Welltower
Q2 2022 Earnings Call
Aug 10, 2022, 9:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good morning. My name is Chantal, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Welltower second quarter 2022 earnings call. As a reminder, today's conference is being recorded.
[Operator instructions] Thank you. Matt McQueen, general counsel. You may begin.
Matt McQueen -- General Counsel
Thank you, and good morning. As a reminder, certain statements made during this call may be deemed forward-looking statements in the meaning of the Private Securities Litigation Reform Act. Although Welltower believes any forward-looking statements are based on reasonable assumptions, the company can give no assurances that its projected results will be attained. Factors that could cause actual results to differ materially from those in the forward-looking statements are detailed in the company's filings with the SEC.
And with that, I'll hand the call over to Shankh for his remarks.
Shankh Mitra -- Chief Executive Officer and Chief Investment Officer
Thank you, Matt, and good morning, everyone. I'll review high-level business trends and describe our capital allocation priorities before handing the call over to John, who will detail the operational trends and provide more details on the operating platform that he is building. Our total revenue is up 29% year over year, driven by both organic revenue growth and contribution from significant capital deployment activity over the last 18 months. On a same-store basis, our senior housing operating portfolio revenue is up 11.5% year over year, driven by a 5% occupancy growth and a 4.5% RevPOR growth.
All this translated into a 15.4% same-store NOI growth in Q2. Our annual EBITDA is back above $2 billion. Annualized in-place SHOP NOI is at $895 million. Though shy of $923 million of pre-pandemic numbers, our revenue has surpassed pre-pandemic levels.
However, I'm not happy with these results, which I would characterize mediocre at best. Why? Because the size of our portfolio is much bigger today, given the significant amount of capital deployment over the last 18 months and yet our quarterly results are not reflecting the cash flow that this portfolio is capable of generating. I'll give you a few things to reflect on. First, we have about 120 senior living -- senior housing properties that are generating negative cash flow today.