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Mark OrdanThanks Tim. Good morning, everybody. Our fourth quarter was a solid and with very positive year for Sunrise Senior Living. While we continue to restructure the many pieces of our company successfully, we have generated strong operating results reduced overhead and expenses, and build a very significant amount of net asset value. Also, knowing that all we do is built on our 30-year strong mission of championing the quality of life for all of our seniors. We have been strengthening our operations, our regulatory pro-activeness and our care teams. Let me start with our overall performance for the quarter. Overall trends at Sunrise communities continue to be positive, comparing fourth quarter 2011 to the fourth quarter of 2010 stabilized community occupancy is up 30 basis points to 88.2%, average revenue per occupied unit for stabilized communities increased 3% and NOI increased 0.5% for stabilized communities, and 3.2% for total communities. Fourth quarter 2010 net operating income included a one-time management fee expense credit relating to the Ventas portfolio of approximately $6.2 million. Excluding approximately $4.7 million, the portion of this one-time credit adjustment that relates to prior period, NOI increased 3.8% for stabilized communities and 6.5% for total communities. Greg Neeb will shortly provide details on the components of these results. We believe that the process of turning at risk contrast into valuable real assets but long-term revenue streams created an enormously more valuable Sunrise in 2011. We acquired a 100% of the 15 community AL US portfolio for $430 million. We capitalized 42 properties and three ventures representing over $900 million with CNL. Here we stabilized and enhanced our management contract and added attractive buyout rights, and secured extension rights on our most significant and profitable lease contracts. The portfolios we own in combination with our ownership in many of our joint ventures in this cap rate environment are accretive to NAV level we believe is not widely appreciated.
As I said to you during 2011 as we effected these transactions, we believe that we cannot only solidify our long-term contracts, but knowhow to add demonstrable value by acquiring real-estate in a very best metropolitan areas with the assets themselves have great growth potential.We have also shown as evidence for example by our performance announced by Ventas of their 79 communities which we manage but don’t own that we could perform as a manager regardless of our ownership position. We expect in 2012 to continue to maximize our value while providing strong operating results. We’re very proud of our results and of our new reputation as a successful manager of a broad range of senior living communities. We are at the higher end of senior living and we have built our communities and our teams to provide great service and care, Sunrise devotion to our seniors. While providing care to seniors is not a precise science and has built in challenges. We have done many things to increase consistency and to minimize deficiencies. Under the direction of our operations and HR leadership, we have bolstered our training and evaluating tools, and have significantly changed, we believe strengthened. Our team of 40 women and men, who each lead the operations eight to 10 of our communities, this group is supported by strong care, sales, regulatory and IT teams to promote better and better outcomes. Again, all of this is aimed at making each Sunrise community a great place to live. Our team of over 300 executive directors in U.K. generation manager’s lead-teams that provide an extraordinary experience and a great value when you consider the care and living experience we provide. We’ve told you that we’ve needed to do all this with lower head -- lower overhead matched to a smaller size. We have successfully reduced overhead in 2010 and 2011, and even with some planned additions to field base support we expect to operate the 2012 at decreasing recurring overhead levels.
You’ll now hear from our Chief Financial Officer, Marc Richards?Marc Richards Thank you, Mark. Good morning, everyone. I will focus my discussion this morning on Sunrise’s consolidated operating results for the fourth quarter and full year of 2011, as well as the impact our 2011 transactions have had on recently filed financial statements. Read the rest of this transcript for free on seekingalpha.com