CHICAGO-Ventas Inc. is riding high, literally, as its stock hit its highest point at $66.50 per share on Thursday after the company announced its second quarter results. The locally based healthcare REIT reported funds from operations for the quarter increased almost 100% to $277.8 million compared to Q2 2011.

At market close Thursday, the company’s stock was back to $65.72 per share, about its level all week, but it’s clear that both investors and the trust are excited about times ahead for healthcare real estate. Debbie Cafaro, chairwoman and CEO of the trust, said the success has come with being picky and careful with properties. “There are extremely limited opportunities that provide investors with good internal and external growth, and also significant defensive characteristics,” she said during the trust’s Q2 conference call Thursday.

During the quarter, the trust completed $1.2 billion in acquisitions, including Cogdell Spencer’s medical office building business and more than a dozen Sunrise Senior Living-managed properties. There’s more to come, Cafaro said. “We have good visibility to completing more than $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,” she said.