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Significant Tenant

3 Months Ended

Mar. 31, 2012

Note 10. Significant Tenant

Five Star is our former subsidiary and RMR provides management services to both us and Five Star. Rental income from Five Star represented 44.7% of our annualized rental income and the properties Five Star leases from us represent 45.5% of our investments, at cost, as of March 31, 2012. As of March 31, 2012, Five Star also manages a portfolio of 23 senior living communities for our account. These properties leased and managed by Five Star are included in our short and long term residential care communities segment. The following tables present summary financial information for Five Star for the three months ended March 31, 2012 and 2011, as reported in its Quarterly Report on Form 10-Q.

	For the Three Months Ended March 31,
Operations	2012		2011
Total revenues	$	346,121	$	307,616
Operating income	2,513		6,457
Income from continuing operations	746		5,907
Net income	369		4,133

	For the Three Months Ended March 31,
Cash Flows	2012			2011
Cash provided by operating activities	$	7,329		$	20,834
Net cash provided by (used in) discontinued operations	269			(1,395		)
Cash used in investing activities	(9,041		)	(18,564		)
Cash (used in) provided by financing activities	(286		)	4,363
Change in cash and cash equivalents	(1,729		)	5,238
Cash and cash equivalents at beginning of period	28,374			20,770
Cash and cash equivalents at end of period	26,645			26,008

	As of March 31,
Financial Position	2012		2011
Current assets	$	141,082	$	156,741
Non-current assets	444,185		244,954
Total indebtedness	122,426		50,073
Current liabilities	189,067		155,334
Non-current liabilities	115,233		76,863
Total shareholders’ equity	280,967		169,498

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