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.

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