With that summary, there are several topics I will cover today: Our fourth quarter and full-year 2011 results; our investment and disposition transactions; our financing activities and balance sheet; our 2012 guidance; and finally, our dividend.

Let me start with our fourth quarter and full-year 2011 results. For the fourth quarter, we generated year-over-year cash Same Property Performance of 2.2% which was negatively impacted by a working capital adjustment in the fourth quarter of 2010 related to the transition of 27 properties from Sunrise to Emeritus. Excluding this, cash Same Property Performance increased by 3.1%. Paul will review our performance by segment in a few minutes.

We reported fourth quarter FFO of $0.37 per share which included the charge resulting from the settlement of all outstanding litigation with Ventas. Excluding this charge, FFO as adjusted was $0.67 per share and FAD was $0.50 per share.

Turning to our full-year 2011 results. 2011 cash SPP increased 4% over 2010 which was 25 basis points above the midpoint of our last guidance, primarily driven by improved fourth quarter performance in our senior housing segment. We reported full-year 2011 FFO of $2.19 per share, $0.01 above the midpoint of our most recent guidance. The results included a fourth quarter litigation settlement of $0.31 per share, a third quarter impairment of $0.04 per share related to our Cirrus loan and HCR ManorCare merger-related items of $0.15 per share. Excluding these items, FFO as adjusted for the year was $2.69 per share which also exceeded the midpoint of our guidance by $0.01, and FAD of $2.14 per share was in line with the midpoint of guidance. The results reflected several one-time items, most notably a 9% gain from the early par payoff of our Genesis debt investments in Q2.

Turning to our investment and disposition transactions. During 2011, we invested $7 billion as follows: $6.1 billion acquisition of HCR ManorCare's real estate portfolio; $560 million representing the buyout of our partners' 65% interest in Ventures II, inclusive of assumed debt; and $300 million for other real estate acquisition, development and capital improvements. During the fourth quarter, we sold 3 senior housing properties for $19 million and recognized gains of $3 million.

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