Next, our financing activities and balance sheet. In 2011, we raised $3.7 billion in the capital markets, consisting of $2.4 billion of senior unsecured notes and $1.3 billion of common stock. Proceeds from these offerings were used to fund a portion of our HCR ManorCare acquisition. In particular, $852 million of the equity proceeds issued at $35.79 per share were used to replace, at our option, all of the stock consideration due to the seller, valued at $33.14 per share, which resulted in a $68 million benefit to HCP.
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