Tom Lowder, our Chairman and Chief Executive Officer, and Reynolds Thompson, President and Chief Financial Officer, will lead today’s call. On the call, they will discuss our business developments, financial results for the second quarter, and our updated guidance for 2012. After their comments, we’ll open up the call to take your questions. Paul Earle, our Chief Operating Officer, is also here to field questions.
I’ll now turn the call over to Tom.
Thank you, Jerry, and again welcome to everyone joining us. Higher quality Sunbelt multi-family portfolio coupled with solid fundamentals resulted in another quarter of strong operating results. As I’ve discussed on our quarterly calls this year, 2012 initiatives are to grow the company, achieve investment grade rating and improved our portfolio.During the quarter, we were able to execute on all of these objectives. We grew our core business by increasing our same-property net operating income by 7.3% as compared to last year. We acquired one asset in Dallas for $29.8 million and began two new developments, one in South Orlando in the Lake Nona sub-market and the second phase at Colonial Grand at Ayrsley in Charlotte, North Carolina. We now have seven multifamily developments under construction, representing over 2, 000 units and of total investments of approximately $250 million. As I mentioned on our last call, S&P upgraded our unsecured debt rating to BBB- and we are scheduled to meet with Moody’s next month. Our improving operations, coupled with the progress on our balance sheet, yielded a debt-to-EBTIDA ratio of 7.8 times and a fixed charge ratio of 2.3 times for the second quarter. Our leverage was 45.2% as of June 30. We’ve been able to achieve all of these balance sheet ratios while we are in the midst of the development pipeline I’ve previously discussed. This pipeline will begin delivering income for us in 2013, which will further improve our ratios.