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<SEC-DOCUMENT>0000908737-06-000064.txt : 20060207
<SEC-HEADER>0000908737-06-000064.hdr.sgml : 20060207
<ACCEPTANCE-DATETIME>20060207113551
ACCESSION NUMBER:		0000908737-06-000064
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20060207
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20060207
DATE AS OF CHANGE:		20060207

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:		06584234

	BUSINESS ADDRESS:	
		STREET 1:		400 CENTRE STREET
		CITY:			NEWTON
		STATE:			MA
		ZIP:			02458
		BUSINESS PHONE:		6173323990
</SEC-HEADER>
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<TYPE>8-K
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<FILENAME>snh_8k.htm
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>UNITED STATES</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SECURITIES AND EXCHANGE COMMISSION</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>WASHINGTON, D.C. 20549</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=3>FORM 8-K</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>CURRENT REPORT</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>PURSUANT TO SECTION 13 OR 15(d) OF THE</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SECURITIES EXCHANGE ACT OF 1934</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Date of Report (Date of earliest event reported): February 7, 2006</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=3>SENIOR HOUSING PROPERTIES TRUST</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Maryland</font></b></p> </td>
        <td width="33%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>001-15319</font></b></p> </td>
        <td width="37%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>04-3445278</font></b></p> </td> </tr>
    <tr>
        <td width="28%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>(State of organization)</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>(Commission file number)</font></p> </td>
        <td width="37%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>(I.R.S. Employer Identification Number)</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>400 Centre Street, Newton, Massachusetts 02458</font></b></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>617-796-8350</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:8.31%;text-align:justify;'><font size=2>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>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2><font face=Wingdings>o</font> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2><font face=Wingdings>o</font>  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2><font face=Wingdings>o</font>  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-align:left;'><font size=2><font face=Wingdings>o</font> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font size=2>ITEM 2.02.  RESULTS OF OPERATIONS AND FINANCIAL CONDITION.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>On February 7, 2006, 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 and year ended December 31, 2005 and also provided certain supplemental operating and financial data for the quarter and year ended December 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>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font size=2>ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
        <td width="565" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Exhibits</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>The Company hereby furnishes the following exhibits:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>99.1</font></p> </td>
        <td width="565" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Press release dated February 7, 2006.</font></p> </td> </tr>
    <tr>
        <td width="79" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="565" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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        <td width="79" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>99.2</font></p> </td>
        <td width="565" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Fourth Quarter 2005 Supplemental Operating and Financial Data.</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SIGNATURES</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font 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>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:45.71%;text-align:justify;'><B><font SIZE=2>SENIOR HOUSING PROPERTIES TRUST </font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:45.71%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:45.71%;text-align:justify;'><font size=2>By:  </font><u><font size=2>/s/ John R. Hoadley</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:49.0%;text-align:justify;'><font size=2>John R. Hoadley</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:49.0%;text-align:justify;'><font size=2>Treasurer and Chief Financial Officer </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Date: February 7, 2006</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<BR>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><FONT COLOR="#0000FF" SIZE="2">400 Centre Street, Newton, MA 02458-2076 </FONT></p> </td>
        <td width="20%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2> <img src="img1.jpg"></font></p> </td>
          <td width="35%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><FONT COLOR="#0000FF" SIZE="2">tel: (617) 796-8350 fax: (617) 796-8349 </FONT></p> </td> </tr>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:.25in;margin-bottom:0pt'><B><font SIZE=2>FOR IMMEDIATE RELEASE</font></B></p> </td>
        <td width="30%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:.25in;margin-bottom:0pt'><u><font size=2>Contact:</font></u><u></u></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="30%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Timothy Bonang</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="30%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Manager of Investor Relations</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="30%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(617) 796-8350 </font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="30%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>www.snhreit.com</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:3pt; margin-top:0pt;text-align:center;border-bottom:solid 0.5pt;padding-bottom:1;padding-top:0;'><b><font size=2>SNH Announces Results for the Periods Ended December 31, 2005</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><u><font size=2>Newton, MA</font></u><font size=2>  (February 7, 2006):  Senior Housing Properties Trust (NYSE: SNH) today announced its financial results for the quarter and year ended December 31, 2005.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:3pt; margin-top:0pt;text-align:left;'><b><font size=2>Results for the quarter ended December 31, 2005:</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>Income from continuing operations was $10.5 million, or $0.15 per share, for the quarter ended December 31, 2005, compared to $16.5 million, or $0.26 per share for the quarter ended December 31, 2004. Income from continuing operations for the quarter ended December 31, 2005, included an impairment loss of $1.8 million, or $0.03 per share, related to a nursing home property that is being closed and will be offered for sale.  It also included a loss on early extinguishment of debt of $5.2 million, or $0.07 per share, related to the redemption of a portion of SNH&#146;s 7 7/8% senior notes. In addition, income from continuing operations for the quarter ended December 31, 2005, included $600,000 of legal costs related to SNH&#146;s litigation with HealthSouth Corporation, compared to $200,000 for the quarter ended December 31, 2004.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>Net income for the quarter ended December 31, 2005, was $15.7 million, or $0.23 per share, compared to net income of $16.5 million, or $0.26 per share, for the quarter ended December 31, 2004.  In addition to the impairment loss, loss on early extinguishment of debt and HealthSouth litigation costs described above, net income for the quarter ended December 31, 2005 included a gain on sale of properties of $5.2 million, or $0.08 per share, related to two properties that were sold during the fourth quarter.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>Funds from operations (FFO) for the quarter ended December 31, 2005, were $22.2 million, or $0.32 per share.  This compares to FFO for the quarter ended December 31, 2004, of $24.4 million, or $0.38 per share.  FFO for the quarter ended December 31, 2005, includes the HealthSouth litigation costs described above and a $4.1 million, or $0.06 per share, loss for the cash premium paid for the senior note redemption described above.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>The weighted average number of common shares outstanding totaled 69.4 million and 64.3 million for the quarters ended December 31, 2005 and 2004, respectively.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:3pt; margin-top:0pt;text-align:left;'><b><font size=2>Results for the year ended December 31, 2005:</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>Income from continuing operations was $52.8 million, or $0.77 per share, for the year ended December 31, 2005, compared to $55.5 million, or $0.88 per share, for the year ended December 31, 2004.  Net income was $58.7 million, or $0.85 per share, for the year ended December 31, 2005, compared to $56.7 million, or $0.89 per share, for the same period last year. Income from continuing operations and net income for the year ended December 31, 2005 each included the impairment loss and loss on early extinguishment of debt described above. The full year results include HealthSouth litigation costs of $1.85 million and $285,000 for the years ended December 31, 2005 and 2004, respectively.  Net income for the year ended December 31, 2005 included a gain on sale of properties of $5.9 million, or $0.09 per share.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=1><I>A Maryland Real Estate Trust with transferable shares of beneficial interest listed on the New York Stock Exchange.  <BR>No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.</I></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>1 of 6</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>FFO for the year ended December 31, 2005 were $99.3 million, or $1.44 per share.  This compares to FFO for the year ended December 31, 2004 of $94.8 million, or $1.50 per share.  FFO for the year ended December 31, 2005 includes the HealthSouth litigation costs and the $4.1 million, or $0.06 per share, loss on early extinguishment of debt described above.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>The weighted average number of common shares outstanding totaled 68.8 million and 63.4 million for the years ended December 31, 2005 and 2004, respectively.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:3pt; margin-top:0pt;text-align:left;'><b><font size=2>Conference Call:</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>On Tuesday, February 7, 2006, at 1:00 p.m. EST, David J. Hegarty, president and chief operating officer, and John R. Hoadley, treasurer and chief financial officer, will host a conference call to discuss the results for the fourth quarter and year ended December 31, 2005.  The conference call telephone number is (800) 818-5264. Participants calling from outside the United States and Canada should dial (913) 981-4910. 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 February 13,</font><font color="#C0C0C0"><font size=2> </font></font><font size=2>2006. To hear the replay, dial (719) 457-0820. The replay pass code is 6698674.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>A live audio web cast of the conference call will also be available in listen only mode on the SNH 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 the SNH web site for about one week after the call. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:3pt; margin-top:0pt;text-align:left;'><b><font size=2>Supplemental Data:</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>A copy of SNH&#146;s Fourth Quarter 2005 Supplemental Operating and Financial Data is available for download from the SNH web site, www.snhreit.com.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>Senior Housing Properties Trust is a real estate investment trust, or REIT, that owns 188 senior living properties located in 32 states.  SNH is headquartered in Newton, Massachusetts.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>2 of 6</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'>
<b><font size=2>Senior Housing Properties Trust</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Financial Information</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(in thousands, except per share data)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=1>Income Statement:</font></b></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' margin-left:3.8pt;border-collapse:collapse'>
    <tr style='height:.15in'>
        <td  width="0%">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="4" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=1>Quarter Ended December 31,</font></u><u></u></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="4" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=1>Year Ended December 31,</font></u><u></u></p> </td> </tr>
    <tr style='height:.15in'>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=1>2005</font></u><u></u></p> </td>
        <td width="3%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=1>2004</font></u><u></u></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=1>2005</font></u><u></u></p> </td>
        <td width="2%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=1>2004</font></u><u></u></p> </td>
        <td  width="1%">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:.15in'>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Revenues:</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  width="1%">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:.15in'>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:13.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Rental income<sup>(1)</sup></font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$43,776</font></p> </td>
        <td width="3%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$40,286</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$161,265</font></p> </td>
        <td width="2%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$145,731</font></p> </td>
        <td  width="1%">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:.15in'>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:13.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Interest and other income<sup>(2)</sup></font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>335</font></p> </td>
        <td width="3%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>444</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,922</font></p> </td>
        <td width="2%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>2,792</font></p> </td>
        <td  width="1%">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:.15in'>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="1"> </td>
        <td width="3%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="1"> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="1"> </td>
        <td width="2%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="1"> </td>
        <td  width="1%">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:.15in'>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:22.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Total revenues</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>44,111</font></p> </td>
        <td width="3%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>40,730</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>163,187</font></p> </td>
        <td width="2%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>148,523</font></p> </td>
        <td  width="1%">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:.15in'>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="1"> </td>
        <td width="3%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="1"> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="1"> </td>
        <td width="2%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="1"> </td>
        <td  width="1%">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:.15in'>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Expenses:</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  width="1%">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:.15in'>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:12.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Interest</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>12,048</font></p> </td>
        <td width="3%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0pt;margin-bottom:0pt'><font size=1>10,926</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>46,633</font></p> </td>
        <td width="2%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>41,836</font></p> </td>
        <td  width="1%">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:.15in'>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:12.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Depreciation</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>11,266</font></p> </td>
        <td width="3%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0pt;margin-bottom:0pt'><font size=1>10,286</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>43,694</font></p> </td>
        <td width="2%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>39,301</font></p> </td>
        <td  width="1%">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:.15in'>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:12.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>General and administrative<sup>(3)</sup></font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>3,356</font></p> </td>
        <td width="3%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0pt;margin-bottom:0pt'><font size=1>3,005</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>13,117</font></p> </td>
        <td width="2%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>11,863</font></p> </td>
        <td  width="1%">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:.15in'>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:12.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Impairment of assets</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,762</font></p> </td>
        <td width="3%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0pt;margin-bottom:0pt'><font size=1>-</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,762</font></p> </td>
        <td width="2%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>-</font></p> </td>
        <td  width="1%">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:.15in'>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:28.6pt;text-indent:-15.85pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Loss on early extinguishment of debt<sup>(4)</sup></font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>5,207</font></p> </td>
        <td width="3%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0pt;margin-bottom:0pt'><font size=1>-</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>5,207</font></p> </td>
        <td width="2%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>-</font></p> </td>
        <td  width="1%">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:.15in'>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="1"> </td>
        <td width="3%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="1"> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="1"> </td>
        <td width="2%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="1"> </td>
        <td  width="1%">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:.15in'>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:12.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Total expenses</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>33,639</font></p> </td>
        <td width="3%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0pt;margin-bottom:0pt'><font size=1>24,217</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>110,413</font></p> </td>
        <td width="2%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>93,000</font></p> </td>
        <td  width="1%">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:.15in'>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="1"> </td>
        <td width="3%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="1"> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="1"> </td>
        <td width="2%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="1"> </td>
        <td  width="1%">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:.15in'>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Income from continuing operations</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>10,472</font></p> </td>
        <td width="3%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>16,513</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>52,774</font></p> </td>
        <td width="2%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>55,523</font></p> </td>
        <td  width="1%">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:.15in'>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Gain on sale of properties</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>5,214</font></p> </td>
        <td width="3%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0pt;margin-bottom:0pt'><font size=1>-</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>5,931</font></p> </td>
        <td width="2%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,219</font></p> </td>
        <td  width="1%">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:.15in'>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="1"> </td>
        <td width="3%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="1"> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="1"> </td>
        <td width="2%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="1"> </td>
        <td  width="1%">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:.15in'>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Net income</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$15,686</font></p> </td>
        <td width="3%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$16,513</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$58,705</font></p> </td>
        <td width="2%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$56,742</font></p> </td>
        <td  width="1%">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:.15in'>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="3"> </td>
        <td width="3%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="3"> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="3"> </td>
        <td width="2%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="3"> </td>
        <td  width="1%">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:.15in'>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  width="1%">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:.15in'>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Weighted average shares outstanding</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>69,445</font></p> </td>
        <td width="3%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0pt;margin-bottom:0pt'><font size=1>64,311</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>68,757</font></p> </td>
        <td width="2%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>63,406</font></p> </td>
        <td  width="1%">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:.15in'>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="3"> </td>
        <td width="3%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="3"> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="3"> </td>
        <td width="2%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="3"> </td>
        <td  width="1%">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:.15in'>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Per share data:</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  width="1%">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:.15in'>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:12.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Income from continuing operations</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$0.15</font></p> </td>
        <td width="3%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:22.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>$0.26</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$0.77</font></p> </td>
        <td width="2%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$0.88</font></p> </td>
        <td  width="1%">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:.15in'>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="3"> </td>
        <td width="3%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="3"> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="3"> </td>
        <td width="2%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="3"> </td>
        <td  width="1%">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:.15in'>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:12.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Net income</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$0.23</font></p> </td>
        <td width="3%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:22.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>$0.26</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$0.85</font></p> </td>
        <td width="2%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$0.89</font></p> </td>
        <td  width="1%">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:.15in'>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="3"> </td>
        <td width="3%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="3"> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="3"> </td>
        <td width="2%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="3"> </td>
        <td  width="1%">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td width="1" ></td>

        <td width="228" ></td>

        <td width="6" ></td>

        <td width="12" ></td>

        <td width="6" ></td>

        <td width="83" ></td>

        <td width="21" ></td>

        <td width="90" ></td>

        <td width="6" ></td>

        <td width="12" ></td>

        <td width="11" ></td>

        <td width="78" ></td>

        <td width="18" ></td>

        <td width="82" ></td>

        <td width="11" ></td> </tr> </table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=1>Balance Sheet:</font></b></p>



<table border="0" cellspacing=0 cellpadding=0 width="86%" style=' margin-left:0pt;border-collapse:collapse'>
    <tr style='height:.15in'>
        <td width="49%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="22%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>At December 31, 2005</font></p> </td>
        <td width="4%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="23%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>At December 31, 2004</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="49%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="1"> </td>
        <td width="4%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="1"> </td> </tr>
    <tr style='height:.15in'>
        <td width="49%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=1>Assets</font></u><u></u></p> </td>
        <td width="22%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="4%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="23%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="49%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Real estate properties</font></p> </td>
        <td width="22%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$1,686,169</font></p> </td>
        <td width="4%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="23%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$1,600,952</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="49%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Less accumulated depreciation</font></p> </td>
        <td width="22%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>239,031</font></p> </td>
        <td width="4%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="23%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>199,232</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="49%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="1"> </td>
        <td width="4%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="1"> </td> </tr>
    <tr style='height:.15in'>
        <td width="49%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="22%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,447,138</font></p> </td>
        <td width="4%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="23%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,401,720</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="49%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Cash and cash equivalents</font></p> </td>
        <td width="22%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>14,642</font></p> </td>
        <td width="4%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="23%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>3,409</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="49%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Restricted cash </font></p> </td>
        <td width="22%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>2,529</font></p> </td>
        <td width="4%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="23%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>6,176</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="49%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Deferred financing fees, net</font></p> </td>
        <td width="22%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>9,968</font></p> </td>
        <td width="4%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="23%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>9,367</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="49%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Other assets</font></p> </td>
        <td width="22%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>25,371</font></p> </td>
        <td width="4%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="23%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>27,058</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="49%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="1"> </td>
        <td width="4%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="1"> </td> </tr>
    <tr style='height:.15in'>
        <td width="49%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Total assets</font></p> </td>
        <td width="22%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$1,499,648</font></p> </td>
        <td width="4%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="23%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$1,447,730</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="49%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="3"> </td>
        <td width="4%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="3"> </td> </tr>
    <tr style='height:18.75pt'>
        <td width="49%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:18.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=1>Liabilities and Shareholders&#146; Equity</font></u></p> </td>
        <td width="22%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:18.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="4%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:18.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="23%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:18.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="49%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Unsecured revolving bank credit facility</font></p> </td>
        <td width="22%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$64,000</font></p> </td>
        <td width="4%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="23%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$37,000</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="49%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Senior unsecured notes, net of discount</font></p> </td>
        <td width="22%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>394,018</font></p> </td>
        <td width="4%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="23%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>393,775</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="49%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Junior subordinated debentures due 2041</font></p> </td>
        <td width="22%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>28,241</font></p> </td>
        <td width="4%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="23%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>28,241</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="49%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Secured debt and capital leases</font></p> </td>
        <td width="22%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>70,141</font></p> </td>
        <td width="4%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="23%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>76,162</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="49%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="1"> </td>
        <td width="4%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="1"> </td> </tr>
    <tr style='height:.15in'>
        <td width="49%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Total debt</font></p> </td>
        <td width="22%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>556,400</font></p> </td>
        <td width="4%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="23%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>535,178</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="49%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Other liabilities</font></p> </td>
        <td width="22%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>25,271</font></p> </td>
        <td width="4%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="23%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>21,885</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="49%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="1"> </td>
        <td width="4%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="1"> </td> </tr>
    <tr style='height:.15in'>
        <td width="49%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Total liabilities</font></p> </td>
        <td width="22%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>581,671</font></p> </td>
        <td width="4%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="23%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>557,063</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="49%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Shareholders&#146; equity</font></p> </td>
        <td width="22%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>917,977</font></p> </td>
        <td width="4%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="23%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>890,667</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="49%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="1"> </td>
        <td width="4%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="1"> </td> </tr>
    <tr style='height:.15in'>
        <td width="49%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Total liabilities and shareholders&#146; equity</font></p> </td>
        <td width="22%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$1,499,648</font></p> </td>
        <td width="4%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="23%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$1,447,730</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="49%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="3"> </td>
        <td width="4%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<HR noshade width="100%"  color="gray" size="3"> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:5.85%; text-indent:-3.85%;text-align:left;'><font size=2><sup>&nbsp;</sup></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:5.85%; text-indent:-3.85%;text-align:left;'><font size=2><sup>&nbsp;</sup></font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="3%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>(1)</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>
Rental income for the quarter and year ended December 31, 2005, includes $2.2 million and
$8.7 million, respectively, 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 January 2, 2002 until the termination or expiration of the amended lease.
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 second
</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>3 of 6</font></p>
<HR noshade align="center" width="100%" size="2">
<page>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:3.85%;text-align:justify;'><font size=1>
lawsuit against us seeking to prevent our termination of the amended lease.  On September 25, 2005, the court ruled that our termination was proper.  On January 18, 2006, the court ordered HealthSouth to cooperate with us in licensing a new tenant and pay us the net patient revenues, after a 5% management fee and payment of costs and expenses of operation since October 26, 2004. We have begun working to identify and qualify a new tenant operator for the hospitals. HealthSouth has filed a notice of appeal of the court&#146;s decisions; but
HealthSouth's motions for  a stay of the court's decisions during the appeal have been denied by both the trial court and the appeals court. During the pendency of these disputes, HealthSouth continued to pay us at the disputed rent amount
of $725,000/month, and, on February 3, 2006, HealthSouth paid us an additional $4.6 million which
HealthSouth represented to be an
amount due from November 1, 2004 to December 31, 2005.   We are currently in
the process of reviewing HealthSouth's calculations of amounts due to us and
we may claim additional amounts.  In June 2005, HealthSouth filed a restated
 Annual Report on Form 10-K for the period ending December 31, 2003. In December 2005,
HealthSouth filed late an Annual Report on Form 10-K for the period ending December 31,
2004. The financial and operating data included in HealthSouth&#146;s Form 10-Ks show a
substantial negative net worth and a history of substantial operating losses. To date
we have been unable to obtain reliable current financial information about the operations
of HealthSouth or our hospitals. Accordingly, we do not know if we will be able to collect
 any additional amounts which the courts may determine to be owed to us by HealthSouth.
</font></p>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="3%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>(2)</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>Included in interest and other income for the year ended December 31, 2004 is $1.25 million received in a settlement of litigation with Marriott International, Inc.</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="3%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>(3)</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>Legal expenses incurred related to the HealthSouth litigation were approximately $600,000 and $1,850,000, respectively, for the quarter and year ended December 31, 2005 and $200,000 and $285,000, respectively, for the quarter and year ended December 31, 2004, and are included in general and administrative expenses.</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="3%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>(4)</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>In December 2005, we called for redemption $52.5 million of our 7 7/8% senior unsecured notes.  The loss on early extinguishment of debt includes a $4.1 million redemption premium and a $1.1 million write off of deferred finance fees and unamortized discount related to these $52.5 million of senior notes.  The redemption occurred on January 9, 2006.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>4 of 6</font></p>
<HR noshade align="center" width="100%" size="2">
<page>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'>
<b><font size=2>Senior Housing Properties Trust</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Funds From Operations</font></b></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:center;'><font size=2>(in thousands, except per share data)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=1>Calculation of Funds From Operations (FFO)<sup> (1)</sup>:</font></b></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' margin-left:0pt;border-collapse:collapse'>
    <tr style='height:.2in'>
        <td width="44%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><b><font size=1>Quarter Ended December 31,</font></b></u></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><b><font size=1>Year Ended December 31,</font></b></u></p> </td> </tr>
    <tr style='height:.2in'>
        <td width="44%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>2005</font></u></p> </td>
        <td width="12%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p  align=right style='text-align:right'><u><font size=1>2004</font></u><u></u></p> </td>
        <td width="13%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p  align=right style='text-align:right'><u><font size=1>2005</font></u><u></u></p> </td>
        <td width="13%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p  align=right style='text-align:right'><u><font size=1>2004</font></u><u></u></p> </td> </tr>
    <tr style='height:.2in'>
        <td width="44%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Income from continuing operations<sup>(2)</sup></font></p> </td>
        <td width="15%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$10,472</font></p> </td>
        <td width="12%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$16,513</font></p> </td>
        <td width="13%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$52,774</font></p> </td>
        <td width="13%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$55,523</font></p> </td> </tr>
    <tr>
        <td width="44%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Add: &nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense</font></p> </td>
        <td width="15%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>11,266</font></p> </td>
        <td width="12%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>10,286</font></p> </td>
        <td width="13%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>43,694</font></p> </td>
        <td width="13%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>39,301</font></p> </td> </tr>
    <tr>
        <td width="44%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:9.35pt;text-indent:16.15pt;text-align:left;margin-top:0in;margin-bottom: 0in'><font size=1>Impairment of assets</font></p> </td>
        <td width="15%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,762</font></p> </td>
        <td width="12%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>-</font></p> </td>
        <td width="13%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,762</font></p> </td>
        <td width="13%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>-</font></p> </td> </tr>
    <tr>
        <td width="44%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:9.35pt;text-indent:16.15pt;text-align:left;margin-top:0in;margin-bottom: 0in'><font size=1>Loss on early extinguishment of debt</font></p> </td>
        <td width="15%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>5,207</font></p> </td>
        <td width="12%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>-</font></p> </td>
        <td width="13%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>5,207</font></p> </td>
        <td width="13%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>-</font></p> </td> </tr>
    <tr>
        <td width="44%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:27.65pt;text-indent:-27.65pt;text-align:left;margin-top:0in;margin-bottom: 0in'><font size=1>Less:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred percentage rent<sup>(3)</sup></font></p> </td>
        <td width="15%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(2,402)</font></p> </td>
        <td width="12%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(2,409)</font></p> </td>
        <td width="13%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>-</font></p> </td>
        <td width="13%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>-</font></p> </td> </tr>
    <tr>
        <td width="44%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:27.65pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in'><font size=1>Loss on early extinguishment of debt settled in cash<sup>(4)</sup></font></p> </td>
        <td width="15%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(4,134)</font></p> </td>
        <td width="12%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>-</font></p> </td>
        <td width="13%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(4,134)</font></p> </td>
        <td width="13%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>-</font></p> </td> </tr>

    <TR>
      <TD> </TD>
      <TD><HR noshade align=right width="90%"  color="gray" size="1">  </TD>
      <TD><HR noshade align=right width="90%"  color="gray" size="1">  </TD>
      <TD> <HR noshade align=right width="90%"  color="gray" size="1"> </TD>
      <TD> <HR noshade align=right width="90%"  color="gray" size="1"> </TD></TR>
<tr>
        <td width="44%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:9.35pt;text-indent:-9.35pt;text-align:left;margin-top:0in;margin-bottom: 0in'><font SIZE=1>FFO</font></p> </td>
        <td width="15%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$22,171</font></p> </td>
        <td width="12%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$24,390</font></p> </td>
        <td width="13%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$99,303</font></p> </td>
        <td width="13%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$94,824</font></p> </td> </tr>
<TR>
      <TD> </TD>
      <TD><HR noshade align=right width="90%"  color="gray" size="2">  </TD>
      <TD><HR noshade align=right width="90%"  color="gray" size="2">  </TD>
      <TD> <HR noshade align=right width="90%"  color="gray" size="2"> </TD>
      <TD> <HR noshade align=right width="90%"  color="gray" size="2"> </TD></TR>
        <tr>
        <td width="44%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Weighted average shares outstanding</font></p> </td>
        <td width="15%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>69,445</font></p> </td>
        <td width="12%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>64,311</font></p> </td>
        <td width="13%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>68,757</font></p> </td>
        <td width="13%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>63,406</font></p> </td> </tr>
<TR>
      <TD> </TD>
      <TD><HR noshade align=right width="90%"  color="gray" size="2">  </TD>
      <TD><HR noshade align=right width="90%"  color="gray" size="2">  </TD>
      <TD> <HR noshade align=right width="90%"  color="gray" size="2"> </TD>
      <TD> <HR noshade align=right width="90%"  color="gray" size="2"> </TD></TR>
        <tr>
        <td width="44%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>FFO per share</font></p> </td>
        <td width="15%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$0.32</font></p> </td>
        <td width="12%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$0.38</font></p> </td>
        <td width="13%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$1.44</font></p> </td>
        <td width="13%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$1.50</font></p> </td> </tr>
<TR>
      <TD> </TD>
      <TD><HR noshade align=right width="90%"  color="gray" size="2">  </TD>
      <TD><HR noshade align=right width="90%"  color="gray" size="2">  </TD>
      <TD> <HR noshade align=right width="90%"  color="gray" size="2"> </TD>
      <TD> <HR noshade align=right width="90%"  color="gray" size="2"> </TD></TR>
    <tr>
        <td width="44%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Distributions declared</font></p> </td>
        <td width="15%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$0.32</font></p> </td>
        <td width="12%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$0.32</font></p> </td>
        <td width="13%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$1.28</font></p> </td>
        <td width="13%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$1.26</font></p> </td> </tr>
<TR>
      <TD> </TD>
      <TD><HR noshade align=right width="90%"  color="gray" size="2">  </TD>
      <TD><HR noshade align=right width="90%"  color="gray" size="2">  </TD>
      <TD> <HR noshade align=right width="90%"  color="gray" size="2"> </TD>
      <TD> <HR noshade align=right width="90%"  color="gray" size="2"> </TD></TR></table>



<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.85%; text-indent:-3.85%;text-align:justify;'><font color="#999999"><font size=2>&nbsp;</font></font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="3%" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>(1)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>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 3 below and we exclude loss on early extinguishment of debt not settled in cash. 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>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="3%" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>(2)</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>Income from continuing operations includes legal expenses incurred related to the HealthSouth litigation of approximately $600,000 and $1,850,000, respectively, for the quarter and year ended December 31, 2005 and $200,000 and $285,000, respectively, for the quarter and year ended December 31, 2004. </font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="3%" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>(3)</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=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, 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>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="3%" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>(4)</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>FFO for the quarter and year ended December 31, 2005, include a $4.1 million, or $0.06 per share, loss for the cash premium paid for our redemption of $52.5 million of our 7 7/8% senior notes.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:3pt; margin-top:0pt;text-align:center;'><U><B><font SIZE=2>WARNING CONCERNING FORWARD LOOKING STATEMENTS</font></B></U></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font SIZE=2>THIS PRESS RELEASE CONTAINS FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER FEDERAL SECURITIES LAWS.  THESE STATEMENTS REPRESENT OUR PRESENT BELIEFS AND EXPECTATIONS, BUT THEY MAY NOT OCCUR FOR VARIOUS REASONS. FOR EXAMPLE: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>THIS PRESS RELEASE REPORTS DECISIONS BY A MASSACHUSETTS TRIAL COURT THAT OUR TERMINATION OF HEALTHSOUTH&#146;S LEASE OF TWO HOSPITALS WAS PROPER, HEALTHSOUTH </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.85%;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>5 of 6</font></p>
<HR NOSHADE ALIGN="CENTER" WIDTH="100%" SIZE="2">
<page>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.85%;text-align:left;'><font size=2>IS TO COOPERATE WITH US IN LICENSING A NEW TENANT AND HEALTHSOUTH IS TO PAY US THE NET PATIENT REVENUES, LESS A MANAGEMENT FEE AND OPERATION COSTS, SINCE OCTOBER 26, 2004.  HEALTHSOUTH HAS FILED A NOTICE OF APPEAL OF THESE DECISIONS AND HEALTHSOUTH'S APPEAL MAY BE SUCCESSFUL. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.85%; text-indent:-3.85%;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>THIS PRESS RELEASE STATES THAT THE COURT HAS ORDERED HEALTHSOUTH TO CONTINUE OPERATIONS OF THE HOSPITALS DURING THE PERIOD OF TRANSITION TO A NEW TENANT.  HEALTHSOUTH MAY BE UNWILLING OR UNABLE TO CONTINUE ITS OPERATIONS.  IN SUCH CIRCUMSTANCES, WE MAY SEEK DAMAGES FROM HEALTHSOUTH AND TO CONTINUE THE HOSPITALS' OPERATIONS WITH APPROPRIATE REGULATORY APPROVALS, BUT WE MAY BE UNABLE TO COLLECT SUCH DAMAGES FROM HEALTHSOUTH OR TO CONTINUE THE HOSPITALS' OPERATIONS.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>THIS PRESS RELEASE REFERS TO A SECOND LITIGATION IN WHICH WE ARE SEEKING TO COLLECT INCREASED RENT FROM HEALTHSOUTH SINCE JANUARY 2002.  THE FACT THAT WE HAVE RECEIVED A FAVORABLE RULING IN A SEPARATE LITIGATION MAY IMPLY THAT WE WILL ALSO SUCCEED IN THIS INCREASED RENT LITIGATION.  HOWEVER, THE ISSUES IN THESE TWO LITIGATIONS ARE SOMEWHAT DIFFERENT.   ALSO, THESE TWO CASES ARE PENDING IN DIFFERENT COURTS.  WE BELIEVE ALL OF OUR CLAIMS ARE VALID.  HOWEVER, NOT ALL OF OUR CLAIMS HAVE BEEN FINALLY DETERMINED AND THE FACT THAT WE HAVE RECEIVED FAVORABLE RULINGS IN ONE CASE DOES NOT MEAN WE WILL SUCCEED IN THE OTHER CASE.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.85%; text-indent:-3.85%;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>
THE IMPLICATION OF THE FORWARD LOOKING STATEMENTS IN THIS PRESS RELEASE REGARDING OUR LITIGATIONS WITH
HEALTHSOUTH MAY BE THAT WE WILL EVENTUALLY RECEIVE MORE INCOME FROM OUR OWNERSHIP OF THE TWO HOSPITALS
THAN THE $8.7 MILLION PER YEAR PAID BY HEALTHSOUTH SINCE JANUARY 2002 AND THE $4.6 MILLION WHICH HEALTHSOUTH PAID TO US IN FEBRUARY 2006.  HOWEVER, THIS IMPLICATION
MAY NOT BE REALIZED FOR MANY DIFFERENT REASONS:  HEALTHSOUTH MAY BECOME UNABLE TO PAY THE INCREASED AMOUNTS,
IF ANY, DUE TO US.  WE MAY BE UNABLE TO IDENTIFY A NEW TENANT FOR THESE HOSPITALS WHO OBTAINS APPROPRIATE
 LICENSES AND WHO IS WILLING OR ABLE TO PAY INCREASED RENTS.  THE FINANCIAL RESULTS OF THE HOSPITALS'
OPERATIONS MAY DECLINE AND THIS DECLINE MAY BE MATERIAL.  IN FACT, HEALTHSOUTH MAY CEASE PAYING THE $8.7
MILLION PER YEAR WHICH IT HAS HISTORICALLY PAID TO US OR OTHER AMOUNTS DUE TO US UNTIL A NEW TENANT IS
INSTALLED AT THE HOSPITALS.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.85%; text-indent:-3.85%;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>LITIGATION IS EXPENSIVE. SINCE THE CURRENT LITIGATIONS BETWEEN US AND HEALTHSOUTH BEGAN IN APRIL 2003, WE HAVE SPENT APPROXIMATELY $2.3 MILLION IN LITIGATION COSTS.  THE EXPENSE OF THESE LITIGATIONS HAS BEEN SOMEWHAT CONCENTRATED DURING THE PAST 12 MONTHS.  WE EXPECT THAT THESE EXPENSES WILL CONTINUE AND MAY INCREASE SO LONG AS THE LITIGATIONS CONTINUE.  MOREOVER, WE ARE UNABLE TO PROVIDE ANY PROJECTIONS AS TO WHEN THESE LITIGATIONS MAY END OR THE AMOUNTS OF FUTURE LITIGATION COSTS.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font SIZE=2>FOR ALL OF THE FOREGOING REASONS YOU ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON FORWARD LOOKING STATEMENTS IN THIS PRESS RELEASE.  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 CONTAINED IN THIS PRESS RELEASE.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(END)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<BR><BR><BR>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>6 of 6</font></p>
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M]Z+R,3Q!C'Y[272U9$=#:5KSH;SJ(*O93C&*8AV]:P]R2E;8D.MJ6$`9P&TJ
M'D.NWY5TYBC*S/4,';DNL%3;B$)S+=";6_MUC7LIJ"J+B^$ER&S"%G.XLD*2
MA5]=Q865M%#]1+QG_]#=NXQB4=QE;SQ$52B@OH;2H)5I"D9Q>X!`%B*\;QO$
M6V(TQYY"XP4]NKN+%*$J"0L<V]SR7KQO$%,1-WRX\-;+<A<87;",F592#?7J
ML*/&QIDA93A"&<L%<H`@`E-R"-G#:]=:\.5^G"<8FEM3RI!"&66%D(;!+A<V
MG6=G!6G!N`;6Y*S[>(QI.(IA*PR.A]+:2REVP*TV!NC5K2-FK9:K+",1=Q.,
M9"F`TG,4ILO-<@D'@Y*PT:BSC%8D9]^(_(+H5&<TC>C-AFM;72<R%ALZ:9CH
MD![(E"5)(&3*K,".(WO^M2I4F+/!!PW3*<.Z2"M3@05#*E:A8J`X]OZUZN'`
M5`BP@N4EN(M*VR%"]T[+FI4JMA0`X1A2IAF+5+6^0D9U+%QE)((_4UTYA>%N
MB6%;J_JWT2'+*'?H(*;>B/TJ5*K94CM,.(A3I1)G(TJRXK*L#NC;7[*9P_<6
M'-NH9#Q+SA<<6JQ*E'AJ5*K(63`PY,/<I5*4WIR^<R@25$DG\KDUSVMPP-(;
M2920EI3)(7K4V3?*3Q5*E5LJ"B-`$Q$DJDJ+:BII"E`I;)%M7%JI["&(\6&6
4(Q<*$K)^T-S<FY]]2I4WP5I__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>4
<FILENAME>ex99-2.txt
<TEXT>







                         SENIOR HOUSING PROPERTIES TRUST

                               Fourth Quarter 2005

                    Supplemental Operating and Financial Data






        Unless otherwise noted, all amounts in this report are unaudited.
<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
      2005 Investments/Dispositions Information                         18
      2005 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 CONCERNING FORWARD LOOKING STATEMENTS


     THIS SUPPLEMENTAL OPERATING AND FINANCIAL DATA REPORT CONTAINS FORWARD
LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995 AND OTHER FEDERAL SECURITIES LAWS. THESE STATEMENTS REPRESENT
OUR PRESENT BELIEFS AND EXPECTATIONS, BUT THEY MAY NOT OCCUR FOR VARIOUS
REASONS. FOR EXAMPLE:

o    A MASSACHUSETTS TRIAL COURT HAS DECIDED THAT OUR TERMINATION OF
     HEALTHSOUTH'S LEASE OF TWO HOSPITALS WAS PROPER, HEALTHSOUTH IS TO
     COOPERATE WITH US IN LICENSING A NEW TENANT AND HEALTHSOUTH IS TO PAY US
     THE NET PATIENT REVENUES, LESS A MANAGEMENT FEE AND OPERATION COSTS, SINCE
     OCTOBER 26, 2004. HEALTHSOUTH HAS FILED A NOTICE OF APPEAL OF THESE
     DECISIONS AND HEALTHSOUTH'S APPEAL MAY BE SUCCESSFUL.

o    THE COURT HAS ORDERED HEALTHSOUTH TO CONTINUE OPERATIONS OF THE HOSPITALS
     DURING THE PERIOD OF TRANSITION TO A NEW TENANT. HEALTHSOUTH MAY BE
     UNWILLING OR UNABLE TO CONTINUE ITS OPERATIONS. IN SUCH CIRCUMSTANCES, WE
     MAY SEEK DAMAGES FROM HEALTHSOUTH AND TO CONTINUE THE HOSPITALS' OPERATIONS
     WITH APPROPRIATE REGULATORY APPROVALS, BUT WE MAY BE UNABLE TO COLLECT SUCH
     DAMAGES FROM HEALTHSOUTH OR TO CONTINUE THE HOSPITALS' OPERATIONS.

o    IN A SECOND LITIGATION, WE ARE SEEKING TO COLLECT INCREASED RENT FROM
     HEALTHSOUTH SINCE JANUARY 2002. THE FACT THAT WE HAVE RECEIVED A FAVORABLE
     RULING IN A SEPARATE LITIGATION MAY IMPLY THAT WE WILL ALSO SUCCEED IN THIS
     INCREASED RENT LITIGATION. HOWEVER, THE ISSUES IN THESE TWO LITIGATIONS ARE
     SOMEWHAT DIFFERENT. ALSO, THESE TWO CASES ARE PENDING IN DIFFERENT COURTS.
     WE BELIEVE ALL OF OUR CLAIMS ARE VALID. HOWEVER, NOT ALL OF OUR CLAIMS HAVE
     BEEN FINALLY DETERMINED AND THE FACT THAT WE HAVE RECEIVED FAVORABLE
     RULINGS IN ONE CASE DOES NOT MEAN WE WILL SUCCEED IN THE OTHER CASE.

o    THE IMPLICATION OF THE FORWARD LOOKING STATEMENTS REGARDING OUR LITIGATIONS
     WITH HEALTHSOUTH MAY BE THAT WE WILL EVENTUALLY RECEIVE MORE INCOME FROM
     OUR OWNERSHIP OF THE TWO HOSPITALS THAN THE $8.7 MILLION PER YEAR PAID BY
     HEALTHSOUTH SINCE JANUARY 2002 AND THE $4.6 MILLION WHICH HEALTHSOUTH PAID
     TO US IN FEBRUARY 2006. HOWEVER, THIS IMPLICATION MAY NOT BE REALIZED FOR
     MANY DIFFERENT REASONS: HEALTHSOUTH MAY BECOME UNABLE TO PAY THE INCREASED
     AMOUNTS, IF ANY, DUE TO US. WE MAY BE UNABLE TO IDENTIFY A NEW TENANT FOR
     THESE HOSPITALS WHO OBTAINS APPROPRIATE LICENSES AND WHO IS WILLING OR ABLE
     TO PAY INCREASED RENTS. THE FINANCIAL RESULTS OF THE HOSPITALS' OPERATIONS
     MAY DECLINE AND THIS DECLINE MAY BE MATERIAL. IN FACT, HEALTHSOUTH MAY
     CEASE PAYING THE $8.7 MILLION PER YEAR WHICH IT HAS HISTORICALLY PAID TO US
     OR OTHER AMOUNTS DUE TO US UNTIL A NEW TENANT IS INSTALLED AT THE
     HOSPITALS.

o    LITIGATION IS EXPENSIVE. SINCE THE CURRENT LITIGATIONS BETWEEN US AND
     HEALTHSOUTH BEGAN IN APRIL 2003, WE HAVE SPENT APPROXIMATELY $2.3 MILLION
     IN LITIGATION COSTS. THE EXPENSE OF THESE LITIGATIONS HAS BEEN SOMEWHAT
     CONCENTRATED DURING THE PAST 12 MONTHS. WE EXPECT THAT THESE EXPENSES WILL
     CONTINUE AND MAY INCREASE SO LONG AS THE LITIGATIONS CONTINUE. MOREOVER, WE
     ARE UNABLE TO PROVIDE ANY PROJECTIONS AS TO WHEN THESE LITIGATIONS MAY END
     OR THE AMOUNTS OF FUTURE LITIGATION COSTS.

     FOR ALL OF THE FOREGOING REASONS YOU ARE CAUTIONED NOT TO PLACE UNDUE
RELIANCE ON 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 CONTAINED IN THIS REPORT.


                                       3
<PAGE>






                             CORPORATE INFORMATION


<PAGE>
                        Senior Housing Properties Trust
                    Supplemental Operating and Financial Data
                                December 31, 2005

                                 COMPANY PROFILE
- -------------------------------------------------------------------------------
The Company:
Senior Housing Properties Trust, or SNH, is a real estate investment trust, or
REIT, which owns independent and assisted living properties, continuing care
retirement communities and nursing homes located throughout the United States.
We are included in a number of stock indices, including the Russell 2000(R), the
MSCI US REIT Index, NAREIT Real Time Index and the S&P REIT Composite Index.

Management:
Senior Housing Properties Trust is managed by Reit Management & Research LLC, or
RMR. RMR was founded in 1986 to manage public investments in real estate. As of
December 31, 2005, RMR managed one of the largest portfolios of publicly owned
real estate in the United States, including approximately 950 properties, with
approximately 86.0 million square feet, located in 42 states, Washington, DC,
Puerto Rico and Ontario, Canada. RMR has approximately 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, a
publicly traded REIT that owns hotels, HRPT Properties Trust, a publicly traded
REIT that primarily owns office buildings and four mutual funds which invest in
unaffiliated real estate companies. The public companies managed by RMR had
combined total market capitalization of approximately $12.0 billion as of
December 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 primarily 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 12/31/05):

Total properties                                            188
Total units / beds                                       23,282
Percent of rent from private pay properties                84.5% (1)

Portfolio Concentration by facility type (as of 12/31/05):
<TABLE>
<CAPTION>

                                                   Carrying Value
                            Number of   Number of        of                        Annualized
                            Properties  Units/Beds   Investment (2)   Percent      Current Rent   Percent
                           ---------------------------------------------------------------------------------
<S>                              <C>     <C>          <C>               <C>        <C>              <C>

 Independent Living (IL) (3)      36      10,412       $ 907,527         53.8%      $ 90,195          54.3%
 Assisted Living (AL)             89       6,197         515,165         30.6%        50,261          30.2%
 Nursing Homes                    61       6,309         219,924         13.0%        17,106          10.3%
 Hospitals                         2         364          43,553          2.6%         8,700           5.2%
                           --------------------------------------------------------------------------------
     Total                       188      23,282     $ 1,686,169        100.0%     $ 166,262         100.0%
                           =================================================================================
</TABLE>
 Operating Statistics by tenant (Q4 2005):

<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)               30       7,307        $ 64,026          1.25x          93%            84%
Five Star                            106       8,467          39,434          1.78x          91%            45%
Sunrise / Marriott (6)                14       4,091          31,087          1.25x          92%            80%
NewSeasons / IBC (7)                  10       1,019           9,287          1.10x          80%           100%
HealthSouth (8)                        2         364           8,700            NA            NA             NA
Alterra Healthcare Corporation        18         894           7,232          1.98x          90%            98%
Genesis HealthCare Corporation         1         156           1,535          2.16x          97%            17%
5 Private Companies (combined)         7         984           4,961          1.92x          88%            24%
                                  --------------------------------------
                                     188      23,282       $ 166,262
                                  ======================================
<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, and include purchase price allocations related
     to FAS 141.
(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 30 properties are leased to Five Star Quality Care, Inc., or Five Star, and 18 were managed by Sunrise
     Senior Living, Inc., or Sunrise, on December 31, 2005. As of December 31, 2005, Five Star operated 12 of these 30
     properties and intends to operate one additional property during the first quarter of 2006. Sunrise does not
     guaranty Five Star's lease obligations. The rent that Five Star pays to us is subordinate to the management fees
     paid by Five Star to Sunrise, but our rent is not subordinate to Five Star's internal management costs. The rent
     coverage presented for this lease has been adjusted to exclude management fees paid to Sunrise during the fourth
     quarter for the 13 properties that Five Star currently manages, and expects to manage, in the first quarter of
     2006.
(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. From that time until June 2005, HealthSouth had not filed audited financial information with the SEC.
     In June 2005, HealthSouth filed a restated Annual Report on Form 10-K, or Form 10K, for the period ending December
     31, 2003. In December 2005, HealthSouth late filed a Form 10K for the period ending December 31, 2004. The
     financial and operating data included in HealthSouth's Form 10-K's show a substantial negative net worth and a
     history of substantial operating losses. Because we do not have reliable current information about the operations
     or financial performance of HealthSouth or our hospitals, we do not show operating data for this operator. See
     also Note 1 on page 11 regarding our litigation with HealthSouth.
</FN>
</TABLE>

                                       5
<PAGE>

                         Senior Housing Properties Trust
                    Supplemental Operating and Financial Data
                               December 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
400 Centre Street                        to John R. Hoadley, Treasurer and Chief
Newton, MA  02458                        Financial Officer, at (617) 796-8350
(t) (617) 796-8350                       or 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
                               December 31, 2005

                                RESEARCH COVERAGE
- --------------------------------------------------------------------------------

                            Equity Research Coverage
- --------------------------------------------------------------------------------

Merrill Lynch                                   Stifel, Nicolaus
David Tsoupros                                  Jerry Doctrow
(212) 449-9697                                  (410) 454-5142

Raymond James                                   UBS
Paul Puryear                                    Christopher Pike
(727) 573-3800                                  (212) 713-2087

RBC Capital Markets                             Wachovia Securities
Jay Leupp                                       Stephen Swett
(415) 633-8588                                  (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
Lori Halpern                                    George Skoufis
(212) 553-1098                                  (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>
<TABLE>
<CAPTION>

                                                   Senior Housing Properties Trust
                                              Supplemental Operating and Financial Data


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

                                                                            As of and For the Three Months Ended
                                                                 -------------------------------------------------------------------
                                                                  12/31/2005     9/30/2005    6/30/2005     3/31/2005    12/31/2004
                                                                 ------------  ------------ ------------  ------------  ------------
<S>                                                                 <C>            <C>         <C>           <C>          <C>
SHARES OUTSTANDING:
Common shares outstanding (at end of period)                          71,812        68,562       68,538        68,496       68,496
Weighted average common shares outstanding - basic and diluted (1)    69,445        68,543       68,537        68,496       64,311

COMMON SHARE DATA:
Price at end of period                                               $ 16.91       $ 19.00      $ 18.91       $ 16.68      $ 18.94
High during period                                                   $ 19.35       $ 20.00      $ 19.45       $ 19.10      $ 20.34
Low during period                                                    $ 16.84       $ 17.79      $ 16.40       $ 16.20      $ 17.85
Annualized dividends paid per share                                   $ 1.28        $ 1.28       $ 1.28        $ 1.28       $ 1.28
Annualized dividend yield (at end of period)                            7.6%          6.7%         6.8%          7.7%         6.8%

MARKET CAPITALIZATION:
Total debt (book value)                                            $ 556,400     $ 551,757    $ 577,175     $ 535,748    $ 535,178
Plus:  market value of common shares (at end of period)            1,214,341     1,302,678    1,296,054     1,142,513    1,297,314
                                                                 ------------  ------------ ------------  ------------ ------------
Total market capitalization                                      $ 1,770,741   $ 1,854,435  $ 1,873,229   $ 1,678,261  $ 1,832,492
Total debt / total market capitalization                               31.4%         29.8%        30.8%         31.9%        29.2%

BOOK CAPITALIZATION:
Total debt                                                         $ 556,400     $ 551,757    $ 577,175     $ 535,748    $ 535,178
Plus:  total shareholders' equity                                    917,977       868,086      875,634       881,692      890,667
                                                                 ------------  ------------ ------------  ------------ ------------
Total book capitalization                                        $ 1,474,377   $ 1,419,843  $ 1,452,809   $ 1,417,440  $ 1,425,845
Total debt / total book capitalization                                 37.7%         38.9%        39.7%         37.8%        37.5%

SELECTED BALANCE SHEET DATA:
Total assets                                                     $ 1,499,648   $ 1,440,403  $ 1,473,413   $ 1,436,848  $ 1,447,730
Total liabilities                                                  $ 581,671     $ 572,317    $ 597,779     $ 555,156    $ 557,063
Gross book value of real estate assets (2)                       $ 1,686,169   $ 1,632,013  $ 1,652,231   $ 1,604,693  $ 1,600,952
Total debt / gross book value of real estate assets (2)                33.0%         33.8%        34.9%         33.4%        33.4%

SELECTED INCOME STATEMENT DATA:
Total revenues                                                      $ 44,111      $ 40,244     $ 39,605      $ 39,227     $ 40,730
EBITDA (3)                                                          $ 38,353      $ 37,775     $ 37,293      $ 36,649     $ 35,316
Income from continuing operations                                   $ 10,472      $ 14,129     $ 14,316      $ 13,865     $ 16,513
Net income                                                          $ 15,686      $ 14,129     $ 15,033      $ 13,865     $ 16,513
Funds from operations (FFO) (4)                                     $ 22,171      $ 25,864     $ 25,850      $ 25,426     $ 24,390
Common distributions paid                                           $ 22,980      $ 21,940     $ 21,932      $ 21,919     $ 21,919

PER SHARE DATA:
Income from continuting operations                                    $ 0.15        $ 0.21       $ 0.21        $ 0.20       $ 0.26
Net income                                                            $ 0.23        $ 0.21       $ 0.22        $ 0.20       $ 0.26
FFO (4)                                                               $ 0.32        $ 0.38       $ 0.38        $ 0.37       $ 0.38
Common distributions paid                                             $ 0.32        $ 0.32       $ 0.32        $ 0.32       $ 0.32
FFO payout ratio (4)                                                  100.0%         84.2%        84.2%         86.5%        84.2%

COVERAGE RATIOS:
EBITDA (3) / interest expense                                           3.2x          3.2x         3.3x          3.3x         3.2x
<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)  FFO for the quarter ended December 31, 2005, includes a $4.1 million, or $0.06 per share, loss on early extinguishment of debt
     related to our redemption of $52.5 million of our 7 7/8% senior notes. See page 14 for calculation of FFO. See also Note 1 and
     Note 3 on page 11 regarding our HealthSouth litigation.
</FN>
</TABLE>

                                       9
<PAGE>
<TABLE>
<CAPTION>
                                        Senior Housing Properties Trust
                                   Supplemental Operating and Financial Data
                                               December 31, 2005

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

                                                                                    As of           As of
                                                                                 December 31,    December 31,
                                                                                    2005             2004
                                                                                 -----------     -----------
                                                                                                  (audited)
<S>                                                                             <C>              <C>

ASSETS
     Real estate properties, at cost:
         Land                                                                       $185,819       $178,353
         Buildings and improvements                                                1,500,350      1,422,599
                                                                                 -----------    -----------
                                                                                   1,686,169      1,600,952
         Less accumulated depreciation                                               239,031        199,232
                                                                                 -----------    -----------
                                                                                   1,447,138      1,401,720
     Cash and cash equivalents                                                        14,642          3,409
     Restricted cash                                                                   2,529          6,176
     Deferred financing fees, net                                                      9,968          9,367
     Due from affiliates                                                               8,845           --
     Other assets                                                                     16,526         27,058
                                                                                 -----------    -----------
     Total assets                                                                 $1,499,648     $1,447,730
                                                                                 ===========    ===========

LIABILITIES AND SHAREHOLDERS' EQUITY
     Unsecured revolving bank credit facility                                        $64,000        $37,000
     Senior unsecured notes due 2012 and 2015, net of discount                       394,018        393,775
     Junior subordinated debentures due 2041                                          28,241         28,241
     Secured debt and capital leases                                                  70,141         76,162
     Accrued interest                                                                 13,089         12,519
     Due to affiliates                                                                   786          1,516
     Other liabilities                                                                11,396          7,850
                                                                                 -----------    -----------
     Total liabilities                                                               581,671        557,063
                                                                                 -----------    -----------

     Commitments and contingencies

     Shareholders' equity:
         Common shares of beneficial interest, $0.01 par value:
         80,000,000 shares authorized; 71,812,227 and 68,495,908 shares issued
             and outstanding, respectively                                               718            685
         Additional paid-in capital                                                1,093,480      1,034,686
         Cumulative net income                                                       267,196        208,491
         Cumulative distributions                                                   (447,289)      (359,567)
         Unrealized gain on investments                                                3,872          6,372
                                                                                 -----------    -----------
             Total shareholders' equity                                              917,977        890,667
                                                                                 -----------    -----------
     Total liabilities and shareholders' equity                                   $1,499,648     $1,447,730
                                                                                 ===========    ===========
</TABLE>

                                       10
<PAGE>

<TABLE>
<CAPTION>

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

                                                  CONSOLIDATED STATEMENT OF INCOME
- ------------------------------------------------------------------------------------------------------------------------------------
                                                (in thousands, except per share data)
                                                                                              For the                For the
                                                                                         Three Months Ended    Twelve Months Ended
                                                                                     -----------------------  ----------------------
                                                                                     12/31/2005   12/31/2004  12/31/2005  12/31/2004
                                                                                     ----------   ----------  ----------  ----------
<S>                                                                                    <C>         <C>        <C>         <C>
Revenues:                                                                                                                  (audited)
       Rental income (1)                                                                $43,776     $40,286    $161,265    $145,731
       Interest and other income (2)                                                        335         444       1,922       2,792
                                                                                       --------    --------    --------    --------
           Total revenues                                                                44,111      40,730     163,187     148,523
                                                                                       --------    --------    --------    --------

Expenses:
       Interest                                                                          12,048      10,926      46,633      41,836
       Depreciation                                                                      11,266      10,286      43,694      39,301
       General and administrative (3)                                                     3,356       3,005      13,117      11,863
       Impairment of assets                                                               1,762        --         1,762        --
       Loss on early extinguishment of debt (4)                                           5,207        --         5,207        --
                                                                                       --------    --------    --------    --------
           Total expenses                                                                33,639      24,217     110,413      93,000
                                                                                       --------    --------    --------    --------

Income from continuing operations                                                        10,472      16,513      52,774      55,523
Gain on sale of property                                                                  5,214        --         5,931       1,219
                                                                                       --------    --------    --------    --------
Net income                                                                              $15,686     $16,513     $58,705     $56,742
                                                                                       ========    ========    ========    ========

Weighted average common shares outstanding                                               69,445      64,311      68,757      63,406
                                                                                       ========    ========    ========    ========

Basic and diluted earnings per share:
       Income from continuing operations                                                  $0.15       $0.26       $0.77       $0.88
                                                                                       ========    ========    ========    ========
       Net income                                                                         $0.23       $0.26       $0.85       $0.89
                                                                                       ========    ========    ========    ========


Additional Data:
       Corporate general and administrative expense                                      $3,356      $3,005     $13,117     $11,863
       Less:  litigation / due diligence costs included in G&A (5)                         $600        $200      $1,850      $1,200
                                                                                       --------    --------    --------    --------
       Adjusted general and administrative expenses                                      $2,756      $2,805     $11,267     $10,663

       Adjusted general and administrative expenses/ total revenues (6)                     6.6%        7.3%        6.9%        7.2%
       Adjusted general and administrative expenses/ total assets (at end of period)       0.18%       0.19%       0.75%       0.74%

       Straight-line rent included in rental income (7)                                    $107        $115        $429        $409
<FN>
(1)  Rental income for the quarter and year ended December 31, 2005, includes $2.2 million and $8.7 million, respectively, of income
     from two hospitals operated by 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 January 2, 2002 until the termination or expiration
     of the amended lease. 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 second lawsuit against us seeking to prevent our termination of the amended lease. On
     September 25, 2005, the court ruled that our termination was proper. On January 18, 2006, the court ordered HealthSouth to
     cooperate with us in licensing a new tenant and pay us the net patient revenues, after a 5% management fee and payment of costs
     and expenses of operation since October 26, 2004. We have begun working to identify and qualify a new tenant operator for the
     hospitals. HealthSouth has filed a notice of appeal of the court's decisions; but HealthSouth's motions for a stay of the
     court's decisions during the appeal have been denied by both the trial court and the appeals court. During the pendency of
     these disputes, HealthSouth continued to pay us at the disputed rent amount of $725,000/month, and, on February 3, 2006,
     HealthSouth paid us an additional $4.6 million which HealthSouth represented to be an amount due from November 1, 2004 to
     December 31, 2005. We are currently in the process of reviewing HealthSouth's calculations of amounts due to us and we may
     claim additional amounts. In June 2005, HealthSouth filed a restated Annual Report on Form 10-K for the period ending December
     31, 2003. In December 2005, HealthSouth filed late an Annual Report on Form 10-K for the period ending December 31, 2004. The
     financial and operating data included in HealthSouth's Form 10-Ks show a substantial negative net worth and a history of
     substantial operating losses. To date we have been unable to obtain reliable current financial information about the operations
     of HealthSouth or our hospitals. Accordingly, we do not know if we will be able to collect any additional amounts which the
     courts may determine to be owed to us by HealthSouth.

(2)  Included in interest and other income for the year ended December 31, 2004 is $1.25 million received in a settlement of
     litigation with Marriott.

(3)  Legal expenses incurred related to our HealthSouth litigation were approximately $600,000 and $1,850,000, respectively, for the
     quarter and year ended December 31, 2005 and $200,000 and $285,000, respectively, for the quarter and year ended December 31,
     2004, and are included in general and administrative expenses.

(4)  In December 2005, we called for redemption $52.5 million of our 7 7/8% senior unsecured notes. The loss on early extinguishment
     of debt includes a $4.1 million redemption premium and a $1.1 million write off of deferred finance fees and unamortized
     discount related to these $52.5 million of senior notes. The redemption occurred on January 9, 2006.

(5)  Includes 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.

(6)  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 this calculation, total revenues for the first
     three quarters included estimated amounts with respect to those periods. The fourth quarter calculation excludes the amounts
     recognized during the first three quarters.

(7)  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.
</FN>
</TABLE>

                                       11
<PAGE>
<TABLE>
<CAPTION>
                                                   Senior Housing Properties Trust
                                              Supplemental Operating and Financial Data
                                                          December 31, 2005

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

                                                                                                   For the Twelve Months Ended
                                                                                         ------------------------------------------
                                                                                                12/31/2005              12/31/2004
                                                                                         -------------------        ---------------
                                                                                                                        (audited)
<S>                                                                                             <C>                     <C>
Cash flows from operating activities:
         Net income                                                                              $58,705                   $56,742
         Adjustments to reconcile net income to cash provided by operating activities:
                Depreciation                                                                      43,694                    39,301
                Impairment of assets                                                               1,762                      --
                Write off of deferred finance fees                                                 1,073                      --
                Gain on sale of property                                                          (5,931)                   (1,219)
                Amortization of deferred finance fees and debt discounts                           2,212                     2,107
                Change in assets and liabilities:
                       Restricted cash                                                              (523)                     (998)
                       Due from affiliates                                                          (884)                   (1,899)
                       Other assets                                                                   71                       377
                       Accrued interest                                                              570                        51
                       Due to affiliates                                                            (729)                      885
                       Other liabilities                                                           4,202                      (159)
                                                                                         ---------------            ---------------
                Cash provided by operating activities                                            104,222                    95,188
                                                                                         ---------------            ---------------

 Cash flows from investing activities:
         Acquisitions                                                                            (97,480)                 (137,748)
         Mortgage financing provided                                                             (24,000)                  133,849
         Mortgage financing repaid                                                                24,000                  (133,849)
         Proceeds from sale of real estate                                                        12,537                     5,900
                                                                                         ---------------            ---------------
                Cash used for investing activities                                               (84,943)                 (131,848)
                                                                                         ---------------            ---------------

 Cash flows from financing activities:
         Proceeds from issuance of common shares, net                                             58,170                   180,194
         Proceeds from borrowings on revolving bank credit facility                              143,000                   184,000
         Repayments of borrowings on revolving bank credit facility                             (116,000)                 (249,000)
         Repayment of debt                                                                        (1,851)                     (864)
         Deferred financing fees                                                                  (3,643)                       --
         Distributions to shareholders                                                           (87,722)                  (77,791)
                                                                                         ---------------            ---------------
                Cash (used for) provided by financing activities                                  (8,046)                   36,539
                                                                                         ---------------            ---------------

 Decrease in cash and cash equivalents                                                            11,233                      (121)
         Cash and cash equivalents at beginning of period                                          3,409                     3,530
                                                                                         ---------------            ---------------
         Cash and cash equivalents at end of period                                              $14,642                    $3,409
                                                                                         ===============            ===============

 Supplemental cash flow information:
         Interest paid                                                                           $43,851                   $39,678

 Non cash investing and financing activities:
         Issuance of common shares                                                                  $657                      $733
         Release of restricted cash to us                                                          4,170                     4,930
         Repayment of debt with cash previously restricted                                        (4,170)                   (4,930)

</TABLE>

                                       12
<PAGE>
<TABLE>
<CAPTION>

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

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

                                                 For the Three Months Ended        For the Twelve Months Ended
                                                ---------------------------        ---------------------------
                                                12/31/2005       12/31/2004        12/31/2005       12/31/2004
                                                ----------       ----------        ----------       ----------

<S>                                              <C>              <C>               <C>              <C>
Income from continuing operations (1)             $10,472          $16,513           $52,774          $55,523
Plus: interest expense                             12,048           10,926            46,633           41,836
Plus: depreciation expense                         11,266           10,286            43,694           39,301
Plus: impairment of assets                          1,762             --               1,762             --
Plus: loss on early extinguishment of debt          5,207             --               5,207             --
Less: deferred percentage rent adjustment (2)      (2,402)          (2,409)             --               --
                                                 --------         --------          --------         --------
EBITDA                                            $38,353          $35,316          $150,070         $136,660
                                                 ========         ========          ========         ========

<FN>
(1)  Income from continuing operations includes legal expenses incurred related to our HealthSouth litigation
     of approximately $600,000 and $1,850,000, respectively, for the quarter and year ended December 31, 2005
     and $200,000 and $285,000, respectively, for the quarter and year ended December 31, 2004. See also Note 1
     on page 11 regarding our HealthSouth litigation.

(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
     this calculation, total revenues for the first three quarters included estimated amounts with respect to
     those periods. The fourth quarter calculation excludes the amounts recognized during the first three
     quarters.
</FN>
</TABLE>
We compute EBITDA as income from continuing operations plus interest expense,
depreciation expense, deferred percentage rent and non-recurring charges. 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>
<TABLE>
<CAPTION>
                                                   Senior Housing Properties Trust
                                              Supplemental Operating and Financial Data
                                                          December 31, 2005

                                             CALCULATION OF FUNDS FROM OPERATIONS (FFO)
- ------------------------------------------------------------------------------------------------------------------------------------
                                            (amounts in thousands, except per share data)

                                                                     For the Three Months Ended         For the Twelve Months Ended
                                                                    -----------------------------       ----------------------------
                                                                    12/31/2005        12/31/2004        12/31/2005        12/31/2004
                                                                    -----------      ------------       ----------       -----------
<S>                                                                  <C>              <C>                <C>               <C>
Income from continuing operations (1)                                 $10,472          $16,513            $52,774           $55,523
Plus:  depreciation expense                                            11,266           10,286             43,694            39,301
Plus:  impairment of assets                                             1,762             --                1,762              --
Plus:  loss on early extinguishment of debt                             5,207             --                5,207              --
Less:  deferred percentage rent adjustment (2)                         (2,402)          (2,409)              --                --
Less:  loss on early extinguishment of debt settled in cash (3)        (4,134)            --               (4,134)             --
                                                                     --------         --------           --------          --------
FFO                                                                   $22,171          $24,390            $99,303           $94,824
                                                                     ========         ========           ========          ========

Weighted average shares outstanding                                    69,445           64,311             68,757            63,406

Income from continuing operations per share                             $0.15            $0.26              $0.77             $0.88
FFO per share                                                           $0.32            $0.38              $1.44             $1.50

Supplemental data:
Straight-line rent included in rental income (4)                         $107             $115               $429              $409
Amortization of deferred financing fees and debt discounts               $483             $526             $2,212            $2,107

<FN>
(1)  Income from continuing operations includes legal expenses incurred related to our HealthSouth litigation of approximately
     $600,000 and $1,850,000, respectively, for the quarter and year ended December 31, 2005 and $200,000 and $285,000,
     respectively, for the quarter and year ended December 31, 2004. See also Note 1 on page 11 regarding our HealthSouth
     litigation.

(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 income from continuing operations, 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.

(3)  FFO for the quarter and year ended December 31, 2005, include a $4.1 million, or $0.06 per share, loss for the cash premium
     paid for our redemption of $52.5 million of our 7 7/8% senior notes.

(4)  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.

</FN>
</TABLE>

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 2 above and we exclude loss on early extinguishment of debt
not settled in cash. We consider FFO to be an appropriate measure of performance
for a REIT along with net income and cash flow from operating, investing and
financing activities. We believe that FFO provides useful information to
investors because by excluding the effects of certain historical costs, such as
depreciation expense and gain or loss on sale of properties, FFO can facilitate
a comparison of our current operating performance with our past operating
performance and of operating performance among REITs. FFO does not represent
cash generated by operating activities in accordance with GAAP and should not be
considered an alternative to net income or cash flow from operating activities
as a measure of financial performance or liquidity. 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>
<TABLE>
<CAPTION>

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

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

                                                                 Coupon   Interest    Principal   Maturity      Due at     Years to
                                                                  Rate      Rate       Balance      Date       Maturity    Maturity
                                                                -------------------------------------------------------------------

<S>                                                             <C>         <C>       <C>          <C>          <C>         <C>
Secured Fixed Rate Debt:

   Tax exempt bonds - secured by 1 property                       5.875%     5.875%    $14,700      12/1/27      $14,700     21.9
   Mortgage - secured by 16 properties (1)                        6.970%     6.330%     36,630      6/2/12        30,069      6.4
   Mortgage - secured by 4 properties (1)                         6.110%     6.420%     12,437      11/30/13      10,218      7.9
   Capital leases - 2 properties                                  7.700%     7.700%      6,374      5/31/16         --       10.4
                                                                 ------     ------    --------                  --------    -----
       Total / weighted average secured fixed rate debt           6.654%     6.375%    $70,141                   $54,987     10.3
                                                                 ======     ======    ========                  ========    =====


Unsecured Debt:

     Unsecured Floating Rate Debt:
         Revolving credit facility (LIBOR + 100 b.p.)             5.310%     5.310%    $64,000      11/30/09     $64,000      3.9

     Unsecured Fixed Rate Debt:
         Senior notes due 2012                                    8.625%     8.625%   $245,000      1/15/12     $245,000      6.0
         Senior notes due 2015 (2)                                7.875%     7.875%    150,000      4/15/15      150,000      9.3
         Junior subordinated debentures (3)                      10.125%    10.125%     28,241      6/15/41       28,241     35.5
                                                                 ------     ------    --------                  --------    -----
             Total / weighted average unsecured fixed rate debt   7.784%     7.784%   $423,241                  $423,241      6.8
                                                                 ======     ======    ========                  ========    =====

             Total / weighted average unsecured debt              7.459%     7.459%   $487,241                  $487,241      6.4
                                                                 ======     ======    ========                  ========    =====




 Total / weighted average secured debt fixed rate debt            6.654%     6.375%    $70,141                   $54,987     10.3
 Total / weighted average unsecured floating rate debt            5.310%     5.310%     64,000                    64,000      3.9
 Total / weighted average unsecured fixed rate debt               7.784%     7.784%    423,241                   423,241      6.8
                                                                 ------     ------    --------                  --------    -----
      Total / weighted average debt                               7.358%     7.322%   $557,382                  $542,228      6.9
                                                                 ======     ======    ========                  ========    =====
<FN>

(1)  Includes the effect of mark to market accounting for certain assumed mortgages.
(2)  On January 9, 2006, we redeemed $52.5 million of these notes. In connection with the redemption, we paid a premium of $4.1
     million and wrote off $1.1 million of deferred finance fees and unamortized discount. The remaining $97.5 million can be repaid
     at par, plus a premium, beginning in April 2008.
(3)  Our junior subordinated debentures will become prepayable, at par, in June 2006.
</FN>
</TABLE>

                                       15
<PAGE>
<TABLE>
<CAPTION>


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

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


                                          Scheduled Principal Payments During Period
                            --------------------------------------------------------------------
                                 Secured
                               Fixed Rate         Unsecured         Unsecured
                                Debt and           Floating           Fixed
 Year                        Capital Leases       Rate Debt         Rate Debt           Total
- --------------------        ----------------     -----------       -----------        ----------
<S>                               <C>              <C>             <C>               <C>
2006                               $ 1,982              $ -               $ -           $ 1,982
2007                                 2,123                -                 -             2,123
2008                                 2,265                -                 -             2,265
2009                                 2,435           64,000                 -            66,435
2010                                 2,007                -                 -             2,007
2011                                 1,703                -                 -             1,703
2012                                31,259                -           245,000           276,259
2013                                10,820                -                 -            10,820
2014                                   310                -                 -               310
2015                                   338                -           150,000(1)        150,338
2016 and thereafter                 14,899                -            28,241            43,140
                            ---------------      -----------       ----------        ----------
                                  $ 70,141         $ 64,000         $ 423,241         $ 557,382
                            ===============      ===========       ==========        ==========

<FN>
 (1) $52.5 million of this was repaid in January 2006. See Note 2 on page 15.
</FN>
</TABLE>

                                       16
<PAGE>
<TABLE>
<CAPTION>
                                                   Senior Housing Properties Trust
                                              Supplemental Operating and Financial Data
                                                          December 31, 2005

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

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

 Total debt / total assets                                                   37.1%        38.3%       39.2%       37.3%      37.0%
 Total debt / gross book value of real estate assets (1)                     33.0%        33.8%       34.9%       33.4%      33.4%
 Total debt / total market capitalization                                    31.4%        29.8%       30.8%       31.9%      29.2%
 Total debt / total book capitalization                                      37.7%        38.9%       39.7%       37.8%      37.5%
 Secured debt / total assets                                                  4.7%         4.9%        4.8%        5.3%       5.3%
 Variable rate debt / total debt                                             11.5%        10.7%       14.6%        7.9%       7.7%


Coverage Ratios:

 EBITDA (2) / interest expense                                                3.2x         3.2x        3.3x        3.3x       3.2x


Public Debt Covenants (3):

 Total debt / adjusted total assets - allowable maximum 60.0%                30.5%        34.5%       32.6%       31.0%      30.9%
 Secured debt / adjusted total assets - allowable maximum 40.0%               4.1%         4.3%        4.2%        4.6%       4.7%
 Consolidated income available for debt service /
    debt service - required minimum 2.00x                                    3.53x        3.59x       3.66x       3.67x      3.65x
 Total unencumbered assets to unsecured debt - required minimum 1.50x        3.49x        3.38x       3.25x       3.48x      3.48x

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

(2)  See page 13 for the calculation of EBITDA.

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

                                       17
<PAGE>
<TABLE>
<CAPTION>
                                       Senior Housing Properties Trust
                                  Supplemental Operating and Financial Data
                                              December 31, 2005

                                  2005 INVESTMENTS/DISPOSITIONS INFORMATION
- ------------------------------------------------------------------------------------------------------------
                                            (dollars in thousands)
ACQUISITIONS:
                                                                                      Purchase
    Date                                         Number of               Purchase      Price         Cap
  Acquired        Tenant     Type of Property   Properties     Units     Price (1)    Per Unit     Rate (2)
- ------------   ----------   ------------------  ----------  ----------  -----------  ----------  ----------
<S>            <C>          <C>                     <C>        <C>       <C>            <C>         <C>
   6/3/05       Five Star    Assisted Living         4          299       $ 24,000       $ 80        9.0%
  10/31/05      Five Star    Assisted Living         6          654       $ 58,000       $ 89        9.0%

                --------------------------------------------------------------------------------------------
                2005 total / weighted average       10          953       $ 82,000       $ 86        9.0%
                ============================================================================================
<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>

<TABLE>
<CAPTION>
MORTGAGES:

Transaction                                                  Number of             Investment     Interest
   Date       Borrower        Amount     Type of Property    Properties   Units     Per Unit        Rate
- ------------ ----------    -----------  -----------------   -----------   ------   ----------   ------------
<S>          <C>          <C>           <C>                     <C>        <C>       <C>           <C>
  6/3/05      Five Star    $ 24,000(1)   Assisted Living         6          654       $ 37          9.0%

              -----------------------------------------------------------------------------------------------
              2005 total   $ 24,000                              6          654       $ 37          9.0%
              ===============================================================================================
<FN>
(1)  This mortgage investment was a line of credit. The initial availability under this line of credit was
     for up to $43.5 million. At closing, $24.0 million was drawn and availability under the line of credit
     was reduced to $19.5 million. In August 2005, the $24.0 million was repaid by the borrower. We purchased
     the six properties that secured this line of credit on October 31, 2005 (See Acquisitions above) and,
     simultaneously, terminated the line of credit.
</FN>
</TABLE>
<TABLE>
<CAPTION>

DISPOSITIONS:                                                                         Original      Sale Price
                                                                                     Allocated     Multiple of
  Date                                                  Number of                     Purchase       Original          Book Gain
  Sold         Location           Type of Property     Properties     Sale Price       Price      Purchase Price        on Sale
- ---------  --------------------- ------------------   ------------   ------------    ----------  ----------------     -----------
<S>        <C>                   <C>                       <C>       <C>             <C>             <C>              <C>
5/18/05     Farmington, MI        Nursing Home              1           4,600           4,156          1.1x               717
12/29/05    Ft. Lauderdale, FL    Assisted Living           1           5,700             150         38.0x             5,001
12/30/05    Arleta, CA            Assisted Living           1           2,750           2,300          1.2x               213

           ----------------------------------------------------------------------------------------------------------------------
             2005 total                                     3        $ 13,050         $ 6,606          2.0x           $ 5,931
           =================================================================================================================---==
</TABLE>

                                       18
<PAGE>
<TABLE>
<CAPTION>
                                                   Senior Housing Properties Trust
                                              Supplemental Operating and Financial Data
                                                          December 31, 2005

                                                      2005 FINANCING ACTIVITIES
- ------------------------------------------------------------------------------------------------------------------------------------
                                              (share amounts and dollars in thousands)


                                                                               For the Three Months Ended
                                                          -------------------------------------------------------------------------
                                                             12/31/2005           9/30/2005            6/30/2005         3/31/2005
                                                          -------------------------------------------------------------------------
<S>                                                          <C>                     <C>              <C>                    <C>
DEBT TRANSACTIONS (1):
New debt raised                                                    $ -                 $ -                  $ -                $ -
New debt assumed as part of acquisitions                             -                   -                    -                  -
                                                          -------------------------------------------------------------------------
Total new debt                                                       -                   -                    -                  -

Debt retired                                                         -                   -               (4,170)                 -
                                                          -------------------------------------------------------------------------
Net debt                                                           $ -                 $ -             $ (4,170)               $ -
                                                          =========================================================================

EQUITY TRANSACTIONS:
New common shares issued                                         3,250                   -                    -                  -
New common equity raised, net                                 $ 58,170                 $ -                  $ -                $ -



<FN>
(1) Exclude drawings and repayments on our revolving credit facility.
</FN>
</TABLE>
                                       19
<PAGE>










                             PORTFOLIO INFORMATION






<PAGE>



<TABLE>
<CAPTION>
                                                   Senior Housing Properties Trust
                                              Supplemental Operating and Financial Data
                                                          December 31, 2005

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

                                       Number of    Number of     Carrying Value of             Investment    Annualized
                                       Properties   Units/Beds      Investment (1)   Percent     per unit    Current Rent  Percent
                                      ---------------------------------------------------------------------------------------------
<S>                             <C>         <C>      <C>             <C>          <C>           <C>           <C>           <C>
FACILITY TYPE:
Independent Living (IL) (2)                  36       10,412           $907,527      53.8%        $87.2        $90,195       54.3%
Assisted Living (AL)                         89        6,197            515,165      30.6%         83.1         50,261       30.2%
Nursing Homes                                61        6,309            219,924      13.0%         34.9         17,106       10.3%
Hospitals (3)                                 2          364             43,553       2.6%        119.7          8,700        5.2%
                                      ---------------------------------------------------------------------------------------------
                                Total       188       23,282         $1,686,169     100.0%        $72.4       $166,262      100.0%
                                      =============================================================================================

TENANT:
Five Star / Sunrise (4)                      30        7,307           $632,465      37.5%        $86.6        $64,026       38.5%
Five Star                                   106        8,467            486,817      28.9%         57.5         39,434       23.7%
Sunrise / Marriott (5)                       14        4,091            325,473      19.3%         79.6         31,087       18.7%
NewSeasons / IBC (6)                         10        1,019             87,641       5.2%         86.0          9,287        5.6%
HealthSouth (3)                               2          364             43,553       2.6%        119.7          8,700        5.2%
Alterra Healthcare Corporation               18          894             61,126       3.6%         68.4          7,232        4.3%
Genesis HealthCare Corporation                1          156             13,007       0.8%         83.4          1,535        1.0%
5 Private Companies (combined)                7          984             36,087       2.1%         36.7          4,961        3.0%
                                      ---------------------------------------------------------------------------------------------
                                Total       188       23,282         $1,686,169     100.0%        $72.4       $166,262      100.0%
                                      =============================================================================================
<FN>
(1)  Amounts are before depreciation, but after impairment write downs, and include purchase price allocations related to FAS 141.

(2)  Properties where the majority of units are independent living apartments are classified as independent living communities.

(3)  Rental income for the quarter and year ended December 31, 2005, includes $2.2 million and $8.7 million, respectively, of income
     from two hospitals operated by 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 January 2, 2002 until the termination or expiration
     of the amended lease. 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 second lawsuit against us seeking to prevent our termination of the amended lease. On
     September 25, 2005, the court ruled that our termination was proper. On January 18, 2006, the court ordered HealthSouth to
     cooperate with us in licensing a new tenant and pay us the net patient revenues, after a 5% management fee and payment of costs
     and expenses of operation since October 26, 2004. We have begun working to identify and qualify a new tenant operator for the
     hospitals. HealthSouth has filed a notice of appeal of the court's decisions; but HealthSouth's motions for a stay of the
     court's decisions during the appeal have been denied by both the trial court and the appeals court. During the pendency of
     these disputes, HealthSouth continued to pay us at the disputed rent amount of $725,000/month, and, on February 3, 2006,
     HealthSouth paid us an additional $4.6 million which HealthSouth represented to be an amount due from November 1, 2004 to
     December 31, 2005. We are currently in the process of reviewing HealthSouth's calculations of amounts due to us and we may
     claim additional amounts. In June 2005, HealthSouth filed a restated Annual Report on Form 10-K for the period ending December
     31, 2003. In December 2005, HealthSouth filed late an Annual Report on Form 10-K for the period ending December 31, 2004. The
     financial and operating data included in HealthSouth's Form 10-Ks show a substantial negative net worth and a history of
     substantial operating losses. To date we have been unable to obtain reliable current financial information about the operations
     of HealthSouth or our hospitals. Accordingly, we do not know if we will be able to collect any additional amounts which the
     courts may determine to be owed to us by HealthSouth.

(4)  These 30 properties are leased to Five Star and 18 are were managed by Sunrise on December 31, 2005. As of December 31, 2005,
     Five Star operated 12 of these 30 properties and intends to operate one additional property during the first quarter of 2006.
     Sunrise does not guaranty Five Star's lease obligations.

(5)  Marriott guarantees the lease for the 14 properties leased to Sunrise.

(6)  IBC guarantees the lease for the 10 properties leased to NewSeasons.
</FN>
</TABLE>


                                       21
<PAGE>
<TABLE>
<CAPTION>
                                            Senior Housing Properties Trust
                                       Supplemental Operating and Financial Data
                                                   December 31, 2005

                                         OCCUPANCY BY FACILITY TYPE AND TENANT
- ---------------------------------------------------------------------------------------------------------------------
                                                                   For the Three Months Ended
                                             ------------------------------------------------------------------------

                                              12/31/2005     9/30/2005     6/30/2005       3/31/2005      12/31/2004
                                             ------------   -----------   -----------    ------------    ------------
<S>                                               <C>           <C>           <C>           <C>             <C>
FACILITY TYPE:
Independent Living (IL)                            92%           91%           91%            91%             92%
Assisted Living (AL)                               91%           90%           84%            84%             82%
Nursing Homes                                      90%           90%           91%            88%             89%
Hospitals (1)                                       NA            NA            NA             NA              NA


TENANT:
Five Star / Sunrise                                93%           92%           92%            92%             90%
Five Star (2)                                      91%           90%           87%            87%             88%
Sunrise / Marriott                                 92%           90%           89%            90%             91%
NewSeasons / IBC                                   80%           80%           81%            79%             79%
HealthSouth (1)                                     NA            NA            NA             NA              NA
Alterra Healthcare Corporation                     90%           88%           84%            84%             85%
Genesis HealthCare Corporation                     97%           94%           96%            96%             96%
5 Private Companies (combined)                     88%           84%           84%            87%             88%

<FN>
(1)  During 2003, HealthSouth issued a press release stating that its historical financial information should not be
     relied upon. From that time until June 2005, HealthSouth had not filed audited financial information with the
     SEC. In June 2005, HealthSouth filed a restated Annual Report on Form 10-K for the period ending December 31,
     2003. In December 2005, HealthSouth filed a Form 10-K for the period ending December 31, 2004. The financial and
     operating data included in HealthSouth's Form 10-K's show a substantial negative net worth and a history of
     substantial operating losses. Because we do not have reliable current information about the operations or
     financial performance of HealthSouth or our hospitals, we do not show operating data for this operator. See also
     Note 3 on page 21 regarding our litigation with HealthSouth.

(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>
<TABLE>
<CAPTION>
                                       Senior Housing Properties Trust
                                  Supplemental Operating and Financial Data
                                              December 31, 2005

                                  % PRIVATE PAY BY FACILITY TYPE AND TENANT
- ------------------------------------------------------------------------------------------------------------
                                                       For the Three Months Ended
                                      ----------------------------------------------------------------------
                                         12/31/2005      9/30/2005    6/30/2005     3/31/2005    12/31/2004
                                      --------------   ------------  -----------   -----------  ------------
<S>                                       <C>             <C>          <C>            <C>           <C>
FACILITY TYPE:
Independent Living (IL)                     87%            84%          84%            84%           85%
Assisted Living (AL)                        92%            94%          93%            92%           92%
Nursing Homes                               27%            29%          26%            18%           22%
Hospitals (1)                                NA             NA           NA             NA            NA

TENANT:
Five Star / Sunrise                         84%            84%          84%            85%           85%
Five Star (2)                               45%            44%          42%            41%           43%
Sunrise / Marriott                          80%            79%          81%            80%           81%
NewSeasons / IBC                           100%           100%         100%           100%          100%
HealthSouth (1)                              NA             NA           NA             NA            NA
Alterra Healthcare Corporation              98%            98%          98%            98%           98%
Genesis HealthCare Corporation              17%            20%          23%            23%           23%
5 Private Companies (combined)              24%            24%          27%            24%           24%

<FN>
(1)  During 2003, HealthSouth issued a press release stating that its historical financial information should
     not be relied upon. From that time until June 2005, HealthSouth had not filed audited financial
     information with the SEC. In June 2005, HealthSouth filed a restated Annual Report on Form 10-K for the
     period ending December 31, 2003. In December 2005, HealthSouth filed a Form 10-K for the period ending
     December 31, 2004. The financial and operating data included in HealthSouth's Form 10-K's show a
     substantial negative net worth and a history of substantial operating losses. Because we do not have
     reliable current information about the operations or financial performance of HealthSouth or our
     hospitals, we do not show operating data for this operator. See also Note 3 on page 21 regarding our
     litigation with HealthSouth.

(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>

<TABLE>
<CAPTION>
                                   Senior Housing Properties Trust
                              Supplemental Operating and Financial Data
                                          December 31, 2005

                                       RENT COVERAGE BY TENANT
- ----------------------------------------------------------------------------------------------------

                                                    For the Three Months Ended
                                    ----------------------------------------------------------------

 Tenant                             12/31/2005     9/30/2005    6/30/2005    3/31/2005    12/31/2004
- --------------------------------    ----------    -----------  -----------  -----------  -----------
<S>                                   <C>            <C>          <C>         <C>          <C>

Five Star / Sunrise (1)                1.25x          1.24x        1.31x       1.27x        1.23x
Five Star (2)                          1.78x          1.77x        1.68x       1.63x        1.77x
Sunrise / Marriott                     1.25x          1.27x        1.25x       1.25x        1.32x
NewSeasons / IBC                       1.10x          1.17x        1.10x       1.11x        1.13x
HealthSouth (3)                         NA              NA          NA           NA           NA
Alterra Healthcare Corporation         1.98x          1.87x        1.80x       1.63x        1.63x
Genesis HealthCare Corporation         2.16x          1.82x        2.03x       1.71x        1.85x
5 Private companies (combined)         1.92x          1.86x        1.65x       1.87x        2.11x

<FN>
(1)  This lease includes 30 properties leased to Five Star. Eighteen of these properties were managed by
     Sunrise on December 31, 2005. Beginning in November 2005, Five Star operated 12 of these 30 properties
     and intends to begin to operate one additional property during the first quarter of 2006. The rent that
     Five Star pays to us is subordinate to the management fees paid by Five Star to Sunrise, but our rent is
     not subordinate to Five Star's internal management costs. The rent coverages presented for this lease
     have been adjusted to exclude management fees paid to Sunrise during the respective period for the 13
     properties that Five Star currently manages and expects to manage in the first quarter of 2006.

(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 relied upon. From that time until June 2005, HealthSouth had not filed audited financial
     information with the SEC. In June 2005, HealthSouth filed a restated Annual Report on Form 10-K for the
     period ending December 31, 2003. In December 2005, HealthSouth filed a Form 10-K for the period ending
     December 31, 2004. The financial and operating data included in HealthSouth's Form 10-K's show a
     substantial negative net worth and a history of substantial operating losses. Because we do not have
     reliable current information about the operations or financial performance of HealthSouth or our
     hospitals, we do not show operating data for this operator. See also Note 3 on page 21 regarding our
     litigation with HealthSouth.

     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, if any, divided by rent
     payable to us. We have not independently verified our tenants' operating data.
</FN>
</TABLE>
                                       24
<PAGE>
                    Supplemental Operating and Financial Data
                                December 31, 2005

                     PORTFOLIO LEASE EXPIRATION SCHEDULE (1)
- --------------------------------------------------------------------------------
                             (dollars in thousands)
                                                             Cumulative % of
                       Annualized        % of Annualized        Annualized
                      Current Rent         Current Rent        Current Rent
                     ----------------------------------------------------------
2006                     $     --           $   --                 0.0%
2007                           --               --                 0.0%
2008                           --               --                 0.0%
2009                           --               --                 0.0%
2010                        1,269              0.8%                0.8%
2011                           --               --                 0.8%
2012                           --               --                 0.8%
2013                       32,162             20.4%               21.2%
2014                           --               --                21.2%
2015                        2,006              1.3%               22.5%
2016 and thereafter       122,125             77.5%              100.0%
                     -----------------------------------
    Total                $157,562            100.0%
                     ===================================

Weighted average remaining
lease term (in years)        11.7


(1)  Excludes the two hospitals operated by 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 January 2, 2002 until the
     termination or expiration of the amended lease. 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 second lawsuit against us seeking to prevent
     our termination of the amended lease. On September 25, 2005, the court
     ruled that our termination was proper. On January 18, 2006, the court
     ordered HealthSouth to cooperate with us in licensing a new tenant and pay
     us the net patient revenues, after a 5% management fee and payment of costs
     and expenses of operation, since October 26, 2004. We have begun working to
     identify and qualify a new tenant operator for the hospitals. HealthSouth
     has filed a notice of appeal of the court's decisions; but HealthSouth's
     motions for a stay of the court's decisions during the appeal have been
     denied by both the trial court and the appeals court. During the pendency
     of these disputes, HealthSouth has continued to pay us at the disputed rent
     amount of $725,000/month, and, on February 3, 2006, HealthSouth paid us an
     additional $4.6 million which HealthSouth represented to be an amount due
     from November 1, 2004 to December 31, 2005. We are currently in the process
     of reviewing HealthSouth's calculations of amounts due to us and we may
     claim additional amounts. In June 2005, HealthSouth filed a restated Annual
     Report on Form 10-K for period ending December 31, 2003. In December 2005,
     HealthSouth filed late an Annual Report on Form 10-K for the period ending
     December 31, 2004. The financial and operating data included in
     HealthSouth's Form 10-K's show a substantial negative net worth and a
     history of substantial operating losses. To date we have been unable to
     obtain reliable current financial information about the operations of
     HealthSouth or our hospitals. Accordingly, we do not know if we will be
     able to collect any additional amounts which the courts may determine to be
     owed to us by HealthSouth.

                                       25
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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