We refer you to the company's reports filed with the Securities and Exchange Commission, including the company's annual report on Form 10-K for the year ended December 31, 2011, and the company's other reports filed periodically with the SEC for a discussion of these forward-looking statements and other factors that could affect these forward-looking statements. Many of these factors are beyond the control of the company and its management. The information being provided today is as of this date only, and Ventas expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any changes and expectations. Please note that the quantitative reconciliation between each non-GAAP financial measure contained in this presentation and its most directly comparable GAAP measure, as well as the company's supplemental disclosure schedule, are available in the Investor Relations section of our website at www.ventasreit.com.

I will now turn the call over to Debra A. Cafaro, Chairman and CEO of the company.

Debra A. Cafaro

Thanks, Lori, and good morning to all of our shareholders and other participants, and welcome to Ventas' Second Quarter 2012 Earnings Call. Today, I'm pleased to share an overview of our excellent second quarter results. Ray Lewis, will discuss our portfolio and investment activities, and Rick Schweinhart, will review our financial results in details. After our remarks, we'll be happy to take your questions.

The Ventas investment pieces continues to be a very positive story of growth and defense. There are extremely limited opportunities that provide investors with good internal and external growth and also, significant defensive characteristics. The value of that optionality cannot be overstated in today's global environment with significant sale risk and upside. Our second quarter results and outlook for the year provide an outstanding example of these valuable qualities working in tandem for our constituents.

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