These risks and uncertainties are discussed in the company’s reports filed with the SEC including in the forms 8-K, 10-Q and 10-K and in particular, item 1-A on the Form 10-K under the title Risk Factors. Listeners are cautioned not to place undue reliance on these forward-looking statements which speak only as the date hereof. The company undertakes no obligation to update any of these forward-looking statements.
And with that, I’ll turn it back to Jonathan.
First, a few highlights. Adjusted funds from operations or AFFO, for the three months ended March 31, 2012 was 18.6 million or $0.23 per share diluted. We paid a $0.20 per share for common share for the quarter in dividends or 16.9 million in aggregate on April 27, 2012 to stockholders of record as of March 30, 2012.
Our book value increased to $5.46 per share this quarter from $5.38 as of December 31, 2011. Our GAAP net income for the three months ended March 31, 2012 was 14.5 million or $0.18 per share diluted as compared to 13.1 million or $0.22 for the three months ended March 31. 2011.
Total revenues increased by 4.7 million or 23% as compared to the three months ended March 31, 2011 a year earlier. Provisions for loan losses decreased by 16% as compared to the three months ended March 31, 2011, and decreased 64% as compared to the three months ended December 31, 2011.
With those highlights out of the way, I will now introduce my colleagues. With me today are David Bloom, Senior Vice President in charge of real estate; David Bryant, our Chief Financial Officer; and Purvi Kamdar, our Director of Investor Relations.
After reviewing our quarterly results, one of our directors said to me, congratulations, seems very straightforward and good. That sentiment is a very good summary of our performance this quarter. We made money from our portfolio, grew our book value, our credit quality was good, we kept our debt levels relatively low and opportunities to expand the franchise and company remained ever present.