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Senior Housing Properties Trust Management Presents At Bank Of America Merrill Lynch 2012 Health Care Conference (Transcript)

Our company, obviously we’re healthcare REIT and we are a diversified REIT, geography – tenant mix and product that we invest in. We’re at $5 billion of portfolio today, which makes a support life at Healthcare REIT. And this is actually the big-three that are pretty much around $20 billion and assets with a pretty big difference between the next tier which we believe is an advantage in many cases because of the opportunities we see to invest in would be different. And we’re not really competing as the same large portfolio as they do. And we’re able to do a couple hundred million dollars a year. Our investment set are able to move the needle for our bottom line.

Another thing that differentiates us is that we own everything 100%. We don’t have any joint-ventures so we don’t have ground leases. So, we’re pure fee ownership interest in our assets. We’re at 300 A3 properties across 40 states plus Washington DC, over 560 different tenants at this time. And at about 31,300 beds or units of single living where amongst the top 10, probably about the sixth or seventh largest owner today of senior living assets and about 8 million square feet of medical office building space which makes also a major player in the medical office area.

And I think one thing that differentiates us from all healthcare REITs is that, we’re at about 94% of our net operating income comes from private pay properties, which insulates us from a significant amount of the reductions and discussions about Medicare and Medicaid cutbacks.

This is the portfolio today based on its investment assets. As you can see Independent Living is about 35% of our portfolio, Assisted Living is about a quarter, and a multi-tenant medical office building about 30% of our portfolio. And now we have – and in the small portfolio, wellness centers, two rehab hospitals and portfolio of nursing homes that represent about 4% of our NOI, our investment value rather.

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