With that said, let me say again, thank you for joining us. We understand this is a busy time for all and we appreciate your investment of time and interest.With me to provide you all the company news and updates are Greg Silver, our COO and Mark Peterson, our Chief Financial Officer. As we get underway, I will remind you again we have a simultaneous webcast via our website at eprkc.com. We do have some slides there so if you can you want to pick that up as well. I’ll start, our first slide is as usual my headlines and for the second quarter of 2010 for EPR they are as follows; Number one, we undertook and achieved what for us is a seismic change in capital structure, from secured to unsecured rated debt. Now notable points of this are, we debuted as an investment grade issuer; we accomplished a material refinancing of a third of our credit facilities or outstandings; we eliminated all maturities for the next two years; and we offset nearly all the cost of moving to unsecured long-term bond debt by resetting our short term credit costs. Now my second major headline for the quarter is that we also added substantially to our holdings with another theater portfolio acquisition and with this also continued our trend of de-leveraging. Third, our portfolio during the quarter continued to outperform the economy in theaters. Now I’ll elaborate on these headlines a bit, then Greg he will also add detail to our portfolio and transaction of the quarter and of course Mark will detail all the financial reporting and that’s all, I’ll join you all for questions. Let me start going back to the headlines with our first and largest news item and that is our move to shift our credit market access from a secured asset back basis to an unsecured company credit basis.
EPR has historically accessed the secured debt market primarily the CMBS market for a long dated debt financing but as a result of amassing both a superlative long and short term performance track record, a position of significantly reduced leverage and seeing clear indications of unreliability of a secured debt market, EPR undertook over the last several quarter culminating in this most recent quarter a reorientation.EPR pursued the extensive planning, presentations and negotiation with the credit service rating agencies and others to become a rated credit and access the unsecured corporate debt market. Developing this optionality and the inherent flexibility that comes with unsecured debt is for the company a very good thing. It enhances our ability to capitalize investment opportunities and to grow earnings. Now several specific elements of our moved unsecured rated debt are notable. We received an investment grade rating of BAA3 or BBB- from a majority of the rating agencies on our debut offering of $250 million of 10-year bonds made during the quarter. Achievement of an initial investment grade rating is quite an endorsement of our business platform, fundamentals, and strategies. It proves once again that upon close scrutiny our portfolio stands up and stands out. The scale of refinancing achieved during the quarter was massive for us. Our $250 million bond issue proceeds used to repay secured credit elements and the renegotiation conversion of our revolving credit facility from a secured to unsecured basis represents a third of our total credit outstandings. As a result of our restructuring we are now positioned with $1.7 billion or over 50% of our total assets unsecured. The conversion and restructuring of all these credit arrangements leaves us in the great position of having no debt maturities for the next two years. This takes us through the vast majority of the (inaudible) wall of real estate credit maturities that has often been referenced as a trouble spot on the horizon.
By combining the increased cost of unsecured debt particularly for debut offer with the renewal and extension of our shorter term revolving credit facility on substantially better terms, we created an offset such that no material revision to FFO guidance is necessary.Our current guidance with the transactions completed in the second quarter is $3.30 to $3.40 of FFO as adjusted per diluted share for the year. Now my second major news headline for the quarter was that the completion of our investment in another portfolio of high quality theaters leased to a leading national operator. Greg has the details on this transaction but it’s important to note that the transaction was funded entirely with equity and another major step was taken along our path or de-leveraging. Read the rest of this transcript for free on seekingalpha.com