As filed with the Securities and Exchange Commission on October 27, 1995
Registration No. 33-62135
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
--------------------
POST-EFFECTIVE AMENDMENT NO. 1
to
FORM S-3
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
--------------------
HEALTH AND RETIREMENT PROPERTIES TRUST
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
MARYLAND 04-6558834
(STATE OR OTHER JURISDICTION (I.R.S. EMPLOYER IDENTIFICATION NUMBER)
OF INCORPORATION OR ORGANIZATION)
400 CENTRE STREET, NEWTON, MASSACHUSETTS 02158
(617) 332-3990
(ADDRESS, INCLUDING ZIP CODE, AND TELEPHONE NUMBER, INCLUDING AREA CODE,
OF REGISTRANT'S PRINCIPAL EXECUTIVE OFFICES)
DAVID J. HEGARTY
400 Centre Street
Newton, Massachusetts 02158
(617) 332-3990
(NAME, ADDRESS, INCLUDING ZIP CODE, AND TELEPHONE NUMBER,
INCLUDING AREA CODE, OF AGENT FOR SERVICE)
--------------------
COPIES TO:
LENA G. GOLDBERG, ESQ.
SULLIVAN & WORCESTER,
A REGISTERED LIMITED LIABILITY PARTNERSHIP
One Post Office Square
Boston, Massachusetts 02109
-------------------------
APPROXIMATE DATE OF COMMENCEMENT OF PROPOSED SALE TO THE PUBLIC:
From time to time after the effective date hereof,
as determined by the Selling Shareholders.
All of the Shares offered hereby are offered
for the respective accounts of the Selling Shareholders.
If the only securities being registered on this form are being offered pursuant
to dividend or interest reinvestment plans, please check the following box. |_|
If any of the securities being registered on this form are to be offered on a
delayed or continuous basis pursuant to Rule 415 under the Securities Act of
1933, other than securities offered only in connection with dividend or
reinvestment plans, please check the following box. |X|
----------------------------
The registrant hereby amends this Registration Statement on such date or dates
as may be necessary to delay its effective date until the registrant shall file
a further amendment which specifically states that this Registration Statement
shall thereafter become effective in accordance with Section 8(a) of the
Securities Act of 1933 or until this Registration Statement shall become
effective on such date as the Commission, acting pursuant to said Section 8(a),
may determine.
<PAGE>
SUBJECT TO COMPLETION
PRELIMINARY PROSPECTUS, DATED OCTOBER 27, 1995
PROSPECTUS
2,791,416 Shares
Health and Retirement Properties Trust
Common Shares of Beneficial Interest
Health and Retirement Properties Trust (the "Company" or "HRP") is a
real estate investment trust which invests primarily in retirement communities,
assisted living centers, nursing homes and other long term care facilities. On
October 26, 1995 the last reported sale price for the Shares on the New York
Stock Exchange was 16 3/8.
All of the 2,791,416 Shares offered hereby are being offered by the
Selling Shareholders.
----------------------
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES
AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS
THE SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES
COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS
PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY
IS A CRIMINAL OFFENSE.
----------------------
===============================================================================
Underwriting Discounts Proceeds to
Price to Public and Commissions Selling Stockholders
- -------------------------------------------------------------------------------
Per Share $ $0 $
- -------------------------------------------------------------------------------
Total $ $0 $
===============================================================================
The date of this Prospectus is _____________________.
Information contained herein is subject to completion or amendment. A
registration statement relating to these securities has been filed with the
Securities and Exchange Commission. These securities may not be sold nor may
offers to buy be accepted prior to the time the registration statement becomes
effective. This prospectus shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there by any sale of these securities
in any State in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such State.
<PAGE>
AVAILABLE INFORMATION
The Company has filed with the Securities and Exchange Commission (the
"Commission") in Washington, D.C., a registration statement on Form S-3
(together with all exhibits, schedules and amendments thereto, the "Registration
Statement") under the Securities Act of 1933, as amended (the "Securities Act"),
with respect to the Shares. This Prospectus, which is a part of the Registration
Statement, does not contain all of the information set forth in the Registration
Statement. Statements in this Prospectus as to the contents of any contract or
other document are not necessarily complete, and in each instance reference is
made to the copy of such contract or other document filed as an exhibit to the
Registration Statement, each such statement being qualified in all respects by
such reference and the exhibits and schedules thereto. For further information
concerning the Company and the Offered Securities, reference is made to the
Registration Statement. Copies of the Registration Statement may be obtained
from the Commission at its principal office in Washington, D.C. upon payment of
the prescribed fee.
The Company is subject to the informational requirements of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), and, in
accordance therewith, files reports and other information with the Commission.
The Registration Statement, the exhibits and schedules forming a part thereof
and the reports, proxy statements and other information filed by the Company
with the Commission can be inspected and copied at the public reference
facilities maintained by the Commission at Judiciary Plaza, Room 1024, 450 Fifth
Street, N.W., Washington, D.C. 20549, and at the following regional offices of
the Commission: Chicago Regional Office, Suite 1400, 500 West Madison Street,
Chicago, Illinois 60661-2511; and New York Regional Office, Seven World Trade
Center, New York, New York 10048. Copies of such material can be obtained at
prescribed rates from the Public Reference Section of the Commission at its
principal office at 450 Fifth Street, N.W., Washington, D.C. 20549. In addition,
reports, proxy material and other information concerning the Company may be
inspected at the offices of The New York Stock Exchange ("NYSE"), 20 Broad
Street, New York, New York 10005.
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
The following documents, which have been filed with the Commission
pursuant to the Exchange Act, are hereby incorporated in this Prospectus and
specifically made a part hereof by reference: (i) the Company's Annual Report on
Form 10-K for the fiscal year ended December 31, 1994, as amended; (ii) the
Company's Quarterly Reports on Form 10-Q for the quarters ended March 31, 1995
and June 30, 1995; (iii) the Company's Current Report on Form 8, dated May 16,
1995; and (iv) the Company's Registration Statement on Form 8-A dated November
8, 1986, as amended by Form 8 dated July 30, 1991. The consolidated financial
statements of Horizon Healthcare Corporation ("Horizon"), Commission file number
1-9369, at and for the periods ended May 31, 1994 and February 28, 1995, are
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<PAGE>
incorporated herein by reference from Horizon's Annual Report on Form
10-K/A Amendment No. 3 for the fiscal year ended May 31, 1994, and Quarterly
Report on Form 10-Q/A Amendment No. 3 for the nine months ended February 28,
1995 and Item 7(b) of Horizon's Current Report on Form 8-K, dated July 10, 1995;
the consolidated financial statements of GranCare, Inc. ("GranCare"), Commission
file number 1-19571, at and for the year ended December 31, 1994 and the quarter
ended June 30, 1995 are incorporated herein by reference from GranCare's Annual
Report on Form 10-K for the year ended December 31, 1994 and its Quarterly
Report on Form 10-Q for the quarter ended June 30, 1995, respectively; and the
consolidated financial statements of Marriott International, Inc. ("Marriott"),
Commission file number 1-12188, at and for the fiscal year ended December 30,
1994 and the quarter ended June 16, 1995 are incorporated herein by reference
from Marriott's Annual Report on Form 10-K for the year ended December 30, 1994
and its Quarterly Report on Form 10-Q for the quarter ended June 16, 1995,
respectively. All documents filed by the Company pursuant to Section 13(a),
13(c), 14 or 15(d) of the Exchange Act subsequent to the date of this Prospectus
and prior to the termination of the offering of the Offered Securities shall be
deemed to be incorporated by reference into this Prospectus and to be a part
hereof from the respective dates of filing of such documents. Any statement
contained herein or in a document incorporated or deemed to be incorporated
herein by reference shall be deemed to be modified or superseded for purposes of
this Prospectus to the extent that a statement contained herein (or in the
applicable Prospectus Statement), or in any other subsequently filed document
that also is or is deemed to be incorporated herein by reference, modifies or
supersedes such statement. Any such statement so modified or superseded shall
not be deemed, except as so modified or superseded, to constitute a part of this
Prospectus.
The Company will provide without charge to each person to whom this
Prospectus is delivered, upon the written or oral request of such person, a copy
of any and all of the information that has been incorporated by reference in
this Prospectus (excluding exhibits unless such exhibits are specifically
incorporated by reference into the information that this Prospectus
incorporates). Requests for such copies should be made to the Company at its
principal executive offices, 400 Centre Street, Newton, Massachusetts 02158,
Attention: Investor Relations, telephone (617) 332-3990.
USE OF PROCEEDS
The Company will receive no proceeds from the sale of Shares by the
Selling Shareholders.
SELLING SHAREHOLDERS
The Shares are offered by the Selling Shareholders. From time to time,
depending upon the Selling Shareholder's continuing review of their respective
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<PAGE>
investments and various other facts, the Selling Shareholders may (subject
to any applicable securities laws) sell all or any part of the Shares. However,
the registration statement of which this Prospectus forms a part has not been
filed because of any present intention of the Selling Shareholders to sell any
of the Shares, but rather to facilitate the pledge by each Selling Shareholder
of all or a part of the Shares held by such Selling Shareholder to one or more
banks or brokerage houses as collateral for loans to such Selling Shareholder.
The Selling Shareholders are (i) John F. Chapple, III, and (ii) HRPT Advisors,
Inc., a Delaware corporation which acts as investment advisor to the Company
("Advisors"). Prior to the offering of Shares made hereby, Mr. Chapple owned
1,777,766 Shares (3.0% of the outstanding Shares) and Advisors owned 1,013,650
Shares (1.7% of the outstanding Shares). Because the Shares the offering and
sale of which are registered hereby are being registered to facilitate the
pledge thereof and because this offering is not being underwritten on a firm
commitment basis, no estimate can be given as to the number or percentage of
Shares which will be held by the Selling Shareholders upon termination of this
offering. See "Plan of Distribution."
Mr. Chapple acquired the Shares offered hereby in a transaction in 1994 in
which companies controlled by Mr. Chapple sold the real property, buildings and
equipment used in the operation of nine nursing facilities to the Company in
exchange for the Shares. Mr. Chapple has had no other position, office or other
material relationship with the Company or its affiliates.
Advisors is owned by Gerard M. Martin and Barry M. Portnoy, who are
Trustees of the Company. Messrs. Martin and Portnoy and David J. Hegarty,
President of the Company, are the directors of Advisors and Mr. Hegarty and Ajay
Saini, Treasurer of the Company, are President and Treasurer, respectively, of
Advisors.
PLAN OF DISTRIBUTION
The Company will not receive any proceeds from the sale of Shares
offered hereby. Depending upon the Selling Shareholder's continuing review of
their respective investments and various other facts, the Selling Shareholders
may (subject to any applicable securities laws) sell all or any part of the
Shares. However, the registration statement of which this Prospectus forms a
part has not been filed because of any present intention of the Selling
Shareholders to sell any of the Shares. Rather, each Selling Shareholder intends
to pledge all or a part of the Shares held by such Selling Shareholder to one or
more banks or brokerage houses as collateral for loans to such Selling
Shareholder. In the event of a default under a loan to a Selling Shareholder,
which loan is secured by the pledge of Shares the offer and sale of which is
registered hereby, the lender will have the ability to cause such Selling
Shareholder to sell such Shares pursuant to the registration statement of which
this Prospectus forms a part. The Shares may be sold from time to time to
purchasers directly by the Selling Shareholders at the direction of such lender
or lenders or otherwise. Alternatively, the Selling Shareholders, at the
direction of such lender or
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<PAGE>
lenders or otherwise, may from time to time offer the Shares through
underwriters, dealers or agents who may receive compensation in the form of
underwriting discounts, concessions or commissions from the Selling Shareholders
and/or the purchasers of Shares for whom they may act as agent. The Selling
Shareholders and any such underwriters, dealers or agents who participate in the
distribution of the Shares may be deemed to be underwriters, and any profits on
the sale of the Shares by them and any discounts, commissions or concessions
received by any such underwriters, dealers or agents might be deemed to be
underwriting discounts and commissions under the Securities Act. To the extent
the Selling Shareholders may be deemed to be underwriters, the Selling
Shareholders may be subject to certain statutory liabilities of the Securities
Act, including but not limited to, Sections 11, 12 and 17 of the Securities Act
and Rule 10b-5 under the Exchange Act. At any time a particular offer of the
Shares is made pursuant to this Prospectus, if required, a prospectus supplement
will be distributed that will set forth the aggregate amount of the Shares being
offered and the terms of the offering, including the name or names of any
underwriters, dealers or agents, any discounts, commissions and other items
constituting compensation from the Selling Shareholders and any discounts,
commissions or concessions allowed or reallowed or paid to dealers. Such
prospectus supplement and, if necessary, a post-effective amendment to the
Registration Statement of which this Prospectus is a part will be filed with the
Commission to reflect the disclosure of additional information with respect to
the distribution of the Shares.
The Shares may be sold from time to time in one or more transactions at
a fixed offering price, which may be changed, or at varying prices determined at
the time of sale or at negotiated prices. The Shares may be sold in transactions
in which this Prospectus is delivered or, for Selling Shareholders who are not
underwriters and who are not affiliates of the Company, in which this Prospectus
is not delivered. Such prices will be determined by the Selling Shareholders or
by agreement between the Selling Shareholders and underwriters or dealers.
The Selling Shareholders and any other person participating in such
distribution may be subject to applicable provisions of the Exchange Act and the
rules and regulations thereunder, including without limitation Rules 10b-3,
10b-6 or 10b-7, which provisions may limit the timing or purchases and sales of
any of the Shares by the Selling Shareholders and any other such person.
Furthermore, under Rule 10b-6 under the Exchange Act, to the extent applicable,
any person engaged in a distribution of the Shares may not simultaneously engage
in marketmaking activities with respect to the particular Shares being
distributed for a period of nine business days prior to the commencement of such
distribution. All of the foregoing may affect the marketability of the Shares
and the ability of any person or entity to engage in marketmaking activities
with respect to the Shares.
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<PAGE>
The Company and the Shareholders entered into registration rights
agreements (the "Registration Rights Agreements") pursuant to which the Company
agreed to register the Shares held by the Selling Shareholders and maintain an
effective registration statement for a period of time after the registration
statement is declared effective by the Commission. The Shares registered
hereunder are being registered pursuant to the Registration Rights Agreements.
Pursuant to the Registration Rights Agreements, the Company agreed to pay all of
the expenses incident to the registration, offering and sale of the Shares to
the public (other than commissions, fees and discounts of underwriters, dealers
or agents). Under the Registration Rights Agreements, the Selling Shareholders
will be indemnified by the Company against certain civil liabilities, including
liabilities under the Securities Act and the Company will be indemnified by the
Selling Shareholders against certain other civil liabilities, including
liabilities under the Securities Act.
LEGAL MATTERS
Certain legal matters with respect to the Shares offered by the Company
will be passed upon for the Company by Sullivan & Worcester, Boston,
Massachusetts. Sullivan & Worcester will rely, as to all matters of Maryland
law, upon the opinion of Piper & Marbury L.L.P., Baltimore, Maryland. Barry M.
Portnoy, a partner in the firm of Sullivan & Worcester, is a Trustee of the
Company, a director and 50% shareholder of Advisors, Connecticut Subacute
Corporation ("CSC"), Connecticut Subacute Corporation II ("CSCII"), New
Hampshire Subacute Corporation ("NHSC") and Vermont Subacute Corporation ("VSC")
and a director of Horizon Healthcare Corporation ("Horizon"). Sullivan &
Worcester represents the Advisor, CSC, CSCII, NHSC, VSC and certain affiliates
of each of the foregoing on various matters. CSC, CSCII, NHSC, VSC and Horizon
are tenants of the Company.
EXPERTS
The financial statements of the Company appearing in the Company's
Annual Report (Form 10-K) for the year ended December 31, 1994 and the
consolidated financial statements of GranCare appearing in the GranCare Annual
Report (Form 10-K) for the year ended December 31, 1994, have been audited by
Ernst & Young LLP, independent auditors, as set forth in their reports thereon
included therein and incorporated herein by reference. Such financial statements
are incorporated herein by reference in reliance upon such reports given upon
the authority of such firm as experts in accounting and auditing.
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<PAGE>
The consolidated financial statements and schedules of Horizon
incorporated by reference in this Prospectus and elsewhere in the registration
statement to the extent and for the periods indicated in their reports, have
been audited by Arthur Andersen LLP, independent public accountants, and are
included herein in reliance upon the authority of said firms as experts in
giving said reports.
The consolidated financial statements and schedules of Marriott
incorporated by reference in this Prospectus and elsewhere in the registration
statement have been audited by Arthur Andersen LLP, independent public
accountants, as indicated in their report with respect thereto, and are included
herein in reliance upon the authority of said firm as experts in giving said
report. Reference is made to said report, which includes an explanatory
paragraph with respect to the change in the method of accounting for income
taxes as discussed in "Income Taxes" in the notes to the consolidated financial
statements.
THE DECLARATION OF TRUST ESTABLISHING THE COMPANY, DATED OCTOBER 9, 1986, A
COPY OF WHICH, TOGETHER WITH ALL AMENDMENTS THERETO (THE "DECLARATION"), IS DULY
FILED IN THE OFFICE OF THE DEPARTMENT OF ASSESSMENTS AND TAXATION OF THE STATE
OF MARYLAND, PROVIDES THAT THE NAME "HEALTH AND RETIREMENT PROPERTIES TRUST"
REFERS TO THE TRUSTEES UNDER THE DECLARATION COLLECTIVELY AS TRUSTEES, BUT NOT
INDIVIDUALLY OR PERSONALLY, AND THAT NO TRUSTEE, OFFICER, SHAREHOLDER, EMPLOYEE
OR AGENT OF THE COMPANY SHALL BE HELD TO ANY PERSONAL LIABILITY, JOINTLY OR
SEVERALLY, FOR ANY OBLIGATION OF, OR CLAIM AGAINST, THE COMPANY. ALL PERSONS
DEALING WITH THE COMPANY, IN ANY WAY, SHALL LOOK ONLY TO THE ASSETS OF THE
COMPANY FOR THE PAYMENT OF ANY SUM OR THE PERFORMANCE OF ANY OBLIGATION.
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No dealer, sales person or other individual has been authorized to give
any information or make any representations not contained in the Prospectus in
connection with the offering covered by this Prospectus. If given or made, such
information or representations must not be relied upon as having been authorized
by the Company or the Selling Shareholders. This Prospectus does not constitute
and offer to sell or a solicitation of an offer to buy, any securities other
than the registered securities to which it relates in any jurisdiction where, or
to any person to whom, it is unlawful to make such offer or solicitation.
Neither the delivery of this Prospectus or any sale made hereunder shall, under
any circumstances, create an implication that there has not been any change in
the facts set forth in this Prospectus or in the affairs of the Company since
the date hereof.
TABLE OF CONTENTS
Available Information........................... 2
Incorporation of Certain Documents
by Reference............................... 2
Use of Proceeds................................. 3
Selling Shareholder............................. 3
Plan of Distribution............................ 3
Legal Matters................................... 4
Experts......................................... 4
HEALTH AND RETIREMENT
PROPERTIES TRUST
2,791,416 Shares
---------------------
PROSPECTUS
---------------------
________ __, 199_
<PAGE>
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
ITEM 14. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION.
Set forth below is an estimate of the amount of fees and expenses to be
incurred in connection with the issuance and distribution of the Offered
Securities registered hereby, other than underwriting discounts and commissions.
Registration Fee Under Securities Act................... $14,558.68
Blue Sky Fees and Expenses.............................. 0.00
Legal Fees.............................................. 25,000.00
Accounting Fees......................................... 50,000.00
Printing and Engraving.................................. 0.00
Miscellaneous Fees..................................... 5,000.00
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Total................................................ $94,558.68
==========
ITEM 15. INDEMNIFICATION OF TRUSTEES AND OFFICERS.
Section 7.4 of the Company's Declaration of Trust, filed as Exhibit 3.1 to
this Registration Statement, which provides for indemnification of Trustees and
officers of the Company, is hereby incorporated by reference.
Reference is made to Section 7 of the Underwriting Agreements (Exhibits 1.1
and 1.2 hereto) with respect to certain provisions for indemnification by the
Underwriters of the Company, Trustees, officers and controlling persons under
certain circumstances.
ITEM 16. EXHIBITS.
5.1 - Opinion of Sullivan & Worcester*
5.2 - Opinion of Piper & Marbury L.L.P.*
8 - Opinion of Sullivan & Worcester*
23.1 - Consent of Ernst & Young LLP*
23.2 - Consent of Arthur Andersen LLP*
23.3 - Consent of Arthur Andersen LLP*
23.4 - Consent of Sullivan & Worcester
(included in Exhibits 5.1 and 8)*
23.5 - Consent of Piper & Marbury (included in Exhibit 5.2)*
24 - Power of Attorney (included at page II-4)*
- -----------------------------
*Previously filed
II-1
<PAGE>
ITEM 17. UNDERTAKINGS.
The undersigned Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:
(i) To include any prospectus required by section 10(a)(3) of the
Securities Act of 1933;
(ii) To reflect in the prospectus any facts or events arising after the
effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set forth
in this registration statement;
(iii) To include any material information with respect to the plan of
distribution not previously disclosed in this registration statement or
any material change to such information in this registration statement;
provided, however, that subparagraphs (i) and (ii) do not apply if the
information required to be included in a post-effective amendment by those
paragraphs is contained in the periodic reports filed by the Registrant pursuant
to Section 13 or Section 15(d) of the Securities and Exchange Act of 1934 that
are incorporated by reference in this registration statement.
(2) That for the purpose of determining any liability under the Securities Act
of 1933, each such post-effective amendment shall be deemed to be a new
registration statement relating to the Securities offered herein, and the
offering of such Securities at that time shall be deemed to be the initial bona
fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of
the Securities being registered which remain unsold at the termination of the
offering.
The undersigned Registrant hereby further undertakes that, for the purposes
of determining any liability under the Securities Act of 1933, each filing of
the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the
Securities Exchange of 1934 that is incorporated by reference in this
registration statement shall be deemed to be a new registration statement
relating to the Securities offered herein, and the offering of such Securities
at that time shall be deemed to be the initial bona fide offering thereof.
Insofar as indemnification for liabilities arising under the Securities Act
of 1933 may be permitted to trustees, officers and controlling persons of the
Registrant pursuant to the provisions described under Item 15 of this
registration statement, or otherwise (other than insurance), the Registrant has
been advised that in the opinion of the Securities and Exchange Commission
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<PAGE>
such indemnification is against public policy as expressed in such Act and is,
therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the Registrant of expenses incurred
or paid by a trustee, officer or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is asserted by such
trustee, officer or controlling person in connection with the Securities being
registered, the Registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is public policy as
expressed in such Act and will be governed by the final adjudication of such
issue.
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<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the
registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-3 and has duly caused this amendment to
registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Newton, Commonwealth of Massachusetts on October
27, 1995.
HEALTH AND RETIREMENT PROPERTIES TRUST
By: DAVID J. HEGARTY
David J. Hegarty, President
Pursuant to the requirements of the Securities Act of 1933, as amended, the
Registrant's Registration Statement on Form S-3 has been signed by the following
persons in the capacities and on the dates indicated:
Signatures Title Date
DAVID J. HEGARTY President, Secretary and October 27, 1995
David J. Hegarty Chief Operating Officer
(principal executive officer)
AJAY SAINI* Treasurer October 27, 1995
Ajay Saini (principal financial and
accounting officer)
REV. JUSTINIAN MANNING, C.P.* Trustee October 27, 1995
Rev. Justinian Manning, C.P.
BARRY M. PORTNOY * Trustee October 27, 1995
Barry M. Portnoy
GERARD M. MARTIN* Trustee October 27, 1995
Gerard M. Martin
_______________________ Trustee October __, 1995
Bruce M. Gans, M.D.
_______________________ Trustee October __, 1995
Ralph J. Watts
*By DAVID J. HEGARTY
David J. Hegarty,
Attorney-in-fact
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