EXHIBIT 11.1


               COMPUTATION OF BASIC AND DILUTED EARNINGS PER SHARE
         FOR THE PERIOD FROM JANUARY 30, 1998 THROUGH DECEMBER 31, 1998

          The following calculation is submitted in accordance with requirements
of the Securities Exchange Act of 1934:




                                 (amounts in thousands)

           Net income available for common shareholders
                                                                        $ 3,973
                                                                     ===========

           Weighted average common shares outstanding used in
               calculating basic and diluted earnings per share
                                                                          7,369
                                                                     ===========

           Basic and diluted net income per share                         $0.54
                                                                     ===========




</TEXT>      
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-21
<SEQUENCE>9
<DESCRIPTION>EXHIBIT 21
<TEXT>




                                                                      EXHIBIT 21

                         SUBSIDIARIES OF THE REGISTRANT




                  Subsidiary                  Jurisdiction of Organization        Type of Entity
                  ----------                  ----------------------------        --------------
                                                                           

ElderTrust Operating Limited Partnership               Delaware              Limited partnership
ET Sub-Phillipsburg, L.L.C.                            Delaware              Limited liability company
ET Sub-Windsor I, L.L.C.                               Delaware              Limited liability company
ET Sub-Windsor II, L.L.C.                              Delaware              Limited liability company
ET Sub-SMOB, L.L.C.                                    Delaware              Limited liability company
ET Sub-GENPAR, L.L.C.                                  Delaware              Limited liability company
ET Sub-Lopatcong, L.L.C.                               Delaware              Limited liability company
ET Sub-Heritage Woods, L.L.C.                          Delaware              Limited liability company
ET Sub-Pleasant View, L.L.C.                           Delaware              Limited liability company
ET Sub-Lacey I, L.L.C.                                 Delaware              Limited liability company
ET Sub-Willowbrook Limited Partnership, L.L.P.         Virginia              Limited liability partnership
ET Sub-Riverview Ridge Limited Partnership, L.L.P.     Virginia              Limited liability partnership
ET Sub-Highgate, L.P.                                  Pennsylvania          Limited partnership
ET Sub-Woodbridge, L.P.                                Pennsylvania          Limited partnership
ET Sub-Rittenhouse Limited Partnership, L.L.P.         Virginia              Limited liability partnership
ET Sub-Wayne I Limited Partnership, L.L.P.             Virginia              Limited liability partnership
ET Sub-Belvedere Limited Partnership, L.L.P.           Virginia              Limited liability partnership
ET Sub-Chapel Manor Limited Partnership, L.L.P.        Virginia              Limited liability partnership
ET Sub-Harston Hall Limited Partnership, L.L.P.        Virginia              Limited liability partnership
ET Sub-Pennsburg Manor Limited Partnership, L.L.P.     Virginia              Limited liability partnership
ET Sub-Silverlake Limited Partnership, L.L.P.          Virginia              Limited liability partnership
ET Sub-POB I Limited Partnership, L.L.P.               Virginia              Limited liability partnership
ET Sub-DCMH Limited Partnership, L.L.P.                Virginia              Limited liability partnership
ET Sub-Vernon Court, L.L.C.                            Delaware              Limited liability company
ET Sub-Heritage Andover, L.L.C.                        Delaware              Limited liability company