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Significant Tenant

6 Months Ended

Jun. 30, 2011

Note 11. Significant Tenant

Our leases with Five Star account for 47.7% of our annualized rental income at June 30, 2011. Five Star also began managing a portfolio of 10 senior living communities for our account in June 2011. The following tables present summary financial information for Five Star for the three and six months ended June 30, 2011 and 2010, as reported in its Quarterly Report on Form 10-Q.

Summary Financial Information of Five Star Quality Care, Inc.

(unaudited)

	For the Three Months Ended June 30,
Operations	2011		2010
Total revenues	$	312,563	$	302,328
Operating income	8,424		8,188
Income from continuing operations	6,339		7,989
Net income	5,196		8,153

	For the Six Months Ended June 30,
	2011			2010
Total revenues	$	620,904		$	601,172
Operating income	14,596			13,298
Income from continuing operations	11,961			12,580
Net income	9,329			12,238

Cash Flows
Cash provided by operating activities	31,520			61,336
Net cash used in discontinued operations	(2,440		)	(219		)
Cash used in investing activities	(69,354		)	(9,112		)
Cash provided by (used in) financing activities	62,662			(39,884		)
Change in cash and cash equivalents	22,388			12,121
Cash and cash equivalents at beginning of period	20,770			5,017
Cash and cash equivalents at end of period	43,158			17,138

	As of June 30,
Financial Position	2011		2010
Current assets	$	160,156	$	157,280
Non-current assets	321,395		229,179
Total indebtedness	73,975		60,617
Current liabilities	160,174		149,222
Non-current liabilities	91,748		84,751
Total shareholders’ equity	229,629		152,486

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