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SNH Reports Effect of Recently Announced Deferral of FAS 150 on Third Quarter Financial Results

November 11, 2003

Newton, MA (November 11, 2003): Senior Housing Properties Trust (NYSE: SNH) today reported the effect of the recently announced deferral of FAS 150 on its financial results for the periods ended September 30, 2003.

On November 5, 2003, the Financial Accounting Standards Board (FASB) announced that it has deferred indefinitely the application of Statement of Financial Accounting Standards No. 150 (FAS 150), "Accounting for Certain Financial Instruments with Characteristics of Both Debt and Equity". Net income and funds from operations as announced by SNH in its press release on October 10, 2003 are not affected by this deferral. The deferral of FAS 150 does require changes in the presentation of trust preferred securities on its balance sheet, the related distributions on its income statement and the amount of the associated leverage ratios. The SNH financial statements for the periods ended September 30, 2003 filed on Form 10-Q incorporate these changes.

The effect as of September 30, 2003 of the deferral of FAS 150 is set forth below:

September 30, 2003 Income statement for quarter

Senior Housing Properties Trust is a real estate investment trust headquartered in Newton, MA that has investments in 145 senior housing properties located in 31 states.

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