joined Doug. XXXX results welcome for Good I as trends. our our investor presentation Consistent with operating on and strategic earnings our initial year QX call. we available discuss we Chief comments be year-end Officer. the this call, XXXX afternoon and by you, Financial to for afternoon approach year-end will priorities, Thank our QX Kevin publicly the our Detz, referencing am
presentation if in follow at our Investor Relations the section You find can you latest to like would sonidaseniorliving.com along.
results years. to QX, feels reference upbeat relative an reached a While from the landscape nearly today’s time of primarily recent XXXX since XXXX, senior first end for the have we first quarter that overall living
of occupancy stable rate COVID-XX communities services high winters. and QX. compared the of to two of occupancy recent the improvement months our leadership health all far and delivery in materially whole our influenza the across on continued less cases contributed our care Sonida quality stability the and severe and and and were teams The first reduced of residents, through QX wellness and to care
year-over-year with exceeding resident We pre-pandemic additional to year X.X% the underway. QX rates levels with and by are initiatives revenue with full for the occupancy increasing pleased XX% increase XXXX, returning rate
the based and management materially team place, in we efforts increases both support. in spreads. our our XXXX ahead units the re-leasing have further are on expansion our in and will improvement the occupancy new renewals another support growth of services accelerated XXXX. on pricing average QX -- rate of lease With These value are strong commitment year to Overall, revenue
margin tools, Additionally, focus a proprietary on investment foundational labor discretionary are and combined spend near-term in heightened capabilities expansion. management managing to delivering with accelerated
with consistent January QX QX average. QX is front, shaping occupancy the to the up on in February with be line with and
avoided typical have to are weakness. the pleased avoided seasonal -- We
is February which the part of rate support Just as and December, spreads, increases the important strength and January in X% and in expectations the resident improvement of margin in-place early year. exceeded re-leasing
communities of owned Related or were overall nearly across or occupancy for stability XX% those to the and half February our our occupied portfolio, XX% half more. occupied of at above of were
our QX leadership team consistent lower of our occupancy in experiencing communities QX, seen slower many those that In a recovery improvement have of NOI and and we throughout intensified assets. oversight are
as assets exceeding they to to December from the Lead remained XX% tour year-over-year throughout and and continue volume with opportunity these leads months in margin throughout occupancy strong in growth February. improve Substantial remains XXXX. winter
allocation. topic of spend in and would on capital I like few a minutes operating capital to the environment, this utmost importance
deficit invested capital created the long-term significant in managed our recovery stability past the balance working and as capital reduce company year funded into restructuring drive half, of sheet, and throughout the the and performance our liquidity the to communities pandemic. the Over a has company
our offering and a shareholders residents Our sustainable value dollars were with manner value of invested high forefront. at deliberate long-term a our for to in the delivery creation
and to total local have will stability reflect leadership growth XXXX, we more product aggressively in the strength the to price our cost. reduced provide of investments. our of transition, intensified utilization leadership areas. reduced labor in following contract these labor our quarter-over-quarter Kevin and efforts QX we teams, Leveraging In these analysis
our to top the on foundation accounting these previous by finance and limiting ERP, processes scalability Kevin we integrated and our which graded centralization In provided community in serve key residents. talent bringing an Since invested were local years, disparately to and of processes. Board, have accelerate leadership, the financial managed bandwidth better
remains this On at commitment consistently year-end have supportive positions more reflects local believe XXXX, all close highlighted maintaining March. culture we and regional a organizational open, and XX out key We in open Leadership of people. slide as our an of across and accomplishments our the of open to with across than metric currently strong key roles presentation, Sonida. six we XXX total four beginning with leadership transparent retention
growth. pleased margin within projects component am also in returns on with These delivered capital occupancy and recovery portfolio our I months significant XXXX year. ongoing investments have and represent key this of a recent
recognition. of product, care driven occupancy in rollout communities. of Trails deserves X% Trails, communities basis of memory year-over-year Magnolia XX XX% improvement care XXX The nearly and these across to points The exceeding memory growth increases contributed performance also our programming by revenue Magnolia rate
are significant growth occupancy drivers for and differentiated expected margin cash to managing approach rate with XXXX, improvement. to conclusion, and labor in In ongoing early accelerated be improvement coupled a flow costs the
accelerate and net the as flow is cash to in producing recurring all service. timeline primary debt goal of positive capital for a Our XXXX leadership team expenditures
on combined will balance improvement initiatives Kevin with will are achieve ongoing our several we that intensely that operational goal. sheet us focused to when allow As discuss,
the financial I will to Kevin it now over discussion turn a for of results.
