The company undertakes no obligation to revise or publicly release the results of any revision to the forward-looking statements made in today's conference call other than through filings with the Securities and Exchange Commission regarding this reporting period.
In addition, this call may contain non-GAAP numbers including normalized funds from operations or normalized FFO. A reconciliation of normalized FFO to net income and the components to calculate AFFO, CAD, or FAD are available in our Supplemental Operating and Financial Data package found on our website at www.snhreit.com.
Actual results may differ materially from those projected in any forward-looking statements. Additional information concerning factors that could cause those differences is contained in our filings with the SEC. Investors are cautioned not to place undue reliance on any forward-looking statements.
And now, I would like to turn the call over to Dave Hegarty.David J. Hegarty
Thank you, Tim, and good afternoon everyone. Thank you for joining us today on our second quarter earnings call. During the second quarter, we continue to make progress on our business plan of acquiring and maintaining high quality private pay properties, leased to strong credit tenants and our taxable REIT subsidiary, while maintaining our historically solid financial profile, 94% of our NOI, today is derived from private pay resources, and we maintain the lowest exposure to government reimbursement programs, I have all the power to trade at healthcare REITs. For the second quarter, we’ve reported normalized functional operations, our FFO of $0.45 per share, and our Board of Trustees declared a quarterly distribution of $0.38 per share, which represents 6.7% yield based on yesterday's closing stock price and a payout ratio of 84% of our FFO. Since April 1, we have closed on $227 million of acquisitions and in July we successfully raised $650 million of gross proceeds from equity and debt offerings. Both offerings were upsized due to significant investor interest and allowed us to maintain a healthy balance sheet, while positioning us for future growth with no additional capital needs for the foreseeable future.
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