for an and the update $X.XX prior and provide markets XXXX our versus share performance you, the FFO AFFO Today, our prior per balance on our to $X.XX capital the year will and the by in year. close activities $X.XX introducing Thank Greg. per as guidance. in strong for adjusted $X.XX was sheet the quarter compared I and quarter financial discuss was year, quarter for share
in operating was quarter performance to is areas FFO $X.XX, $X.XX three see Note is each customers’ across and from $X continuing both have per share. variances, our property results expense. is prior share cash our deferred to benefited want a through that items better expected strength quarter, of per relate these the million, the out Before that in customers and about our after I rent and these about the backing total, of guidance. expense as go and to of this of in than received items each high-end I which the basis are favorable adjusted will my well-ahead is we items, call our non-recurring on testament I from periods to they for comments, which represents still in benefits more out businesses. favorable G&A This of but number
million write-offs for year revenue developments cash the increase the versus were of tenants, previously Now, basis revenue property increase recognized on year. was moving abatements as a rent total certain primarily to collections be dispositions. variances, to the the $XX.X or acquisitions as and to and also $XXX.X offset improved million increases contributed the due prior quarter This year. Scheduled over increase. by which in as certain receivable from the partially continued was was the receiving past in to prior well as well This impact completed key
increase closed period and are $X to Indoor as Additionally, due in of the million theater the well being rents respectively restrictions education Waterpark we that COVID-XX the fourth $X.X the quarter than gaming had from million other on tenant quarter from Kartrite the prior year. due as reopening well and related anticipated of which The lease. in based & versus prior expense versus million early prior Percentage from percentage $X strong income $X.X operating, totaled a higher our benefited higher to box for year Resort properties rents higher much and as an as other to from office two were million after restructured results. we tenant
complexes, entertainment in due anticipated and recognized our attraction ski several property. offset at was schools by performance disposition was rent certain to the private percentage December of higher strong of This properties Additionally, golf XXXX. one and partially
here due primarily are due not on for payments million based above percentage reminder, resulting quarter base of year $X.X a and rent of from as base rent we operating a expense in revenue. decreased and defining to by As Property compared vacancies prior rent releasing. fewer the dispositions amounts lieu to percentage
due of quarter million of quarter the make-whole million, notes related guidance all our $XX.X Cost premium. a reduce the as an the prior XXXX, certain due or the our due including about $X.X costs the infrastructure addition, million associated we of borrowing quarter with $X borrowings $X.X loan of termination a $X.X million. non-recurring In $XXX low year period close-out quarter had year for adjustment the million primarily senior for of prior redemption decreased and by benefit waiver. to million non-recurring about compared by below in compared by accrual to covenant X.XX% Interest to and the to our end the for expense result incentive expense due of of prior to to G&A was costs. in refinancing payoff the of reduced for compensation decreased lower bank net to
In addition throughout on no our had repayment loan the during we the of facility third to credit balance the revolving term quarter. quarter, the
but repayment for a to million in $X.X of was XX% During Shifting year prior primary cash of fourth of have as to in with versus per we million back quarter the note. adjusted getting a and This as expense quarter, versus $X.XX fully the credit million FFO with excluded prior XXXX adjusted. quarter XXXX revenue ‘XX and COVID-XX, run-rate were a on reserved can benefit progress partial benefit you the recognized of of the meaningful see, a in contractual with share at results, year. course we both experienced by The is negatively of benefit impacted from full year this FFOs loss nearly $X.XX reason the $XX.X recognition $X.X amount. full
Now, let’s capital markets to balance and our activities sheet. turn
in EPR last discussed XX as resulted productive improving financing activities I on quarter that we lower very of for to a us of further we well As call, our revolving our to maturity our credit amended we and XXXX position our extend cost restated had a our liquidity capital In of with certain spending. conditions. October for additional investment and to $X October, early at reaccelerate billion option months, the facility to subject extensions total
new terms the facility asset pleased valuation improved certain of the are financial as pricing We has the covenants with and types. facility that same prior
we closed at of the lowest private XX-year agreement certain late company’s improvements the in X.X%, types. capture Additionally, our asset of to history. million XXXX, valuation $XXX same we in coupon January of October, of note placement in on the notes unsecured the In amended senior new a
in both to were given amount timing since time. The very make-whole in the proceeds unsecured $XXX offering our redeem increase that senior the of interest from million transaction X.XX% used investment grade of spreads at November are on this notes part the XX. rates pleased that We all with and
is Our net either we approximately outstanding swaps fixed adjusted debt been basis or all of on At $X.X X.X%. and X.Xx December that billion, gross debt debt rate fixed year was of interest our with which a XX. was assets total to debt end, blended a has EBITDA to of book rate net coupon had debt at through XX%
revolver. debt We cash our years, and of quarter over hand with Additionally, $XXX.X $X our had billion maturities end balance no average debt XXXX. at drawn on weighted until on no X scheduled maturity is million
our opportunities. can high for also our XX% quarter at some balance to investment quarter as end you fourth Cash customers, at I earlier. from Because is expectations see, high the the was for recognition to collections sheet basis cash cash cash the end of the well-positioned of or related mentioned million. revenue contractual guidance were of at percentage of revenue performance contractual a fund at of strong $XXX.X revenue as customers XX% the As approximately
with are remain and all our revenue pleased recovery of contractual XXX% near for to and are the anticipate recognition cash collections both tenants We experiencing XXXX.
forward, As be contractual a and we collections no longer revenue guiding recognition. going to will result, cash expected
we of borrowers, quarter, accrual and interest the million. tenants basis XX $XX.X rent deferred and and December collected also books deferred During from million and rent our on $XX.X interest the receivable at was
collected amount We amount $XX XXXX. end in remaining the expect XXXX, of to collect million the to of be this about through with
Additionally, as from as received. we in my At that million recognized $XXX customers XX, basis revenue we $X comments, quarter, repayments had I during beginning at December were the deferral collected mentioned cash the of will when This from due amount us received. owed not customers deferred is the cash to over be next rent the million basis recognized is on and to Revenue continue when interest the years. X books. of cash
previously, a loss all discussed I FFO the note can excluded this from repayment on as collected million, credit as recovery for slide, Finally, is in we together, XXX% cash of adjusted. customer you quarter. that resulted received $X.X which contractual basis the we as of from a see revenue cash and Adding
anticipating note capital the of related than We’ve deferred nearly collected since year years, over and reserved cash Due the the rent of cash growth. expect total deferral also ongoing million to collections, of deferral revenue total of more collections continue interest, collect have our million onset previously For of to of additional nearly XXX% the the full several $X $XX XXXX, to fuel million such we of next we receivable. to bringing a a to contractual collected the $XX over pandemic. providing
adjusted few pleased XX% million. performance, record to of of announce with $X Greg for as as investment and disposition spending past in increase significant FFO representing XX% guidance are at properties, a share an per million to proceeds selling of is Based years, April of the to XXXX XXXX given $XX the our to XX of $X.XX, Guidance vacant dividend, million midpoint shareholders discussed. $XXX increase XX. for monthly than lower to expected progress $XXX guidance introducing as beginning $X.XX in the March we dividend We’re on payable our of
of well XXXX XX%. of ratios as payout benefit FFO are covered We and of guidance share to collections. be an share XX% dividend an our deferral of of adjusted Both payout per payout AFFO ratio expect with at considering before the any midpoint these the per around
some past to would are basis Before cash any guidance. will we concluding, when additional from customers details additional I XXXX give revenue including that regarding like booked as not Consistent of received. with guidance, collections deferrals be
quarter Percentage rent Of each course, expected the rents customers. be report the from the we $XX than to as amount million will accrual continue collections of lower well basis such as on to collections are XXXX XXXX paid to in structure whereby tenants, becoming early recorded $X.X an revert of agreed-upon of minimum part million of due our one to percentage in rent. change with education in will
at is fourth to million Also percentage of back million. rents, half weighted partially a decrease the this range for to year Accordingly, in properties. with XX% consistent the XXXX, with improved $X be anticipated the such expected in historical to offset the other we quarter. $XX several expect timing of to be over to performance rent we percentage anticipate However, of be amounts with
of $X benefit we quarter to don’t million property had anticipate I expense XXXX, mentioned the we operating that about ‘XX. recurring As a in of in earlier, fourth
salary million anticipated to amortization stock primarily is increased we new this and quarterly payroll XXXX we range $XX increases and return a to expect a non-cash higher in expense support to have people XXXX, compensation. due million. of expense run growth our incentive G&A to a $XX costs, to increase to hired of to million, reflects increased result, about $XX grant expected as rate As for
expect travel our than the is as the higher also note expense to initiative. We also fees be quarter quarterly slightly anticipated for to $XXX,XXX. professional increase average like the by year approximately first ESG I to well as support to would that
in ‘XX. convertible found our that our in Guidance results to preferred outstanding they expect on to of share shares Page also each dilutive be XX were continue quarter details in XXXX supplemental. of per as can QX be will We
our Lastly, I’d like capital to on comment for plan XXXX.
We having significant this million flow at in XXXX. revolving of line expect cash on $XXX to in our of are nothing we market maturities billion no enviable Furthermore, of cash in year-end, credit on and nearly until generate scheduled turbulent XXXX. position $X excess drawn the debt hand
later maintain we plan amount how to to access our in has result, debt leverage. and additional to a opportunistic of modest only This sources no a year equity when As as capital. means new be of can and we low the new continue
that, turn closing his Now I’ll it over Greg with to for remarks.
