Welltower Inc. (NYSE:WELL) Q2 2024 Earnings Conference Call July 30, 2024 9:00 AM ET

Company Participants

Matthew McQueen - General Counsel
Shankh Mitra - Chief Executive Officer
John Burkart - Chief Operating Officer
Timothy McHugh - Chief Financial Officer
Nikhil Chaudhri - Chief Investment Officer

Conference Call Participants

Jonathan Hughes - Raymond James
Vikram Malhotra - Mizuho
Nicholas Yulico - Scotiabank
Joshua Dennerlein - Bank of America
Michael Griffin - Citi
Michael Carroll - RBC Capital Markets
Juan Sanabria - BMO Capital Markets
Michael Mueller - JPMorgan
James Kammert - Evercore ISI
Ronald Kamdem - Morgan Stanley
Rich Anderson - Wedbush
Austin Wurschmidt - KeyBanc Capital Markets
Omotayo Okusanya - Deutsche Bank
Wesley Golladay - Baird
Emily Meckler - Green Street

Operator

Thank you for standing by. My name is Kayla and I will be your conference operator today. At this time, I would like to welcome everyone to the Welltower's Second Quarter 2024 Earnings. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. [Operator Instructions]

I would now like to turn the call over to Matt McQueen, General Counsel. You may begin.

Matthew McQueen

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 a reasonable assumption, the company can give no assurances that the 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

Thank you, Matt, and good morning, everyone. I will review first quarter business trends and our capital allocation priorities. John will provide an update on operational performance for our Senior Housing and Medical office portfolios. Nikhil will give you an update on investment landscape and Tim will walk you through our triple-net businesses, balance sheet highlights and guidance updates.

We're very pleased to report another quarter of significant bottom line growth with normalized FFO per share up 17% year-over-year or over 19% adjusted for prior year subsidies. Quarter was once again led by our Senior Housing portfolio, but with notable contributions from all other areas of the business, including investments. Last night we announced another $1 billion of acquisitions under contract since our last update at NEREIT Conference in June, bringing our acquisition activity to approximately $5 billion year-to-date.