Shankh Mitra
Chief Executive Officer at Welltower
Thank you, Matt.
Good morning, everyone. I'll review third quarter business trends and our capital allocation priorities. John, will provide an update on operational performance for our senior housing and medical office portfolios. Nikhil will give you an update on the investment landscape, and Tim will walk you through our triple-net businesses, balance sheet highlights and guidance updates.
I'm once again pleased to report another very strong quarter across the board at Welltower from operations to capital deployment, a further strengthening of our balance sheet, continued progress on our operating platform rollout. The result was a 21% increase in FFO per share and our fourth guidance raised for the year, this time by $0.13 per share, reflecting the extraordinary strength of our platform.
This quarter also marks the first time in our company's history in which our quarterly revenue exceeded $2 billion. In terms of the senior housing operating portfolio, results continue to surpass our already high expectations. Year-over-year same-store NOI growth came in at 23%, eight consecutive quarters in which the growth exceeded 20%. And, despite macroeconomic uncertainty and heightened geopolitical tensions, topline growth on a same-store basis remain resilient at 9% driven by another quarter of outsized occupancy growth of 310 basis points coupled with strong rate growth.
Particularly noteworthy is the 160 basis points of sequential spot-to-spot occupancy growth that we experienced, a reflection of both strong tailwinds of our business and especially our operating platform initiative, which will continue to bear fruit in the coming quarters and years. Not only we're pleased with the sequential growth, but the occupancy run rate exiting the quarter solidly exceeded the prior year and early fourth quarter results have been positive as well.
Additionally, I would be remiss not to mention that the spread between RevPOR or unit revenue and ExpPOR or unit expense remains at historically wide level. This trend resulted in another 300 basis points of year-over-year margin expansion of our SHO portfolio. As we have discussed in the past, we remain focused on the delta between RevPOR and ExpPOR, not the absolute levels.
Overall, we are delighted with our results and believe that we're carrying significant momentum into 2025 as tailwinds which we have lifted our business over the past couple of years continue to strengthen. As I have described in our recent calls, the backdrop of our senior housing business is only getting better as growth of 80 plus population picks up from here.
Starting next year, 5,000 Americans will turn 80 every day. And remember, that we're only at the front end of this trend with the crest of the silver tsunami not being seen until well into the future. And, what is also irrefutable is the favorable supply outlook. Construction starts continue to drop and in the third quarter reached the second lowest level on record after the second quarter of 2009.
Banks continue to wind down their senior housing loan exposure and have been reluctant to put new capital to work. And, given the extended timeline to build a new senior living community in our market, which we detailed on Slide 19 of our business update, we may not face the impact of new supply in our markets for years.
Frankly, in today's construction cost and financing cost environment, it makes no economic sense to build. We have had couple of years of solid growth, but we believe that we are still in the very early stages of an extended period of extraordinary growth for the senior housing sector. And, without stealing John's thunder, this end market demand growth will be amplified by the rollout of our operating platform.
I'm delighted to report that during the quarter we went live with our tech platform at our first set of properties along with preparing to broaden and accelerate the rollout in the near-term. Beyond the technology rollout, we expect our broader operating platform initiatives including our hands on asset management to have a compounding effect on our portfolio's outperformance.
Shifting to capital deployment, the only change we have observed since our last call is that the opportunity set has expanded farther. We announced another $1.2 billion of transaction completed or under contract since our last quarterly update, bringing our total year-to-date investment activity to over $6 billion.
Nikhil will provide you more details, but as with the past few quarters, most of our investments have been bolt-on acquisitions within senior housing sector improving and benefiting from our already established regional density. Our goal remains to go deep in our markets, not broad.
While 2024 is shaping out to be a record year for Welltower in terms of capital deployment, we continue to unearth compelling opportunities across all property types, geographies and capital structure and expect a busy Q4 and Q1.
Lastly, I will quickly reiterate that through the exceptional cash flow growth we have achieved this year and prudent funding of our investment activity, our balance sheet has strengthened meaningfully. With leverage at 3.7 times and nearly $10 billion of liquidity, we remain well-positioned to address all near-term obligations and capitalize attractive investment opportunities. And, as we have created flexibility to lean in to the balance sheet to drive further growth at opportune time.
To sum it up, we're starting to see the Lollapalooza effect of cyclical, secular and structural growth driven by our operating platform, which will be further enhanced by bolt-on acquisitions and balance sheet optimization to drive meaningful partial growth. We are singularly focused on this long-term compounding of our partial earnings growth for existing owners, our true North Star. We cannot be distracted, discouraged or dissuaded.
With that, I will turn the call over to, John.