for to Housing Good third Michael. Properties our Thank you, call and and morning to Senior the participants shareholders quarter earnings call welcome Trust.
Five progressing of on months close I'd the report track just under were date restructuring two our the Star and call, with Living to targeted today's begin are planned. like Senior To business as arrangements with away of that
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We a expect have valued target markets. acquisitions Science, our And sell by assets, Life at to previously remain we this reach mentioned agreement to pungent the we that the in to or $XXX of living under for medical capital sell There on approximately is XXXX senior assets objective. schedule end million and leverage.
that sell, remainder the now received. we which million goals continue under the year-end. be pricing we valued of portfolio to by sold, million agreement at at disposition our achievable. timing over or comfortable our $XXX are and valued We We're to under actively offers $XXX feel And have agreement to expect assets either over marketing
period a third As million and and in equity reflected growth stake results sustainability the our a set RMR of deliberate XXXX company's on shareholders revenue The quarter reliable moving $XX July reminder, the provide we XX, to long-term into approximately stage improve for that entire proceeds. diversified transition we deliver beyond. the as in to returns continue of sold XXXX our for also
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million results decrease managed that same a portfolio. living are was senior mainly of basis lease During decline property year. $X.X communities, or X.X% down was same the same NOI quarter last triple-net living compared property the senior the XX.X% cash to NOI This
by driven detail one non-recurring to providing minute it The in the drop the discussed managed was portfolio expense workforce investment calls. compared combination occupancy senior previous a living managed same several in XXX prior It's important a point year have that within spend to on portfolio to senior living this we of basis on our initiatives as items. in decrease property
in First, increased of labor wages accounted decrease. and to benefits contract year-over-year the million $X.X
living mentioned calls, competition on employee most previous we've and challenges high wage quality in types. remain the significant two As pressure leadership for of all senior across
of members Five this, least to of our its its we team essential has move address To as which to communities increased managed. ahead commitments an the see Star conversion
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employees, substantially and investment can and more part rent cost better to traditional labor our increased continues and high support a its overtime growth. this quality third and permanent working ultimately its workforce We Star's of than members Star lead team to even will occupancy that and believe Five Five to residents service As wages team. stabilizing to
an in of face of is to much of markets to I due South due and our drop Georgia where Next, leadership. relative our continue occupancy managed is community which communities disruption additional transition absorption to to in just supply influx Carolina faced mentioned that
markets and Stars implemented. forward in critical look successfully are we these plan Improvements Five to seeing
and of filling combination Dorian preparation open roughly of cost evacuation related accounted remainder of positions that the development up impact the are independent community an decline. completed living ground the and to this in of Finally, recently for Tennessee Hurricane
comprised segment, medical of a feet SNH's with square million lease X.X Science Life MOB and X.X years. of term million portfolio feet buildings contains office Moving feet square average weighted over assets square XX million X.X of our of to
strong executed X.X% of prospective new cost a weighted generated feet term years rent and vacant this year. per lease and for results renewals expiration. Activity We a robust and strong leasing X.X of in square space pipeline and foot quarter is upcoming leases per $X.XX leasing a roll-up with square just XXX,XXX average rent for tenants with leasing of new with renewal
asset deleveraging leasing teams. and we RMRs operational our continue leveraging As and management on we property by efforts, work through retention focus will to tenant excellence
as to than XX and as local the leasing both in experience building RMRs and wealth relationships company's with well tenants bench deep provides trends and addition tracking meaningful local of for competitive U.S. advantage brokers. presence and demand more a across the offices our drivers market
today's on competitive extremely developing focus group attract retain real-estate to professionals. and has RMR numerous programs the market, a labor quality In high heightened
success program, to real-estate September. global testament IREM in from won leadership it of Real-estate XXXX the employee development a of the the its recently Award these institute As summit Excellence Management and for management and where
the This believe retention award it strength, RMR's of and professional programs development. programs from of We RMR initiatives SNH we onboarding, these the for recognizes see recruiting, evidence platform. and are benefit services clear breath, recognition and
a factors when to continue our impact same few that to quarter the our year. MOB results negatively segment to are Back There compared results. last
the paid in had immediately Minneapolis space we termination First, we early with roll-up rent in fee where downsized released in an a year who the last of XX%. tenant building over by
where repositioning, both vacancies, property And completed outside of building Minneapolis other one pipelines. of our strong we a recently leasing which where in a in the recently the Carolina tenant had vacated; South two building large
factors decrease in medical drove office largely a NOI. These and our X.X% basis property cash
increase MOB last property NOI points same However, resulting to this basis in was down year. X.X% our segment quarter offset in by same our the compared Life XX in cash basis portfolio Science a
Seaport base increase of the The increase commenced our lease on five square NOI rent District mainly which Boston. was in million X% of year. the XXXX in of cash that one in XX-year the January increase of result foot X an rent has took at Science the X This based effect every Life property this years,
Torrey Torrey located Boston three $XXX As in considered San Life in developed million. be one stated Pines markets within market plans Life Diego is a behind San Francisco. and Pines the the are quarters, Sciences of building for in top prior Xrd for campus underway the the greater ranking to Sciences country approximately
undergo which and full down to includes will a property transformation The demolition steel. complete concrete
lab class Following its will offering completion monitoring substantial as and be campus as permanent well a the the XXXX, office maladies. in space property a estimated flexible late
already We're sizeable the roll-up footage rent. buildings possible for the campus increase script in overall with in anticipate discussions a and to in an tenants
further the turn results to Rick over for call quarter. now of our I'll to the financial provide discussion
