Forward-looking statements are not guarantees of future performance. Some of these statements may include projections of financial measures that may not be updated until the next earnings announcement or at all. Events prior to the company’s next earnings announcement could render the forward-looking statements untrue, and the company expressly disclaims any obligation to update earlier statements, as a result of new information.

Additionally, certain non-GAAP financial measures will be discussed during the course of this call. We have provided reconciliations of these measures to the most comparable GAAP measures, as well as certain related disclosures in our supplemental information package and earnings release, each of which has been furnished to the SEC today and is available on our website at

I will now turn the call over to our Chairman and CEO, Jay Flaherty.

James F. Flaherty

Thanks, John. Happy Valentines Day, everyone, and welcome to HCP's 2011 Fourth Quarter Earnings Conference Call.

Joining me this morning are Executive Vice President and Chief Investment Officer, Paul Gallagher; and Executive Vice President, Chief Financial Officer, Tim Schoen.

Let us begin with a review of the fourth quarter results that we released this morning. And for that, I turn the call over to Tim.

Timothy M. Schoen

Thank you, Jay. 2011 was another strong and productive year for HCP. One, we generated cash, same property growth of 4% over 2010; two, increased FFO as adjusted by 21% year-over-year to $2.69 per share and FAD by 13% to $2.14 per share, both of which are at or above the midpoint of our last guidance and represented all-time highs for HCP; three, closed on $7 billion of investments led by our $6.1 billion acquisition of HCR ManorCare's real estate assets for which we replaced all stock consideration due seller valued at $33.14 per share with cash; four, transitioned 37 senior housing communities to Brookdale, including 21 under our RIDEA structure; five, raised $3.7 billion in the capital markets and renewed our $1.5 billion revolver; six, improved our investment grade credit profile and received positive rating changes from all 3 rating agencies; seven, delivered 18.7% total shareholder return; and eight, continued to be a leader in sustainability as recognized by the U.S. Environmental Protection Agency and NAREIT.

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