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.
Normalized FFO this quarter was excellent at $0.95 per share, up 19% from last year. And we maintain an outstanding balance sheet with 28% debt-to-enterprise value. We have also increased our guidance to $3.70 to $3.74 per share for the full year. If achieved at the midpoint, this would represent a 10% normalized FFO per share growth rate year-over-year.First, let's talk about the growth side of Ventas. Growth at Ventas comes from excelling at our 3 key activities: Allocating capital, raising capital and managing our assets. Simply put, we focus on investing in the right asset at the right price and structure, continuing to improve our cost of capital and driving performance in our portfolio. We have a long track record of effectively executing all 3 activities. Our external growth this quarter includes the completion of $1.2 billion in high-quality accretive acquisitions including Cogdell Spencer's MOB business and 16 new, high-quality, private pay Sunrise-managed senior living community. Those acquisitions are performing extremely well and we continue to see excellent opportunities to invest in performing health care and senior housing assets. And we have good visibility to completing over $300 million in additional acquisitions in the near-term, as well as investing about $100 million in a small but profitable development and redevelopment pipeline. Our business model allows us to continue allocating capital flexibly across subsectors in different operating models and investment type as conditions warrant and opportunities arise. And of course, the $1 trillion health care and senior housing real estate market is huge, fragmented, growing and dynamic. It should provide many investment opportunities to Ventas for years to come. Our internal growth has also been exceptional this quarter, particularly, in our senior housing operating segments. Our Atria- and Sunrise-managed assets are proving the benefits of our strategy, of buying the best assets in the best market operated by the best managers. These communities are delivering great results with same-store NOI growing 8% year-over-year before management fees. These high quality assets provide upside to our shareholders in a growing economy. Read the rest of this transcript for free on seekingalpha.com