…of our operators to report strong results and coverage levels. Our UK and Continental European portfolio continues to perform well, with operators benefiting from robust healthcare systems and high-quality facilities. Our operators in these regions have demonstrated their ability to navigate through challenging environments and deliver strong financial performance.
In summary, our portfolio continues to demonstrate resilience and stability, with improving coverage levels and strong performance across various segments. We remain focused on providing our operators with the support they need to deliver quality care to their patients while maintaining our commitment to financial discipline and prudent capital allocation.
I will now turn it over to Steve to discuss our financial results in more detail. Steve?
Steven Hamner — Executive Vice President and Chief Financial Officer
Thank you, Rosa. I will walk you through our financial results for the first quarter of 2024. FFO for the quarter was $0.46 per diluted share, representing a year-over-year increase of 2.2%. AFFO for the quarter was $0.38 per diluted share, representing a year-over-year increase of 6.2%. Our same-store cash NOI grew by 1.5% compared to the first quarter of 2023. As of March 31, 2024, our total liquidity stood at $3.2 billion, including cash and available capacity on our credit facilities.
During the quarter, we completed $1.6 billion in liquidity transactions, including the sale of a 75% interest in five Utah hospitals to a joint venture partner. These transactions have strengthened our balance sheet and positioned us well for future growth opportunities. We are actively pursuing additional liquidity transactions to further enhance our financial flexibility.
In terms of our capital allocation strategy, we remain focused on deploying capital in a disciplined manner to drive long-term value for our shareholders. We are confident in the quality of our portfolio and the ability of our operators to deliver strong performance. We will continue to prioritize investments that support our operators and contribute to the overall success of our business.
In conclusion, we are pleased with our financial results for the first quarter of 2024 and remain optimistic about the opportunities ahead. We are well-positioned to navigate through any challenges that may arise and capitalize on growth opportunities as they emerge.
Thank you for your continued support, and we look forward to updating you on our progress in the coming quarters. I will now turn it back to Ed for closing remarks.
Ed Aldag — Chief Executive Officer
Thank you, Steve. In closing, I want to reiterate our commitment to delivering value for our shareholders and supporting our operators in providing quality care to their patients. We are confident in the strength of our portfolio and the resilience of our business model.
We will continue to focus on executing our capital allocation strategy and driving long-term growth for our company. Thank you for your continued support, and we look forward to updating you on our progress in the future.
Operator, we are now ready to open the call for questions.
Questions and Answers:
Operator
[Operator instructions] We will now take our first question from the line of [Inaudible] from [Inaudible]. Please go ahead.
[Inaudible] — Analyst
Hi, thank you for taking my question. I wanted to ask about your recent liquidity transactions and how they have impacted your overall financial position. Can you provide some more details on the transactions and how they will contribute to your growth strategy moving forward?
Ed Aldag — Chief Executive Officer
Thank you for your question. We are pleased with the progress we have made on our liquidity transactions and the positive impact they have had on our financial position. The recent sale of a 75% interest in five Utah hospitals to a joint venture partner was a significant milestone for us, providing us with additional liquidity and strengthening our balance sheet. These transactions have allowed us to pay down debt and position ourselves for future growth opportunities. We remain focused on pursuing additional liquidity transactions to further enhance our financial flexibility and drive long-term value for our shareholders. Thank you for your question.
Operator
Thank you. We will now take our next question from the line of [Inaudible] from [Inaudible]. Please go ahead.
[Inaudible] — Analyst
Hi, thank you for taking my question. I wanted to ask about the impact of the Steward bankruptcy on your business and how you are navigating through this situation. Can you provide some more details on your involvement in the restructuring process and your outlook for the future?
Ed Aldag — Chief Executive Officer
Thank you for your question. The Steward bankruptcy filing has certainly garnered a lot of attention, but we believe it presents an opportunity for an orderly transition of the Steward hospitals to new operators. We are committed to providing $75 million in debt financing to facilitate this process and ensure continuity of patient care. We believe that an orderly transition will benefit everyone involved, and we are actively engaged in discussions with parties interested in the Steward hospitals. While we cannot discuss the details of these transactions until they are approved by the court, we are confident in the value of our portfolio and the opportunities that lie ahead. Thank you for your question.
Operator
Thank you. We will now take our next question from the line of [Inaudible] from [Inaudible]. Please go ahead.
[Inaudible] — Analyst
Hi, thank you for taking my question. I wanted to ask about the performance of your portfolio and how you are managing through the current environment. Can you provide some insights into the trends you are seeing across your various segments and your outlook for the future?
Rosa Hooper — Senior Vice President of Operations and Secretary
Thank you for your question. We are pleased with the performance of our portfolio and the trends we are seeing across our various segments. Our operators continue to deliver strong results, with improving coverage levels and solid financial performance. We are seeing increasing volumes in our behavioral health hospitals and strong growth in reimbursement rates in our UK and Continental European portfolio. While LTACH volumes have declined due to the expiration of the CMS waiver, they represent a small portion of our portfolio and are part of larger operators that provide diversification and additional coverage. Overall, we are optimistic about the future and remain focused on supporting our operators and delivering value for our shareholders. Thank you for your question.
Operator
Thank you. We will now take our next question from the line of [Inaudible] from [Inaudible]. Please go ahead.
[Inaudible] — Analyst
Hi, thank you for taking my question. I wanted to ask about your financial results for the first quarter of 2024 and how they compare to your expectations. Can you provide some insights into the key drivers of your performance and your outlook for the future?
Steven Hamner — Executive Vice President and Chief Financial Officer
Thank you for your question. We are pleased with our financial results for the first quarter of 2024, with FFO and AFFO both showing year-over-year growth. Our same-store cash NOI also grew compared to the first quarter of 2023. We continue to focus on deploying capital in a disciplined manner to drive long-term value for our shareholders. Our recent liquidity transactions have strengthened our balance sheet and positioned us well for future growth opportunities. We remain optimistic about the future and confident in the resilience of our business model. Thank you for your question.
Operator
Thank you. We will now take our next question from the line of [Inaudible] from [Inaudible]. Please go ahead.
[Inaudible] — Analyst
Hi, thank you for taking my question. I wanted to ask about your capital allocation strategy and how you are prioritizing investments to drive long-term value for your shareholders. Can you provide some insights into your approach to capital deployment and your outlook for the future?
Ed Aldag — Chief Executive Officer
Thank you for your question. Our capital allocation strategy remains focused on driving long-term value for our shareholders by deploying capital in a disciplined manner. We are confident in the quality of our portfolio and the ability of our operators to deliver strong performance. We will continue to prioritize investments that support our operators and contribute to the overall success of our business. We are optimistic about the opportunities ahead and remain committed to delivering value for our shareholders. Thank you for your question.
Operator
Thank you. We have time for one final question from the line of [Inaudible] from [Inaudible]. Please go ahead.
[Inaudible] — Analyst
Hi, thank you for taking my question. I wanted to ask about your outlook for the future and any key initiatives you are focusing on to drive growth and value for your shareholders. Can you provide some insights into your strategic priorities and your expectations for the coming quarters?
Ed Aldag — Chief Executive Officer
Thank you for your question. Looking ahead, we remain focused on executing our capital allocation strategy and driving long-term growth for our company. We are confident in the strength of our portfolio and the resilience of our business model. We will continue to prioritize investments that support our operators and contribute to the overall success of our business. We are optimistic about the opportunities ahead and remain committed to delivering value for our shareholders. Thank you for your question.
Operator
Thank you. That concludes our question-and-answer session for today. I will now turn it back to Mr. Charles Lambert for closing remarks.
Charles Lambert — Vice President, Treasurer, and Managing Director of Capital Markets
Thank you all for joining us today. We appreciate your interest in Medical Properties Trust and look forward to updating you on our progress in the future. Have a great day.
Operator
Thank you for participating in today\’s conference call. You may now disconnect.