Health Care REIT (NYSE:HCN) reported its second-quarter results before the market opened on Tuesday. The senior living and healthcare REIT reported solid growth in funds from operations, or FFO, which was driven by a combination of acquisitions and organic growth. That strength, coupled with its large acquisition pipeline, is giving the company the confidence to reiterate its full-year guidance.

A look at the numbers
Health Care REIT reported FFO of $1.09 per share, which is up from the $1.06 per share it earned in the year-ago quarter and a penny better than analysts were expecting. Meanwhile, funds available for distribution, or FAD, increased by a penny year over year to $0.95 per share.

Driving this growth was the $2.9 billion in new investments the company has completed year to date as well as solid same-store cash net operating income growth of 3.2%. This growth more than offset the early closing on the company's life science portfolio sale as well as weakness in the company's senior housing operations in the U.K., which were affected by a severe flu season leading to lower occupancy rates.

The company continues to be very active in reshuffling its portfolio. During the quarter, Health Care REIT completed $627 million of investments including $527 million in acquisitions or joint ventures, $76 million in development funding, and $23 million in loans. In addition to that, the company placed seven development property projects into service representing $133 million in total investments. Finally, Health Care REIT closed the sale of its 49% interest in a life science portfolio to its joint venture partner for $573.5 million.

Among the most notable deals during the quarter was the formation of a 45%/55% joint venture with the Canada Pension Plan Investment Board to hold a portfolio of medical office buildings in Southern California. Initially, the joint venture will own a 50.5% stake in a portfolio of eight medical office buildings worth $449 million with the expectation that the minority owner will eventually sell the rest of the portfolio to the joint venture. This partnership with the Canada Pension Plan Investment Board is one that the company intends to grow in the future.

A look at the outlook
As a result of the company's solid quarter and continued strong investment pipeline, Health Care REIT reiterated its full-year earnings guidance. That guidance calls for FFO in a range of $4.25 to $4.35 per share, which is a 3%-5% year-over-year increase. Meanwhile, FAD is expected to be in the range of $3.83 to $3.93 per share, which is 5%-7% higher than last year.

Driving this guidance is the expectation for strong same-store cash net operating income growth of 3%-3.5% as well as acquisitions that have been already announced but not yet closed. Further, Health Care REIT's guidance includes a total of about $1 billion in dispositions as it continues to actively manage its portfolio.

Investor takeaway
Health Care REIT delivered another healthy quarter of growth driven by organic growth alongside additional new investments. More growth is on the way as the company has a strong pipeline having already announced $3.8 billion in investments so far this year, of which $2.9 billion has already closed. Given its strong balance sheet it certainly has the capacity to continue to be an active acquirer and drive healthy future growth.

Matt DiLallo has no position in any stocks mentioned. The Motley Fool recommends Health Care REIT. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.