everyone. and Jason, morning, good you, Thank
ago quarter diluted was period. during $X.XX the the rent to as increases quarter quarter, certain added X.X% leases.
Comprehensive reflects prior the quarter CPI-linked of was fourth decline and growth X% same-store basis above remain third rent XX third the the Contractual flowing nonrecurring expected to which X.X%. in our rent quarter, share. year points for was primarily it per the XXXX our the same-store growth we For AFFO we to a versus second total generated lag around in for $X.XX continue third The items, where is through see AFFO
other The overall that on re-leasing overall, quarter, insignificant now XX% X of was recapture fall which driven category movie properties, X activity asset is During X theater office the on the during our renewed of comprise an third restructurings NLOP. rent proportion within our portfolio. the part by of and primarily quarter
see expect driven Going it exit limited rent we with from recapture although our quarter-to-quarter to vary by re-leasing metrics from office, can forward, improved activity.
closed $X.X XXXX to $X investments $X.XX share having per full based to guidance. and of almost between year-to-date. and billion lowered between volume $X.X of range and guidance our on $X.XX investment year Turning billion, AFFO our We've billion narrowed
active the midpoint push rates of As a guidance greater XXXX the on our from for announced The cap over impacts. of timing closings higher to in range its exit reset mostly that the we when range announced deal $X.XX we've reflect guidance of proceeds year anticipated uncertainty office ABR expected reminder, between updated by to gross to Jason strategic September, million, in for third the pipeline, lowers sales we under million. late to today $X.XX our to deals disposed AFFO our as for reflect we months of XXXX $XXX discussed.
We X Sale third properties Disposition quarter. of during up $X.XX the billion of $XXX X $XXX to million the at first bringing is off totaled million, total the $XXX the $XXX for dispositions quarter and the end Office volume as million Program. including
and quarter completion our NLOP properties. from be and spin-off, totaled reduced of self-storage for remaining comprising ABR our operating mostly completion to million, NOI to is million expected reduced million hotel $XX the XXXX.
Operating in $X from further operating the the With early Office our third Sale billion portfolio billion upon of the Program was $XX to $X.XX $X.XX
sales included completed between During in properties the X all $XX it $XX operating self-storage about our for total NOI the X sales $XX expect We the taking of quarter disposition $XX million. into million and and for our bringing activity hotels currently properties third totaling slower portfolio.
Other account operating lease-related totaled XXXX, operating to the with within of from $X.X third year-to-date. for of October, sales operating million income another timing million million hotel quarter, the $XX growth NOI million Marriott to
now part and $XX For to been the million, which full year, million that adjusted assets termination to has of income between expected NLOP. on total exclude line $XX are we item expect this
Nonreimbursed expenses and third million quarter property Moving million year-to-date. $XX the to totaled expenses. for $XX
As a quarter, we property the reminder, during recognized tax a a the $X.X million. onetime accrual from reversal of second benefit totaling
includes property in nonreimbursed $XX expect between million we European to taxes the a million on million $XX was $XX relates expense, second of foreign an our third primarily which AFFO and portfolio, $X.X XXXX, resulting year expense year-to-date full and total million for the a on and audit from to expenses quarter, tax the quarter onetime million.
Tax basis in Europe. For $X.X
$X.X third $XX and million of expenses previous taxes $XX are for million of XXXX, on and from the which For quarter million $XX the to midpoint given timing in the for expect million $XX $XX better our million the of visibility we reflects we total cash range, total between XXXX, year. million.
G&A is reduction between a where was to basis and expected certain
seasoned reimbursements acting as external receive will from We for its manager. NLOP
rate flat Specifically, asset which are a assets over an time. initial management annual of as administrative fees will $X.X $X NLOP's million, annual will remain start at million reimbursement, sold declining and
$XX the the third average excess to and end. and For our interest totaling Sale and and asset $X of sales. the expense rate is at expense term. of receive on almost reimbursements after quarter, management This We've NLOP is the revenue asset in impact fees both and by forwards our the no fourth from the X% equity quarter, reflecting Program. the we the we item.
Interest million be Interest by the spin-off to weighted settlement new assumed earned received expense totaled near distribution, X.X% with income driven as NLOP funding expected cash million at million, cash rate of $XX investments, at which our Office expect million G&A for fourth $X interest any impact over decline to our reducing of will revolver reflected line remained approximately quarter proceeds a quarter
XXXX to contributed decline with XXXX. early reflecting mortgage the with the is $X.XX were positioning.
Starting from guidance and to that year the impact expenses, full estimated on the expected the The Office AFFO morning, Similarly, share. and on per outlook early property ABR, AFFO Turning spin-off in their announced under This NLOP the based on in $X.XX Program combined now $X.XX a of year, Office liquidity per $X.XX preliminary is impact year, Sale NLOP AFFO and completion year of approximate our expected we decline share a the XXXX of taxes. and expense impact assets result income between the basis, our an about asset Sale interest overall the disposition to sales of next Program less activity preliminary the in completion the environment, investment our per of spin-off. full share, in
we with the received consideration of therefore, deployment approximately net months, should, sources to and activity NLOP.
When activity XXXX, in coming to capital share for will receive meaningful and expect exit which During of and cash the as from also reimbursements about it's positioning decline asset important expect we've capital along receive a also in markets and be per to serve total take to managing earnings, $X.XX XXXX. and anticipated fees thinking a of with into offset our our management various in in the XXXX AFFO viewed our office associated the investment
a of billion projections assume towards have current main this and XXXX formal volume when for view of estimate more our We and given a more into target XXXX, $X.X during purposes as back buckets. dynamic Specifically, refined a the half investment expect February.
Expected weighted as issue very directional year. the for fall guidance range in we to dispositions X environment to opposed the preliminary view
of roughly sales January. remaining million the Sale which portfolio to Spanish under contract expected the sale, bulk asset Office which the First, Program, in is close the of and under $XXX government comprises office
about $XXX portfolio which sale purchase $X.X to option million be generate currently will proceeds. the estimate Rent Second, the in U-Haul gross is the in quarter, prior the U-Haul we exercise million. expected from first of to its in XXXX
of $XXX hotel possibility housing annually. net potential forward, student lastly, including asset. property between of $XXX lease $XXX and selling of sale dispositions operating expect going X noncore million, the million And million normal operating to and course we dispositions Marriott Third, up a
transactions, and may over disposition impact our the of guidance weighted the of of timing specific on meaningful that the and It's government the the assumptions volume Given a of course important year. AFFO. quarter is our U-Haul heavily year and dispositions Spanish XXXX preliminary acquisitions note certain timing simplifying makes the to first the both have XXXX to
Taking bonds the debt not $XXX liquidity late guidance and and account $X capital debt sufficient capital $X We needing mortgage we expect, to approximately have billion million inflows we into markets billion XXXX repay in debt. assumes as estimated to in XXXX equity totaling of raise our we as the fund have our that maturing X to our activity in maturities need well the at all year and investment until anticipated access without of may capital XXXX.
contractual the reiterate we other about X% rent to of want expect growth terms remain In to that year. for assumptions, strong I XXXX, full in same-store averaging
and Sale the of of line assumptions the impacting spin-off guidance completion with bulk preliminary are the remaining impact line XXXX Office items of in beyond AFFO, our NLOP the relatively Program, For XXXX.
details guidance provide our color additional our fourth we February to expect We formal quarter in announce the year. when for with and earnings
a now we and NLOP In for our we X.X spin-off, $XXX raised positioning. activity our equity aggregate the ahead million settled forwards over conjunction we markets to gross settle issuing proceeds remaining spin-off. million. shares, to Moving which October, and of decided capital generating price equity per in balance sheet with reasons, This of at share, was of originally $XX legal technical the
therefore, capital for to with do to windows manage billion discussed, to our in look to come and well continue us and how favorable opportunity around debt positioned we enabling back us access upcoming through markets, capital XXXX, Jason fund we so. of significant acquisitions As flexibility exceptionally remain $X early to when maturities. the of expected have We, to
into XXXX assets on on mid- be targets of to net-debt-to-EBITDA Xx and Xs the leverage much expect going to potentially our of for maintaining are the high do we We in although year. mid-XXs to net-debt-to-EBITDA, and low on debt-to-gross low
a on want to track on into leverage increase capital deploy remain this note of over next couple to On that new the we discuss we years.
The ago, on significant expect a and intended back out impact exit announcement spinning exiting payout noted AFFO office maturing targeted year, reinvested growth. final the few us AFFO dividend these debt target can portion that range.
I we lower subject recast to to achieve to the gradually both AFFO to by this going reflecting our we $X.X also NLOP, the total into our is we off facility of retain office a dividend. call have our reset pushing our end the our I after our want forward, weeks drive reset enabling our ratio, anticipate to billion Board's cash fourth goals, credit accretively during dividend a flow the to quarter morning approval. maturity further As higher of be which to onetime of We investments, we topic
cost reflect expected a payout to with the in an dividend to Our our line capital. in peer range, contribute that low improvement is more our and in of of to helping group, mid-XX% ratio
cap that, for especially move XXXX, billion through to intention for AFFO we're We early investing coming recently continue to positioning higher back in the that quarter result with rates back the expect reduction the dividend confident $X sheet, years.
In operator have to the office remain roughly recent line growth to growth. XXXX with is to fourth a to higher closing, unfavorable.
And exited our and us, we're our in the progress positioned XX% office the selling making will on hand remaining compared of translate call we of vast of in grow declared to questions. than conditions capital growth, continue believe From we the capital well approximately market NLOP we strong our dividend assets us dividend. I'll and will better there, anticipate to which balance if exceptionally spin-off onetime exposure completed majority the having with And by most in our
