 2002, we entered an amended lease with HealthSouth for
     two hospitals.  In April 2003, we commenced a lawsuit  against  HealthSouth
     seeking,  among  other  matters,  to reform the  amended  lease  based upon
     HealthSouth's  fraud by increasing  the rent payable to us from the date of
     the amendment forward.  This litigation is pending at this time. On October
     26, 2004, we terminated the amended lease for default  because  HealthSouth
     failed to  deliver  to us  accurate  and timely  financial  information  as
     required by the amended lease. On November 2, 2004,  HealthSouth  brought a
     new lawsuit  against us seeking to prevent our  termination  of the amended
     lease. On November 9, 2004, after a hearing, the court denied HealthSouth's
     request for a preliminary  injunction to prevent the lease termination.  We
     are currently seeking an expedited  judicial  determination  that the lease
     termination was valid and we are pursuing  damages  against  HealthSouth in
     the lawsuit  which we brought in 2003.  We have also begun work to identify
     and  qualify a new  tenant  operator  for the  hospitals.  Our  lease  with
     HealthSouth  requires  that,  after  termination,  HealthSouth  manage  the
     hospitals  for our  account for a  management  fee during the period of the
     transition  to a new tenant  and remit the net cash flow to us.  During the
     pendency of these  disputes,  HealthSouth  has  continued  to pay us at the
     disputed rent amount and we have applied the payments  received against the
     net cash flow due, but we do not know how long  HealthSouth may continue to
     make payments.
(4)  These 31 properties  leased to Five Star Quality Care,  Inc., or Five Star,
     are managed by Sunrise  Senior Living,  Inc., or Sunrise.  Sunrise does not
     guaranty Five Star's lease obligations.
(5)  Marriott International,  Inc., or Marriott, guarantees the lease for the 14
     properties leased to Sunrise.
(6)  Independence Blue Cross, or IBC, a Pennsylvania health insurer,  guarantees
     the  lease  for the 10  properties  leased to  NewSeasons  Assisted  Living
     Communities, Inc., or NewSeasons.
</FN>
</TABLE>

                                       21
<PAGE>


                        Senior Housing Properties Trust
                   Supplemental Operating and Financial Data
                                 March 31, 2005

                      OCCUPANCY BY FACILITY TYPE AND TENANT
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
                                                                           For the Three Months Ended
                                                   -------------------------------------------------------------------
                                                    3/31/2005    12/31/2004     9/30/2004     6/30/2004     3/31/2004
                                                   -----------   -----------   -----------   -----------   -----------
<S>                                                        <C>           <C>           <C>           <C>           <C>
Facility Type:
Independent Living (IL)                                    91%           92%           88%           89%           89%
Assisted Living (AL)                                       84%           82%           89%           83%           83%
Nursing Homes                                              88%           89%           89%           89%           89%
Hospitals (1)                                               NA            NA            NA            NA            NA


Tenant:
Five Star / Sunrise                                        92%           90%           90%           90%           90%
Five Star (2)                                              87%           88%           89%           87%           89%
Sunrise / Marriott                                         90%           91%           91%           89%           88%
New Seasons / IBC                                          79%           79%           80%           78%           79%
HealthSouth (1)                                             NA            NA            NA            NA            NA
Alterra Healthcare Corporation                             84%           85%           82%           81%           83%
Genesis HealthCare Corporation                             96%           96%           97%           97%           96%
5 Private Companies (combined)                             87%           88%           85%           86%           87%

<FN>
(1)  During 2003, HealthSouth issued a press release stating that its historical
     financial  information  should  not be  relied  upon.  Since  that time and
     through  the  date of  this  report,  HealthSouth  has  not  filed  audited
     financial  information  with  the  SEC.  Because  we have  reason  to doubt
     whatever  information  we have  from  HealthSouth  we do not  disclose  any
     operating data for this tenant.
(2)  Includes  data for periods  prior to our  ownership  of certain  properties
     included in this lease.
</FN>
</TABLE>

All  tenant  operating  data  presented  are based  upon the  operating  results
provided by our tenants for the indicated  quarterly periods, or the most recent
prior period for which  tenant  operating  results are  available to us from our
tenants. We have not independently verified our tenants' operating data.

                                       22
<PAGE>


                        Senior Housing Properties Trust
                   Supplemental Operating and Financial Data
                                 March 31, 2005

                    % PRIVATE PAY BY FACILITY TYPE AND TENANT
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
                                                                           For the Three Months Ended
                                                   -------------------------------------------------------------------
                                                    3/31/2005    12/31/2004     9/30/2004     6/30/2004     3/31/2004
                                                   -----------   -----------   -----------   -----------   -----------
<S>                                                        <C>           <C>           <C>           <C>           <C>
Facility Type:
Independent Living (IL)                                    84%           85%           85%           86%           86%
Assisted Living (AL)                                       92%           92%           92%           92%           94%
Nursing Homes                                              18%           22%           20%           20%           20%
Hospitals (1)                                               NA            NA            NA            NA            NA


Tenant:
Five Star / Sunrise                                        85%           85%           85%           85%           85%
Five Star (2)                                              41%           43%           35%           34%           35%
Sunrise / Marriott                                         80%           81%           82%           81%           82%
New Seasons / IBC                                         100%          100%          100%          100%          100%
HealthSouth (1)                                             NA            NA            NA            NA            NA
Alterra Healthcare Corporation                             98%           98%           98%           98%           98%
Genesis HealthCare Corporation                             23%           23%           21%           24%           22%
5 Private Companies (combined)                             24%           24%           25%           25%           24%

<FN>
(1)  During 2003, HealthSouth issued a press release stating that its historical
     financial  information  should  not be  relied  upon.  Since  that time and
     through  the  date of  this  report,  HealthSouth  has  not  filed  audited
     financial  information  with  the  SEC.  Because  we have  reason  to doubt
     whatever  information  we have  from  HealthSouth  we do not  disclose  any
     operating data for this tenant.
(2)  Includes  data for periods  prior to our  ownership  of certain  properties
     included in this lease.
</FN>
</TABLE>

All  tenant  operating  data  presented  are based  upon the  operating  results
provided by our tenants for the indicated  quarterly periods, or the most recent
prior period for which  tenant  operating  results are  available to us from our
tenants. We have not independently verified our tenants' operating data.

                                       23
<PAGE>


                        Senior Housing Properties Trust
                   Supplemental Operating and Financial Data
                                 March 31, 2005

                            RENT COVERAGE BY TENANT
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
                                                                           For the Three Months Ended
                                                   -------------------------------------------------------------------
                                                    3/31/2005    12/31/2004     9/30/2004     6/30/2004     3/31/2004
                                                   -----------   -----------   -----------   -----------   -----------
<S>                                                        <C>           <C>           <C>           <C>           <C>
Five Star / Sunrise (1)                                  1.14x         1.10x         1.06x         1.12x         1.12x
Five Star (2)                                            1.63x         1.77x         1.78x         1.65x         1.62x
Sunrise / Marriott                                       1.25x         1.32x         1.26x         1.35x         1.31x
New Seasons / IBC                                        1.11x         1.13x         1.19x         1.12x         0.96x
HealthSouth (3)                                             NA            NA            NA            NA            NA
Alterra Healthcare Corporation                           1.63x         1.63x         1.58x         1.64x         1.63x
Genesis HealthCare Corporation                           1.71x         1.85x         1.92x         2.13x         1.56x
5 Private companies (combined)                           1.87x         2.11x         1.87x         1.89x         1.95x

<FN>
(1)  Rent coverage is after non-subordinated management fees.

(2)  Includes  data for periods  prior to our  ownership  of certain  properties
     included in this lease.

(3)  During 2003, HealthSouth issued a press release stating that its historical
     financial  information  should not be upon. Since that time and through the
     date  of  this  report,   HealthSouth  has  not  filed  audited   financial
     information the SEC.  Because we have reason to doubt whatever  information
     we have from HealthSouth we do not disclose operating data for this tenant.
</FN>
</TABLE>

All  tenant  operating  data  presented  are based  upon the  operating  results
provided by our  tenants for the  indicated  periods,  or the most recent  prior
period for which tenant operating  results are available to us from our tenants.
coverage  is  calculated  as  operating  cash  flow from our  tenants'  facility
operations,  before subordinated charges capital expenditure  reserves,  if any,
divided by rent payable to us. We have not  independently  verified our tenants'
operating data.

                                       24
<PAGE>


                        Senior Housing Properties Trust
                   Supplemental Operating and Financial Data
                                 March 31, 2005

                      PORTFOLIO LEASE EXPIRATION SCHEDULE
- --------------------------------------------------------------------------------
                             (dollars in thousands)

                                                   Annualized  % of  Annualized
                                                  Current Rent   Current Rent
                                                   -----------   -----------
2005                                               $         -          0.0%
2006                                                     1,522          1.0%
2007                                                         -          0.0%
2008                                                         -          0.0%
2009                                                         -          0.0%
2010                                                     1,244          0.8%
2011                                                     8,700          5.5%
2012                                                         -          0.0%
2013                                                    32,272         20.3%
2014                                                         -          0.0%
2015                                                     1,914          1.2%
2016                                                         -          0.0%
2017                                                    80,629         50.7%
2018                                                         -          0.0%
2019                                                       597          0.4%
2020 and thereafter                                     32,005         20.1%
                                                   -----------   -----------
Total                                              $   158,883        100.0%
                                                   ===========   ===========

Weighted average remaining lease term (in years)          12.0

                                       25
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
