Welltower Inc (NYSE:WELL) Q2 2019 Earnings Conference Call - Final Transcript
Aug 01, 2019 • 09:00 am ET
Good morning, ladies and gentlemen, and welcome to the Second Quarter 2019 Welltower Earnings Conference Call. My name is Zetania, and I will be your operator today. [Operator Instructions] We will be facilitating a question-and-answer session towards the end of this conference. [Operator Instructions].
Now I would like to turn the call over to Tim McHugh, Vice President, Finance and Investments. Please go ahead, sir.
Thank you to Zetania. Good morning everyone, and thank you for joining us today to discuss Welltower's Second Quarter 2019 results. On the safe harbor, you'll hear prepared remarks from Tom DeRosa, Chairman and CEO; Shankh Mitra, Chief Investment Officer; John Goodey, CFO; and myself.
Before we begin, let me remind you that certain statements made during this conference call may be deemed forward-looking statements in the meaning of the Private Securities Litigation Reform Act of 1995.
Although Welltower believes results projected in any forward-looking statements are based on reasonable assumptions, the company can give no assurances these projected results will be obtained. Factors and risks that could cause actual results to differ materially from those in the forward-looking statements are detailed in last night's press release and, from time to time, in the company's filing with the SEC.
If you did not receive a copy of the press release. You may access it via the company's website at welltower.com. And with that, I will hand the call over to Tom for his remarks in the quarter. Tom?
Thomas J. DeRosa
Thanks, Tim. I'm pleased to report our second quarter results to you this morning as they demonstrate that the Welltower platform is delivering on the optimistic outlook and growth plan we presented to investors over eight months ago at our Investor Day.
Out performance from our core real estate portfolio across all business lines most notably led by our U.S. portfolio is driving this growth. As we reported last evening, FFO per share of $1.05 represents 5% growth over the second quarter of 2018. Behind this growth is same-store NOI growth of 3.1% in the quarter, and 3.3% same-store growth in our senior housing operating portfolio.
These results once again demonstrate the resilience of owning the highest quality senior housing and medical office portfolio in the industry, as well as a management team that have the conviction to make a series of tough decisions over the past few years that are clearly benefiting our shareholders today.
With respect to new investments, we had a busy quarter completing $2.4 billion in accretive acquisitions. This brings the total for the first half of 2019 to $2.7 billion.
Shankh will take you through a deeper dive on the quarter's operations and investment activity. But I wanted to take a moment to call out a few noteworthy items.
First, you have seen us deepen our relationships with names you already know like Sunrise, Discovery, and Summit Medical demonstrating our commitment to being a reliable value added partner.
Next, I'm excited about some new partners who have joined the Welltower team this past