SHO Burkart, good everyone. high-level he's COO, the and our Tim healthy. And business. dig Matt. earnings guidance you, walk will details, of safe MOB. walk all I'll you the hope business Jon's you in trends Thank is families beginning as and This environment our operating are first triple-net morning, and through through John call I and through to and businesses, walk will that the you capital you your priorities. into capitalization. allocation
bottom-line easy the mediocre the him. Despite overall cannot quarter. we please go happier So results be on of results, with
business that cautioning ago, every worried in housing. months come X people And take observers with the COVID if significant for would were the industry result a were participants pandemic most would Just surge that apartment the demand the and believe of who step impairment many back. senior would back even virus, demand of
these to bottom up, in hit resulting experience As the it cost has a been surges drive down, that revenue our line. significant
shop the trend. months significant beginning [Indiscernible] we the revenue growth since a we still Delta in first portfolio. of in X.X% the same-store topline ago, points to increase sequential history. pre-Delta, rate posted sequential we in variant guidance and basis witnessing quarter despite X basis relative went strongest revenue after XXX up the across this resulting For our the spoke accelerated surge in And pandemic, of growth time Company's XXX the our of points Occupancy a
inflected the of entire first time the is revenue Delta the into and a massive year-over-year This when increase revenue and trend UK, for led context year-over-year of U.S. in surge. a in year-over-year accelerated UK by growth September U.S. growth a Importantly, portfolio positively we since beginning revenue This over absorbed particularly which pandemic. the reported impressive portfolio for X%.
and and that on environment approaching reflect vaccinated higher might be case. our all recognized Let's settings. XX%, is the than that their are stuff families With communities much rates residents prospective why population, nearly which alternative substantially safer vaccination resident general than
of in during data. XX% across can August, the levels into You just U.S., daily our next was a U.S. our see trend short over number rate the the believe in It's within build the we will for which year. counts occupancy portfolio that tenfold despite was in portfolio experienced increase and in surges. prior July as the the significant cases our and benefit In UK of of observed similar continue business case dual momentum growth, -- us received across This time. the topline and helped our we Canadian same peak
of expenses perfect charge monthly environment. mediocre the confluence all of labor and revenue hitting year There's insurance this our at expense of agency costs, We basis. a the in utility same other extra rent surged, the operators was next by stack. performance in great storm including meaningfully had costs, in mismatch which In into and bottom-line R&M, majority sundry as heightened resulted as day also costs, an the and COVID will Despite time. feel our quarter costs, on significant a I as we a across performance, momentum trend fact, accelerate top-line rate impacted believe a extraordinary this
of XX agency to the the which complicated Additionally, last only meaningful XX. during This at spike working the in currently resulted of call-off the of The system off drove by lever, October. situation to a is use of employees easing rise advantage as minute, many which situation further the normalized also that which overall we through. significant the costs on summer. in the members mandate we was The travel deals our took good restriction in the team paid saw is COVID vaccination rise began time the expense additional from see
unpack normalize, While on medium term likely it opinion, long more dissipate. they significantly firmly us of logically comment it will take here way what this based situation need care as the offer and will to increases too We to just be will increases what stay exactly how to with are cost long will unit is premium In we of one-on-one fully as to early will in operating alternative Welltower partners sticky product the to micro-market. expensive. within be and our hurdle to for The a got premium rent they believe labor. overcome through a able to
John dissipate see on topic. green But been provide of usage we children labor expansion gone more seen off as with We rolling of going believe will this to emerge have beginning will pool having lever shoot the unemployment forward. and supplemental the -- are have details back to agency operating benefits partners school.
that we primarily QX reverse suggest for of X. do factors. because guidance not Our situation expect this completely X will to
revenue late of happen significant of increases mismatch portion and -employment still And wave, with Delta takes growth, extended our in X. floor. new expense time in hire X. to go even of September, the and before November. us peaked a After as which annual pre growth it [Indiscernible] a X. you is employees people, hit on period training process have can We an through
shop XXXX rate my portfolio, I to share rate figure stronger The has more from portfolio's management to changed. run don't XXXX significant near-term or Even believe be these a this operators margin will of the on power that engaged many in too team exit that stabilized basis, business repeat with rate conversation higher this I believe times Even than earnings XXXX changed. while post-COVID or rise of market rate, want this run the in, power one others on earnings We're -COVID do run none out. difficult However, more the these time. with will I hard pre of exit near-term has starkly will higher Welltower of changed that has view margin. broadly. basis, not run industry find this best operators of frankly, different XXXX
is Many to watching do not up, versus of of business. data many are to revenue months, question, fatigued how is some events go wall. past we own. a of with XX Price operational excellence, going and brick rethink can how a better Central technology, units fundamentally of units Think from hoping John the within how change unit will need? up, their everyone the the do a but analytics view optimization, price great industry strategy. Park While basic but many things partners our Unfortunately, you hope needs differentiate are very is labor with operators on on this get
translates Our directly strategy. into allocation capital intense our focus operational
operator in buy asset at at cost, assets the own build replacement Either way at what and that point. equity we the right discount we'll We focused price And or right extremely want replacement right the basis. on right is. restate that costs. a me market micro right the want own targeted to to we'll Let with to at
bring while primarily While off-market, we bidding with relatively privately [Indiscernible] or and are transactions in thin, extraordinarily active capital, negotiated close first-time operator to new unmatched pretty few with we capital. remain cash [Indiscernible]
are Company. debt in don't than low firm This handshake. the to negotiate, is of to has situation expected have single-digit important a we at know, We one the after and driven, the double-digit. history IRS costs of most the to active quarter maturity our investments this discount handshake. more of most firm closed is we a close don't in we As in significant billion a of you of approach nothing as certainty the with high replacement $X our resulted with reputation And re-trade seller
the of release. we sale and momentum third with we We billion purchase described subsequent to agreement, in transaction press $X.X our continued and quarter that have end have the signed our another that
While they're different flavors the me transaction, important of deal. highlights the let all very
amount the our owner We leases previous materially but significant in spent million operating capital able communities. has X and high at of we quality IRR bought single-digit that Watermark excited transaction million years. buy the standpoint on over $XXX We the transaction a of a to recall levered achieve communities from to last Sunrise in handful fee very asset rental entrance in would of about X X a CCRC is are markets. and location XXXX. We should $XX similar price. be micro This in better as great SNH partner And a
into use strategy -- property we can category when double-digit better return level Atria on similar what Atria XX we our execute we think have embarking we on to portfolio portfolio. However, post IRR XX and a we're this higher as
or desirable developer. We of of density is there, residential Bellevue, Washington high great living a sell Corridor to in highly For entitled senior or residential example, there right. is extraordinary campus an for wellness multi-family of of piece a that vertical land can a it as build
in X high age senior Mid-Atlantic separate you housing million. with intend average generate an we which region extraordinary group In cottage levered these access get sold transaction, and a out The operator these we are of units that and for communities additional Southeastern communities already of years. many communities build IRR. bought And with partner flavor. a location, extraordinary five size to this expect an we on $XXX while single-digit development is For a classes land, to in the
a group a development this We the years In line X similar to our also old. them details robust disclose future we operating agency executed new existing building, QX brand X-year contract multi-family from several call. new Midwest On flawlessly any a new during these a are the wait We you even perspective, a vein lever. our exclusive But is team and That in next long-term here prowess. with on the cannot with are building as feel team. sense our pipeline negotiated transactions. on is their developer this granular we communities average, growth teaser. operator. of to other bought without X with gives with of I This this has a challenging plan
John focused redevelopment ethic real ad around momentum transaction value significant frankly on and decades. My and somewhat Vintage many executed building didn't underwhelming team historically experience also [Indiscernible] for from right as over estate ad X has value as our Burkart ago. the experience we are years We oriented after have strategy has
and going growth forward. one for another John Stay our of real with avenue for estate Ferry, value-add team, re-development in Head Global tune and Now Development will be more. Mike
development projects phase From I to long-term over new be exclusive pass you, industry. moat same and Kisco, Kisco contract On Occupancy, while With nineties. Investor, operators the estate success team side, deep share cannot I a trends. John. one A-plus have his estate will and our in decade. that platform proud [Indiscernible]. truly cannot the look successful. is incredibly next we more bouncing belief that analytics that Kisco the a quarter-after-quarter, is addition Andy built Cardinal announce relationships plus on business second operational as we that, signed forward with already hope and unprecedented to new in Cardinal with of model wide for these high pipeline and the portfolio. a will to X unique be and a of partnering Kohlberg around through real exclusive I to to John few to the back I our more pleased a We started wonderful dive grow best in fantastically that micro-markets real to more be be find development predictive with a it of this agreements deep partnership our now the
