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August 7, 2012 11:00 AM ET
Susan Hyde – Managing Director
Trevor Bond – President and CEO
Mark DeCesaris – Managing Director and CFO
Tom Zacharias – Managing Director and COO
Dan Donlan – Janney Capital Markets
Good morning and welcome to the W. P. Carey Earnings Call. All participants will be in listen-only mode. (Operator Instructions) After today’s presentation, there will be an opportunity to ask questions. (Operator Instructions) Please note this event is being recorded.
I would now like to turn the conference over to Susan Hyde. Please go ahead.
Thank you, Amy. Good morning, and welcome everyone to our second quarter 2012 earnings conference call. Joining us today are, W. P. Carey’s, CEO, Trevor Bond; Chief Financial Officer, Mark DeCesaris and Chief Operating Officer, Tom Zacharias. Today’s call is being simulcast on our website, wpcarey.com and will be archived for 90 days.
Before I turn the call over to Trevor, I need to inform you that statements made in this call that are not historic fact may be deemed forward-looking statements. Factors that could cause actual results to differ materially from W. P. Carey’s expectations are listed in our SEC filings.
Now, I’d like to turn the call over to Trevor.
Thanks, Susan and thanks everyone for joining us today. To briefly summarize our financial results, we experienced a decline in adjusted funds from operations relative to last year, primarily because last year we closed the mergers of CPAs:14 and 16 which had a big revenue impact for us, but this relative decline should not be mistaken for a drop in core performance which remains strong. And on this call, I’ll spend a bit more time discussing what lies behind the numbers because the underlying dynamics demonstrates why our proposed merger with CPA:15 and simultaneous conversion to being a REIT, will enhance the clarity and stability of our business model.