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Good afternoon. My name is Jana Galan. I’m the Bank of America Healthcare Lead Analyst. And today I’m honored to introduce to you Mr. David Hegarty, President and Chief Operating Officer of Senior Housing Properties Trust, and Mr. Richard Doyle, Chief Financial Officer and Treasurer.
Senior Housing Properties Trust is a real-estate investment trust that owns healthcare real-estate in the US including Senior Housing, wellness centers, medical office buildings and life science. SNH was spun out of Commonwealth REIT in 1999 of the separate publicly traded REIT. SNH offers one of the highest dividend yields in the healthcare REIT space, currently at about 7%. And the portfolio is made up of approximately 94% private pay tenant assets.
Mr. David Hegarty has been President and COO since Senior Housing Properties Trust was founded in 1999. He oversees all of SNH’s property acquisition and distribution activities. And prior to this role, David had held numerous positions with affiliates of SNH since 1987.
With that, I’ll turn the presentation over.
Thank you Jana, and good afternoon. And thank you to Merrill, BOA Merrill Lynch for the invitation to present here. So, first I’ll tell you everything I can tell you. As our expecting of play-outs and acquisitions and so on our future events but obviously the result maybe a little bit different than what I expect today. And this chart-off describes our EBITDA and normalized function operations which are concepts particular to the REIT industry and earnings and dividend distributions and so on.