Nasdaq: SNH PRICE: +0.00 18.88 YIELD: % +0% Volume: 1,200,500 October 20, 2017

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The information appearing on SNH’s website includes statements which constitute forward looking statements. These forward looking statements are based upon SNH’s present intents, beliefs or expectations, but forward looking statements are not guaranteed to occur and may not occur. SNH’s actual results may differ materially from those contained in SNH’s forward looking statements. The information contained in SNH’s filings with the Securities and Exchange Commission, including under “Risk Factors" and “Warnings Concerning Forward Looking Statements” in SNH’s periodic reports and other filings, identifies important factors that could cause SNH’s actual results to differ materially from those stated in SNH’s forward looking statements. SNH’s filings with the SEC are available on the SEC’s website at www.sec.gov and are also accessible on SNH’s website at the following link: SEC Filings. You should not place undue reliance upon forward looking statements.

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SNH Announces Financial Results for the Periods Ended June 30, 2003

July 30, 2003

Newton, MA (July 30, 2003): Senior Housing Properties Trust (NYSE: SNH) today announced its financial results for the quarter and six months ended June 30, 2003, as follows (in thousands, except per share data):

June 30, 2003 financial revenue

Senior Housing Properties Trust is a real estate investment trust headquartered in Newton, MA that has investments in 144 senior housing properties located in 31 states.

June 30, 2003 financial data

June 30, 2003 financial data

1. One of our leases which began in January 2002 provided that a percentage of revenues at the leased properties be paid to us as additional rent, which was escrowed for future capital expenditures at the leased facilities. This lease was amended October 1, 2002. As a result of this amendment, amounts for capital expenditures are not paid to us but are deposited into accounts owned by the tenant, Five Star, while we have security and remainder interests in these accounts and in property purchased with funding from these accounts. Accordingly, we no longer record FF&E reserve income.

2. Includes expenses incurred with respect to litigations with Marriott International and HEALTHSOUTH of $100,000 for the three months ended June 30, 2003 and $700,000 for the six months ended June 30, 2003.

June 30, 2003 financial data

June 30, 2003 financial data

(1) We compute FFO and EBITDA as shown in the calculations above. Our calculation of FFO differs from the NAREIT definition of FFO because we include deferred percentage rent as discussed in Note 2 below. Also, in order to facilitate comparison of FFO with historical results, the historical FFO presentation for the three and six months ended June 30, 2002, eliminates FF&E reserve income (see Note 1 on page 2). We consider FFO and EBITDA to be appropriate measures of performance, liquidity and cash flow for a REIT. Along with net income and cash flow from operating, investing and financing activities, FFO and EBITDA provide investors with an indication of a REIT's operating performance and its ability to incur and service debt, make capital expenditures, pay distributions and fund other cash needs. FFO and EBITDA do 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.

(2) We recognize percentage rental income received for 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 includes estimated amounts with respect to periods shown.

June 30, 2003 financial data

June 30, 2003 financial data

June 30, 2003 financial data

June 30, 2003 financial data

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

(2) On March 28, 2003, Marriott International, Inc. sold its senior living division, Marriott Senior Living Services, Inc. ("MSLS"), to Sunrise Assisted Living, Inc. ("Sunrise"). Effective on that date, Sunrise became the manager of the 31 properties leased to Five Star Quality Care, Inc. ("Five Star") and the tenant/manager of the 14 properties leased to MSLS. Marriott International continues to guarantee the lease for the 14 properties.

(3) Includes owned real estate and a $6,051 investment secured by a first mortgage on five assisted living facilities.

(4) All tenant operating statistics are calculated based upon the operating results for the indicated periods ending June 30, or the most recent prior period tenant operating results available to us from our tenants. Tenant operating statistics include data from properties prior to their date of purchase by us. 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.

(5) Rent coverage is after non-subordinated management fees of $4.4 million and $8.4 million and $4.1 million and $8.3 million in the quarter and six months ended June 30, 2003 and 2002, respectively.

(6) In March 2003, HEALTHSOUTH issued a press release stating that its historical financial information should not be relied upon. Because we have reason to doubt the financial information we have from HEALTHSOUTH we do not disclose any lease coverage information for this tenant.

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