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These risks and uncertainties are discussed in the company’s reports filed with the SEC, including its reports on the Forms 8-K, 10-Q and 10-K and in particular, Item 1-A on the Form 10-K report under the title Risk Factors. Listeners are cautioned not to place undue reliance on these forward-looking statements which speak only as the date hereof. The company undertakes no obligation to update any of these forward-looking statements.And with that, I’ll turn it back to Jonathan. Jonathan Cohen Thank you, Purvi. First, a few highlights. Adjusted Funds From Operations or AFFO, for the three months ended June 30, 2012 were $22.2 million or $0.26 per share diluted. We paid a dividend of $0.20 per common share for the quarter were $17.3 million in aggregate on July 26, 2012 to stockholders of record as of June 29, 2012. Our book value increased to $5.44 per share this quarter from $5.38 as of December 31, 2011. Our GAAP net income for the three months ended June 30, 2012 was $16.4 million or $0.20 per share diluted as compared to $9.2 million or $0.13 per share for the three months ended June 30, 2011. Total operating revenues increased by $3.9 million or 18%, and $8.6 million or 20% as compared to the three and six months ended June 30, 2011. Cash on hand of $110.2 million at June 30, 2012, a decrease of $125.6 million from $235.8 million at June 30, 2011. With those highlights out of the way, I will now introduce my colleagues. With me today are David Bloom, Senior Vice President in charge of Real Estate; David Bryant, our Chief Financial Officer; and Purvi Kamdar, our Director of Investor Relations. In my opinion, Resource Capital performed extremely well in the second quarter. Our credit quality was good, we kept our debt levels relatively low and opportunity to expand the franchise and the company remain ever present.
From a cash perspective, we earned 130% of what we distributed as our dividend. Our Adjusted Funds From Operations or AFFO was $0.26 per share diluted and GAAP net income was $0.26 per share diluted, an increase of 10% for both over the first quarter. Both GAAP net income and AFFO increased over 13% from the first quarter. We paid a sizable and sustainable dividend of $0.20 for the quarter and our book value per share increased to $5.44 per share from $5.38 per share as of December 31, 2011.Our liquidity remains excellent and we had approximately $110 million of cash, including $32 million of unrestricted cash as of June 30 even after making considerable investments during the quarter. You may notice that our cash has declined significantly from over $235 million last June. This reflects meaningful new investment activity. Much of it in June, which has helped fuel growth in operating revenues. Our portfolio of loans continue to earn nicely. Over the last six months we grew our real estate loan portfolio by over $80 million. We expect this trend to continue as Dave Bloom and his real estate debt team continue to find good opportunities to lend money against good real estate. You will notice in our press release, schedule 2, that’s annualized earnings from our two real estate CDOs is up sharply. We also expect this trend to continue in the next quarter as we add significant low production into those vehicles through June. Our Syndicated Bank Loan portfolio continued to perform well. Credit improved substantially across the company. This trend has continued over the last few quarters. Our leasing joint venture continues to grow and improve its portfolio and near profitability. We expect that venture to turn profitable later this year. We continue to be very excited about its prospects.
Without a doubt the most exciting aspect of the last three months was all the growth in our businesses. As compared to the quarter ending June 30, 2011, this quarter we recorded revenues of $25.3 million versus $21.5 million a year ago. A tremendous achievement given the steadfastness of our debt to equity levels. In addition, the revenue growth came from both the real estate loan segment as well as the Syndicated Loan side of the business.Read the rest of this transcript for free on seekingalpha.com