Obligation Diversified Health Trust 4.3% ( US81721MAF68 ) en USD

Diversified Health Trust

100 % ⇌

Etas-Unis

US81721MAF68 ( en USD )

4.3% par an ( paiement semestriel )

15/01/2016 - Obligation échue

Prospectus brochure de l'obligation Diversified Healthcare Trust US81721MAF68 en USD 4.3%, échue

1 000 USD

250 000 000 USD

81721MAF6

BBB- ( Qualité moyenne inférieure )

Baa3 ( Qualité moyenne inférieure )

Diversified Healthcare Trust (DHT) est une société d'investissement immobilier (REIT) qui possède et exploite un portefeuille diversifié d'installations de soins de santé aux États-Unis, comprenant des hôpitaux, des centres médicaux et des centres de soins de longue durée.

L'Obligation émise par Diversified Health Trust ( Etas-Unis ) , en USD, avec le code ISIN US81721MAF68, paye un coupon de 4.3% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 15/01/2016

L'Obligation émise par Diversified Health Trust ( Etas-Unis ) , en USD, avec le code ISIN US81721MAF68, a été notée Baa3 ( Qualité moyenne inférieure ) par l'agence de notation Moody's.

L'Obligation émise par Diversified Health Trust ( Etas-Unis ) , en USD, avec le code ISIN US81721MAF68, a été notée BBB- ( Qualité moyenne inférieure ) par l'agence de notation Standard & Poor's ( S&P ).

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Table of Contents
TABLE OF CONTENTS
Table of Contents
CALCULATION OF REGISTRATION FEE

Maximum
Amount of
Amount to be
Registration
Title of Each Class of Securities Offered
Registered
Fee(1)

4.30% Senior Notes due 2016
$250,000,000
$29,025

(1)
Calculation in accordance with Rule 457(r) of the Securities Act of 1933, as amended.
Filed Pursuant to Rule 424(b)(5)
Registration No. 333-160480
PROSPECTUS SUPPLEMENT
(To prospectus dated July 8, 2009)
$250,000,000

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Senior Housing Properties Trust
4.30% Senior Notes Due 2016
COMPANY
>
We are a real estate investment trust which invests in senior living properties, including apartment buildings for aged residents, independent living properties, assisted living facilities, nursing homes, wellness centers
and medical office, clinic and biotech laboratory buildings.
USE OF PROCEEDS
>
We expect to apply the net proceeds from this offering to repay amounts outstanding under our revolving credit facility and for general business purposes, which may include funding possible future acquisitions of
properties.
NOTES
>
We are offering $250,000,000 aggregate principal amount of our 4.30% senior notes due 2016.

>
Interest on the notes will be payable semi-annually on January 15 and July 15 each year, beginning July 15, 2011.

>
We may redeem the notes in whole at any time or in part from time to time before they mature at the redemption price described in this prospectus supplement under the caption "Description of notes--Optional
Redemption of the Notes". If the notes are redeemed on or after October 15, 2015 (three months prior to the stated maturity date for the notes), the redemption price will not include a Make-Whole Amount (as defined
herein).

>
There is no sinking fund.

>
The notes will be our senior unsecured obligations and will rank equally with all of our other existing and future unsecured senior indebtedness. The notes will be effectively subordinated to all liabilities of our
subsidiaries and to our secured indebtedness.

>
The notes will not be listed on any national securities exchange.
Investing in the notes involves risks that are described in the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2009 and our Quarterly Report on Form 10-Q for the
quarter ended June 30, 2010.
Per Note
Total

Public offering price(1)
98.931% $
247,327,500

Underwriting discount
0.600% $
1,500,000

Proceeds, before expenses, to us(1)
98.331% $
245,827,500

(1)
Plus accrued interest, if any, from January 13, 2011, if settlement occurs after such date.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement or the accompanying prospectus
is truthful or complete. Any representation to the contrary is a criminal offense.
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The notes will be ready for delivery in book-entry form only through The Depository Trust Company on or about January 13, 2011.
Joint Book-Running Managers
UBS Investment Bank Citi RBC Capital Markets Wells Fargo Securities
Joint Lead Managers
BofA Merrill Lynch Jefferies Morgan Keegan Morgan Stanley
Co-Managers
BB&T Capital Markets
BBVA Securities
BNY Mellon Capital Markets, LLC
Capital One Southcoast Comerica Securities
Credit Agricole CIB
Daiwa Capital Markets
ING
Macquarie Capital
Mitsubishi UFJ Securities
PNC Capital Markets LLC
RBS Santander
Scotia Capital
TD Securities
U.S. Bancorp Investments, Inc.
The date of this prospectus supplement is January 10, 2011.
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Table of Contents
TABLE OF CONTENTS

Page
Prospectus supplement
Incorporation of certain information by reference
ii
Prospectus supplement summary
S-1
Warning concerning forward looking statements
S-3
Use of proceeds
S-6
Ratio of earnings to fixed charges
S-6
Description of notes
S-7
Description of other indebtedness
S-12
Material federal income tax considerations
S-14
Underwriting
S-19
Legal matters
S-21
Experts
S-21
Where you can find more information
S-21
Glossary
S-22
Prospectus dated July 8, 2009
About this prospectus
ii
Warning concerning forward looking statements
iv
Senior Housing Properties Trust
1
Risk factors
1
SNH Capital Trusts
1
Use of proceeds
2
Description of debt securities
2
Description of shares of beneficial interest
11
Description of depositary shares
18
Description of warrants
22
Description of trust preferred securities and trust guarantee
23
Description of certain provisions of Maryland law and of our declaration of trust and bylaws
26
Selling security holders
36
Plan of distribution
37
Validity of the offered securities
41
Experts
41
Where you can find more information
41
Documents incorporated by reference
41
In this prospectus supplement, the terms "SNH", "Senior Housing", "we", "us", and "our" include Senior Housing Properties Trust and its consolidated subsidiaries
unless otherwise expressly stated or the context otherwise requires. References in this prospectus supplement to "notes" mean the 4.30% senior notes due 2016 offered
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hereby.
This prospectus supplement contains a description of the terms of the notes. A description of the indenture relating to our debt securities is set forth in the accompanying
prospectus under the heading "Description of debt securities". This prospectus supplement, or the information incorporated by reference herein, may add, update or
change information in the accompanying prospectus (or the information incorporated by reference therein). If information in this prospectus supplement is inconsistent
with the accompanying prospectus, this prospectus supplement will apply and will supersede that information in the accompanying prospectus.
It is important for you to read and consider all information contained in this prospectus supplement, the accompanying prospectus and the information incorporated by
reference herein and therein in making your investment decision. You should also read and consider the information in the documents to which we have referred you in
"Where you can find more information" in this prospectus supplement and the accompanying prospectus.
You should rely only on the information contained or incorporated by reference in this prospectus supplement or the accompanying prospectus. We have not, and the
underwriters have not, authorized any other person to provide you with different information. If anyone provides you with different or inconsistent information, you
should not rely on it. We are not, and the underwriters are not, making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You
should assume that the information appearing in this prospectus supplement and the accompanying prospectus, as well as information we previously filed with the
Securities and Exchange Commission, or the SEC, and incorporated by reference, is accurate only as of their respective dates. Our business, financial condition, results of
operations and prospects may have changed since those dates.
i
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Table of Contents
Incorporation of certain information by reference
The SEC allows us to "incorporate by reference" the information we file with it, which means that we can disclose important information to you by referring you to
documents previously filed with the SEC. The information incorporated by reference is considered to be part of this prospectus supplement and accompanying prospectus,
and information that we subsequently file with the SEC will automatically update and supersede this information. We incorporate by reference the documents listed below
which were filed with the SEC under the Securities Exchange Act of 1934, as amended, or the Exchange Act:
>
Our Annual Report on Form 10-K for the year ended December 31, 2009, or our Annual Report;

>
Our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2010, June 30, 2010 and September 30, 2010;

>
The information identified as incorporated by reference under Items 10, 11, 12, 13 and 14 of Part III of our Annual Report on Form 10-K for the fiscal year ended
December 31, 2009 from our definitive Proxy Statement for our 2010 Annual Meeting of Shareholders filed February 22, 2010; and

>
Our Current Reports on Form 8-K dated January 13, 2010, March 29, 2010, April 6, 2010, May 14, 2010, June 15, 2010, September 21, 2010, November 18, 2010,
December 8, 2010, December 9, 2010, December 28, 2010 and January 10, 2011.
We also incorporate by reference each of the following documents that we may file with the SEC after the date of this prospectus supplement but before the termination of
the notes offering:
>
Reports filed under Sections 13(a) and (c) of the Exchange Act;

>
Definitive proxy or information statements filed under Section 14 of the Exchange Act in connection with any subsequent shareholders' meeting; and

>
Any reports filed under Section 15(d) of the Exchange Act.
You may request a copy of any of these filings (excluding exhibits other than those which we specifically incorporate by reference in this prospectus supplement or the
accompanying prospectus), at no cost, by writing, emailing or telephoning us at the following address:
Investor Relations
Senior Housing Properties Trust
400 Centre Street
Newton, Massachusetts 02458
(617) 796-8234
[email protected]
The information in, or accessible through, our website is not incorporated by reference into this prospectus supplement.
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ii
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Table of Contents
Prospectus supplement summary
This summary may not contain all of the information that is important to you. You should carefully read this entire prospectus supplement and the accompanying
prospectus. You should also read the documents referred to in "Incorporation of certain information by reference".
OUR COMPANY
We are a real estate investment trust, or REIT, which invests in senior living properties, including apartment buildings for aged residents, independent living properties,
assisted living facilities, nursing homes, wellness centers and medical office, clinic and biotech laboratory buildings. As of January 7, 2011, we owned 320 properties
located in 36 states and Washington, D.C. with a book value of $3.8 billion before depreciation. Ninety-two percent (92%) of our rents come from properties where a
majority of the charges are paid from private resources. As of January 7, 2011, the annual rents from our properties totaled $385.6 million.
We are organized as a Maryland real estate investment trust. Our principal place of business is 400 Centre Street, Newton, Massachusetts 02458 and our telephone
number is (617) 796-8350.
THE OFFERING
Issuer
Senior Housing Properties Trust.

Securities offered
$250,000,000 aggregate principal amount of 4.30% senior notes due 2016.

Maturity
January 15, 2016.

Interest rate
4.30% per annum.

Interest payment dates
Semi-annually on January 15 and July 15 of each year, commencing July 15, 2011.

Ranking
The notes will be senior unsecured obligations and will rank equally with all of our existing and future unsecured senior
indebtedness.

The notes will be effectively subordinated to all existing and future indebtedness of our subsidiaries, including guarantees by our
subsidiaries of borrowings under our revolving bank credit facility. The notes will also be effectively subordinated to our existing
and future secured indebtedness.

Optional redemption
We may redeem the notes at any time at our option in whole or in part. The redemption price will equal the outstanding principal of
the notes being redeemed plus accrued interest and the Make-Whole Amount (as defined herein), if any. If the notes are redeemed on
or after October 15, 2015 (three months prior to the stated maturity of the notes), the redemption price will not include a Make-
Whole Amount. See "Description of the notes--Optional Redemption of the Notes".
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S-1
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Table of Contents
Certain covenants
The notes indenture contains various covenants, including the following:

> We will not be able to incur additional Debt if the aggregate principal amount of our outstanding Debt is greater than 60% of
Adjusted Total Assets.

> We will not be able to incur additional Debt if the aggregate principal amount of our outstanding Secured Debt is greater than
40% of Adjusted Total Assets.

> We will not be able to incur additional Debt unless our Consolidated Income Available for Debt Service is at least 1.5 times
our Annual Debt Service.

> We will maintain Total Unencumbered Assets of at least 1.5 times our Unsecured Debt.

These covenants are complex and are described in more detail at "Description of notes--Certain Covenants".

Sinking fund
The notes are not entitled to any sinking fund payments.

Form and denomination
The notes will be initially issued in book-entry form only. Notes issued in book-entry form will be evidenced by one or more fully
registered global securities deposited with or on behalf of The Depository Trust Company and registered in the name of The
Depository Trust Company or its nominee. Interests in the global securities will be shown on, and transfers thereof will be effected
only through, records maintained by The Depository Trust Company (with respect to its participants) and its participants (with
respect to beneficial owners). Except in limited circumstances, notes issued in book-entry form will not be exchangeable for notes
issued in registered certificated form.

Trustee, registrar and paying agent U.S. Bank National Association.

Use of proceeds
We estimate that our net proceeds from this offering will be approximately $245.4 million. We intend to apply our net proceeds from
this offering to repay borrowings under our revolving credit facility and for general business purposes, which may include funding
possible future acquisitions of properties.
S-2
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