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HEALTH AND REHABILITATION PROPERTIES TRUST ANNOUNCES RESULTS OF OPERATIONS FOR THE YEAR AND QUARTER ENDED DEC. 31, 1991

 HEALTH AND REHABILITATION PROPERTIES TRUST ANNOUNCES RESULTS OF
 OPERATIONS FOR THE YEAR AND QUARTER ENDED DEC. 31, 1991
 NEWTON, Mass., Feb. 4 /PRNewswire/ -- Health and Rehabilitation Properties Trust (NYSE: HRP) today announced its results of operations for the year and quarter ended Dec. 31, 1991.
 Gross revenues for the year ended Dec. 31, 1991 were $43,835,000. Net income and net income per share for 1991 were $22,079,000 and $1.01, respectively. For the year ended Dec. 31, 1990, gross revenues were $32,872,000 and net income was $14,280,000 or 89 cents per share.
 Gross revenues for the quarter ended Dec. 31, 1991 were $11,532,000. Net income and net income per share were $6,507,000 and 24 cents, respectively. For the quarter ended Dec. 3, 1990, gross revenues were $8,055,000 and net income was $3,834,000 or 23 cents per share.
 The weighted average number of outstanding shares for the years ended Dec. 31, 1991 and 1990 were 21,834,000 and 16,088,000 respectively. The weighted average number of outstanding shares for the quarters ended Dec. 31, 1991 and 1990 were 26,725,000 and 16,356,000, respectively. The increase in shares in 1991 was primarily attributable to the issuance of 6,435,500 shares in September and October 1991, 1,320,000 shares on March 1, 1991 and 3 million shares on Dec. 21, 1990.
 David J. Hegarty, treasurer of HRP, stated that the company's cash available from operations rather than net income is normally considered the best measure of performance by a real estate investment trust. He stated that HRP's cash flow per share for the quarter and year ended per share in the quarter and year ended Dec. 31, 1991 were 32 cents and $1.38 respectively, compared to cash flow per share in the quarter and year ended Dec. 31, 1990 of 31 cents and $1.21, respectively. Based on these cash flows available from operations, the company declared dividends of $1.23 for 1991 and $1.17 for 1990.
 In July 1991, HRP announced that it had entered into letters of intent to purchase seven nursing homes and retirement living centers from The Samaritan Foundation of Phoenix, Ariz. The facilities to be purchased contained 838 beds and were located in South Dakota (three facilities), Arizona (three facilities) and California (one facility). Simultaneously with the proposed purchase, HRP had expected to lease these facilities to SunQuest Healthcare Corporation, a new corporation which was to be formed by The Samaritan Foundation employees who are presently responsible for the management of these facilities. The transaction was subject to various conditions and regulatory clearances but had been expected to close by year-end 1991.
 Today, HRP announced that it had been informed by SunQuest that the Samaritan Foundation has determined not to proceed with a transaction involving SunQuest.
 Commenting on this announcement, a spokesman for HRP issued the following statement:
 "HRP does not expect to record any material loss as a result of the failure of this transaction. We believe that the proposed SunQuest management team was quite strong and we are disappointed that they could not proceed with this transaction. The seven facilities continue to perform in accord with our expectations and we may be interested in assisting The Samaritan Foundation in divesting these facilities if a new tenant, acceptable to both HRP and The Samaritan Foundation can be identified."
 HRP is a real estate investment trust organized in December 1986 which invests in health care related real estate. HRP Common Shares of Beneficial Interest are listed on the New York Stock Exchange.
 HEALTH AND REHABILITATION PROPERTIES TRUST
 (A Real Estate Investment Trust)
 Summarized Statement of Income and Cash Available from Operations
 (amounts in thousands, except per share data)
 (Audited)
 Quarter Ended Year Ended
 Dec. 31, Dec. 31,
 1991 1990 1991 1990
 Revenues $11,532 $8,055 $43,835 $32,872
 Expenses 5,025 4,221 21,756 18,592
 Net income $6,507 $3,834 $22,079 $14,280
 Average shares outstanding 26,725 16,356 21,834 16,088
 Net income per share 24 cents 23 cents $1.01 89 cents
 Cash available from
 operations $8,609 $5,147 $30,059 $19,467
 Cash available from
 operations per share 32 cents 31 cents $1.38 $1.21
 -0- 2/4/92
 /CONTACT: Mark J. Finkelstein, president, or David J. Hegarty, treasurer, of HRPT, 617-332-3990/
 (HRP) CO: Health and Rehabilitation Properties Trust ST: Massachusetts IN: HEA SU: ERN


EG-SH -- NE014 -- 6759 02/04/92 13:49 EST
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Date:Feb 4, 1992
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