It is being carefully constructed on a diversified portfolio of well-located properties leased for an average remaining primary term of 13 years to high credit quality tenants on a basis we are operating and capital expenses are borne almost entirely by the tenants themselves. With no material lease expirations in portfolio until 2018. Our strong first half and particularly strong second quarter operating results allow me to announce a couple of noteworthy events, first the company’s Board of Directors has approved an increase in the current annual dividend of $0.70 per share to $0.71.5 per share commencing September 15, 2012.This reflects a 2.14% increase in the dividend, second in clarifying our previous FFO and AFFO guidance for 2012 and providing new 2013 guidance we are forecasting 13% earnings growth over that period at the mid-points of each range. Brian will discuss our guidance in further detail in his prepared remarks. Earnings growth is anchored in part on balance sheet improvements; let’s recap several corner stone events that speak directly to strengthening our balance sheet and our continuing progress to achieve an investment grade credit rating. Number 1, we completed our sales tender offer of close to 21 million shares of common stock in April 2012 at a cost of 220 million reducing total shares outstanding to approximately a 158 million shares. We funded the prepayment of a $161.2 million of secured mortgage debt on April 17, 2012 resulting in a net annual reduction in interest expense of $4.3 million. We secured a permanent term loan of $235 million led by Wells Fargo securities on July 2, 2012. This replaced the $200 million interim term loan previously funded by Wells Fargo. Next we increased our revolving line of credit with RBS Citizens from 220 million to 330 million on May 4, 2012.
We were upgraded by two major credit rating agencies reflecting our balance sheet strength. Moody’s upgraded our rating from a Ba3 to Ba2 on April 5th with an adjusted score of BAA and another major rating agency upgraded us by two notches from a B++ to a BB with a stable outlook in June. We were incorporated into several different industries most notably the Russell 2000 and the FTSE NAREIT Equity REIT Index.For the remainder of this year we will continue to focus on improving our balance sheet, growing the company’s assets and earnings per share through acquisition opportunities accretive to the dividend similar to the $64 million of new acquisitions recently announced on July 12, at an average cap rate of 8.66%. I will now turn the call over to Brian Jones our CFO to discuss in further detail our operating performance and earnings guidance, I will then take the call back and provide you a portfolio update before opening the call up to questions. Brian? Brian Jones Thank you, Bill, I am happy to report that second quarter 2012 results are in-line with our budgets as well as our previously provided FFO and AFFO guidance. I will comment briefly on our financial statements and provide a few highlights of the financial results for the quarter. I will then discuss our clarified 2012 and preliminary 2013 FFO and AFFO guidance. Starting with the income statement, total revenue increased 57% in the second quarter 2012 over the same quarter 2011, revenue for the quarter was approximately 45.6 million compared to 29 million in 2011. For the first half of the year revenue increased 83% from 49.8 million in 2011 to 91.3 million in 2012, these increases reflect over 500 million of new acquisitions over the past year. Net operating income increased 56% to 43.7 million for the second quarter compared to 28.1 million in 2011. Read the rest of this transcript for free on seekingalpha.com