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   &lt;!-- Begin Block Tagged Note 5 - nhp:MedicalOfficeBuildingJointVenturesDisclosureTextBlock--&gt;
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   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;5. Medical Office Building Joint Ventures&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"&gt;As of March&amp;#160;31, 2011, NHP/PMB owned 12 multi-tenant medical office buildings, three of which
   are owned through consolidated joint ventures. During the three months ended March&amp;#160;31, 2011,
   NHP/PMB funded $49,000 in capital and tenant improvements at certain facilities, and cash
   distributions of $1.0&amp;#160;million and $2.6&amp;#160;million were made to Class&amp;#160;A and Class&amp;#160;B unitholders,
   respectively.
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"&gt;As of March&amp;#160;31, 2011, we owned nine multi-tenant medical office buildings through consolidated
   joint ventures. During the three months ended March&amp;#160;31, 2011, the joint ventures funded $0.5
   million in capital and tenant improvements at certain facilities. During the three months ended
   March&amp;#160;31, 2011, operating cash distributions from the joint ventures of $0.1&amp;#160;million were made to
   us.
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"&gt;As of March&amp;#160;31, 2011, we owned one development project through a consolidated joint venture.
   During the three months ended March&amp;#160;31, 2011, the joint venture incurred costs of $1.9&amp;#160;million
   which are included in the caption &amp;#8220;Development in progress&amp;#8221; on our consolidated balance sheets.
   During the three months ended March&amp;#160;31, 2011, the joint venture obtained a $36.5&amp;#160;million
   construction loan under which $4.2&amp;#160;million has been drawn and remains outstanding at March&amp;#160;31,
   2011. No cash distributions were made during the three months ended March&amp;#160;31, 2011.
   &lt;/div&gt;
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   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"&gt;All intercompany balances with our consolidated joint ventures have been eliminated for
   purposes of our consolidated financial statements.
   &lt;/div&gt;
   &lt;/div&gt;
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