We continue to work hard to add value to our operator partnerships. We hold regular meetings to exchange ideas regarding best practices, and we are exploring ways in which our operators can take advantage of joint purchasing programs. One tangible result has been the establishment of a property and casualty program that has produced an 18% average cost reduction with improved coverages.Our private pay percentage is now 74% and is expected to reach 80% within 12 months. And with this private pay percentage and the strong contribution from our RIDEA assets, we continue to believe that our portfolio is undervalued relative to other property types, particularly multifamily. And this belief is supported by a number of factors, but including a continuing cap rate compression in our sector and the strong portfolio NOI growth. These properties were the combination of solid NOI growth and relatively low capital expenditure requirements that performed very well even during the toughest economic times.
Health Care REIT Management Discusses Q2 2012 Results - Earnings Call Transcript
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