These risks and uncertainties are discussed in the company’s reports filed with the SEC, including its reports on the Forms 8-K, 10-Q and 10-K and in particular, Item 1-A on the Form 10-K report 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.
Thank you, Purvi. First, a few highlights. Adjusted Funds From Operations or AFFO, for the three months ended June 30, 2012 were $22.2 million or $0.26 per share diluted. We paid a dividend of $0.20 per common share for the quarter were $17.3 million in aggregate on July 26, 2012 to stockholders of record as of June 29, 2012.Our book value increased to $5.44 per share this quarter from $5.38 as of December 31, 2011. Our GAAP net income for the three months ended June 30, 2012 was $16.4 million or $0.20 per share diluted as compared to $9.2 million or $0.13 per share for the three months ended June 30, 2011. Total operating revenues increased by $3.9 million or 18%, and $8.6 million or 20% as compared to the three and six months ended June 30, 2011. Cash on hand of $110.2 million at June 30, 2012, a decrease of $125.6 million from $235.8 million at June 30, 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. In my opinion, Resource Capital performed extremely well in the second quarter. Our credit quality was good, we kept our debt levels relatively low and opportunity to expand the franchise and the company remain ever present.