Welltower
Q1 2022 Earnings Call
May 11, 2022, 9:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Hello, and welcome to the Q1 2022 Welltower Inc. earnings conference call. [Operator instructions] It is now my pleasure to introduce general counsel, Matt McQueen.
Matt McQueen -- General Counsel
Thank you, and good morning. As a reminder, certain statements made during this call may be deemed forward-looking statements in the meaning of the Private Securities Litigation Reform Act. Although Welltower believes any forward-looking statements are based on reasonable assumptions, the company can give no assurance that best-projected results will be attained. Factors that could cause actual results to differ materially from those in the forward-looking statements are detailed in the company's filings with the SEC.
And with that, I'll hand the call over to Shankh for his remarks.
Shankh Mitra -- Chief Executive Officer and Chief Investment Officer
Thank you, Matt, and good morning, everyone. I'll describe our capital allocation priorities in the rapidly evolving investment environment and review high-level business trends before handing the call over to John, who will detail operational trends. A little over one year ago, our seniors housing operating business witnessed a powerful inflection point with occupancy gains and pricing power sustained through the remainder of the year despite delta and omicron variants. This momentum continued into first quarter of this year and translated into the first period of year over year bottom-line growth for our company since the beginning of pandemic.
Our total portfolio revenue is up 32.7% year over year, driven by both organic revenue growth as well as a significant volume of high conviction capital deployment during the last 18 months. On a same-store basis, our Senior Housing Operating portfolio revenue is up 11.2% year over year. driven by a 4.6% occupancy growth and 4.6% rate growth. Encouragingly, we saw sequential pricing growth was 4.3%, the fastest growth recorded in our history despite only half of our operators pushing through in-house rent increases on Jan 1 schedule.
All of these translated into 18.4% same-store NOI growth in Q1, an impressive number that surpassed our expectations. We're all very encouraged by the speed at which pre-trades are moving up. And we expect same-store NOI growth will accelerate into the second half of the year, barring another COVID spike. All of this setting up to be a powerful earnings recovery that we anticipate in 2023 and beyond.