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In addition, this call may contain non-GAAP numbers including normalized funds from operations or normalize FFO. A reconciliation of normalized FFO to net income and the components to calculate AFFO, CAD or FAD are available in our supplemental operating and financial data package found on our website at www.snhreit.com. Actual results may differ materially from those projected in any forward-looking statements.Additional information concerning factors that could cause those differences is contained in our annual Form 10-K to be filed with the SEC. Investors are cautioned not to place undue reliance on any forward-looking statements. And with that I will turn it over to Dave Hegarty. David Hegarty Great. Thank you Tim and thank you all for joining us on today's call. The fourth quarter culminated an active year for our company. We had quality assets to our balance sheet and maintained our record of increasing the dividend at least once a year for over 10 years. The full benefit of the work we’ve accomplished this year may not be recognized right away. We are planting the seeds for future growth which is appealing to our income oriented long-term investors. For the fourth quarter 2011, we reported normalized funds from operations or normalized FFO of $0.42 per share and this compares with normalized FFO of $0.44 per share that we reported for the same period a year ago. For the 2011 full year, we reported normalized FFO of a $1.73 per share versus normalized FFO of a $1.71 per share a year ago. As noted in our investor presentation from February 2011, we outlined our business plan for 2011 which contained a dual acquisition focused to acquire properties in the medical office building space at cap rates between 7% and 9% as a means to diversify our portfolio and to continue to see seek out senior living acquisitions in the private pay space because we strongly believe in the fundamentals of this industry.
2011 was a very successful year as we announced over $1 billion of acquisitions in the private pay senior living and medical office building spaces, growing the size of our total portfolio to almost $5 billion. Our business plan for 2011 also included maintaining a historically strong financial profile.We maintained our investment grade ratings of BAA from Moody’s and BBB minus from Standard & Poor’s. We also continued our historical practice of balancing debt and equity. During the year we raised $432 million in two equity offerings and $550 million in two debt offerings, keeping leverage at a conservative 43% of total book capital or alternatively 39% of total un-depreciated book capital. In 2011, we saw a tremendous opportunity to acquire once-in-a-generation senior living assets with high growth potential. The occupancies in both of the senior living portfolios we acquired were below historical averages and we believe there is significant growth potential to grow our returns as the economy recovers. If you look at relevant senior housing industry data produced by the National Investment Center for the Seniors Housing & Care Industry or NIC, only independent living showed improvement in occupancy and rent growth, particularly in the Southeast during the fourth quarter of 2011 and with the seventh consecutive quarter that the overall industry saw our occupancies increase. Given that a majority of the senior living units we acquired in 2011 were independent living, many of which are located in Southeast, we believe these figures bode well for us as the industry moves from stabilization to the recovery phase. And we can achieve upside potential in all facets of senior living rebound. Looking also at the medical office acquisitions we made in 2011, these helped to further diversify our revenues and positioned us to take advantage of the growing demand for healthcare services. We’ve seen occupancy holding steady at well over 95% and we’ve experienced strong rent growth from renewals made during the year. Read the rest of this transcript for free on seekingalpha.com