I will now turn the call over to Taylor Pickett.
Thanks Michelle. Good morning and thank you for joining Omega’s second quarter 2012 earnings conference call. Adjusted FFO for the second quarter is $0.53 per share, a 13% increase from the second quarter 2011 adjusted FFO of $0.47 per share.
Our performance is consistent with the first quarter adjusted FFO of $0.55 per share when you take into account an additional $1 million in interest expense from our late first quarter bond offering and $2 million additional weighted average shares. In other words, the $0.02 decline in adjusted FFO is caused primarily by capital market transactions. We maintained our quarterly dividend of $0.42 per share. The dividend payout ratio is 80% of adjusted FFO.We've increased our 2012 adjusted FFO guidance to a revised range of $2.12 to $2.15 per share. This guidance continues to assume $150 million in new investments during 2012. Through June 30, we've made new investments of $46 million. The acquisition pipeline continues to be active. During the quarter, Fitch ratings initiated coverage of Omega with a BBB- investment grade rating our senior unsecured notes. We now have investment grade ratings from both Fitch and S&P. With two investment grade ratings, our pricing on our unsecured line of credit drops by 65 basis points. Bob will now review our second quarter financial results. Bob Stephenson Thank you, Taylor and good morning. Our reportable FFO on a dilutive basis was $55.8 million or $0.53 per share for the quarter as compared to $42.6 million or $0.42 per diluted share in the second quarter of 2011. Our adjusted FFO was $55.7 million or $0.53 per share for the quarter and excludes a favorable $1.7 million interest refinancing cost adjustment offset by $1.5 million of non-cash stock-based compensation expense and $98,000 of expenses related to the closing of new investments. Further information regarding the calculation of FFO is included in our earnings release and on our website.
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