for versus the for quarter $X.XX the in the provide AFFO was We will balance our I that financial discuss expectations. quarter the had with year. Today, updated strong $X.XX on per XXXX prior Greg. earnings you, another $X.XX adjusted as sheet and share per to prior quarter and quarter, share compared performance update close year, our exceeded for an Thank the FFO was strong $X.XX in our guidance.
year. increase dispositions. accrual I million. and property well year This key $XXX.X Now was to million previously deferral was past a books recognized also the contributed by abatements. the the XX would $XXX.X like balance to which variances. $XX.X of tenants, to in cash our during due receivables, to basis a prior primarily quarter that increase certain the for rent as rent to offset from collected moment or moving from continue increases collections completed of on the of as million leaving Total over development This the summarize March collections was a $XX.X interest the Scheduled and had versus at revenue on acquisitions million improved borrowers be received increase. in quarter. revenue reduced basis take tenants impact We deferred partially and to
of of the We million expect balance million to approximately collect $XX.X over remaining XXXX. $XX the
cash has deferral This had and million quarter, million amount excluded of year result FFO entertainment recognized offset versus quarter from to to from not gain related as rents been to exceeded some our gaming a early March like tenant two I the of related continue COVID-XX Additionally, due these the deferred a five amortization due decreased of see as lease, amount net termination being Cartwright prior as closed totaled the real was received. and and of to prior expense At This collected year compared to well have to operating by mostly Percentage in from through expense that $XXX,XXX restructured in approximately interest were $X.X travel the quarter other percentage that after from not note and based prior pandemic. for operate. the expectations revenue costs a tenants dispositions compared that were from quarter million as XXXX, base to which by and re-leasing. $X.X as from year. over in deferred that a million, to the education will $X.X Resort customers the and years. recovery well outperform be benefit that of quarter the costs, had well primarily $X stock for Property received Indoor Park bank respectively, million the Note tenants. from Resort the next rents to G&A cash has less was for primarily to owed due $X.X theater to year in first rent the Water year impact a including income to our cultural higher is basis the the Also our our in covenant vacancies lower year, payroll would our customers' encouraged customers was We XX, from XXXX. due to percentage for borrowing of total one is recognized rent rent properties approximately borrowings two to rent to reopening adjusted. versus $X.X higher-than-expected the increased by by million prior resulting quarter, increase an interest waiver. The on and we on fees rents grant million, insurance as we prior This true-ups from $X.X included higher during about on reduced of Cartwright recovery. Revenue golf for COVID-XX the and driven revenue. expectations million testament guidance. primarily due $X.X increase fewer prior the quarter was as that customers during due Interest by which repayments other to professional were percentage restrictions, partially we expense quarter as as the of when and $XX $XXX of is income million collected tenant. $X.X and March an to from by We decreased XX, the books. expense. due million due during compared strength we included for in us when other the the million expense our and
to revolving 'XX, we million compared quarter. This addition of on year by In credit facility repayment of loan expense throughout is the FFO had term during the as costs third investments. reaccelerate balance Transaction from the prior our excluded we our $X.X as increased quarter our adjusted. no to
expectations benefit is caused prior reason the million XXXX the During allowance quarter, $X.X versus in established of by for to in The prior favorable we recognized benefit million The in the primary to a the due COVID-XX. was as higher back FFO reduced for disruption credit from related periods that model both was the year year. that the loss the $X.X excluded economic benefit third-party adjusted. in
recently intend as to vacated During FFO This that was adjusted. the charge recognized is from to related $X.X that of and sell. impairment property we one excluded charge also quarter, million an we
last loss lodging prior year. was increased acquired decreased at partially at well experiential Wisconsin, due expected August $X.X property was and losses equity that to two in in offset Florida, recognized off-season the our St. revenues in to year. Moores, by properties joint and which by performing of Petersburg, ventures are This compared experiential Finally, lodging was million from
Turning company's to of the ratios. the next slide, key I'll review credit some
coverage returned times. with coverage fixed ratios have X.X service interest X.X times, As ratios and you at at can charge coverage debt see, and strong levels, both to
was March EBITDA basis net Our XX. a XX% to our at on debt net debt was to book times X.X assets and adjusted gross
payout continues the XX%. ratio of common for our covered with dividend very well an quarter to AFFO be Lastly,
sheet to capital Now markets let's activities. our balance and move
debt is been coupon or end, of a outstanding investment-grade rate approximately the We are unsecured quarter, either our corporate a total with unsecured outlook. us That Fitch ratings now which blended pleased has X.X%. to that and fixed rating debt on fixed-rate swaps all through across stable upgraded of quarter debt grade At with three we of all $X.X billion, our interest during ratings agencies. investment debt that had gives
maturity and had cash until $X weighted our million Additionally, no debt $XXX on billion nearly at with years, quarter no revolver. drawn balance of debt average maturities We end our on XXXX. six scheduled hand is
is well see, As our to investment you our can opportunities. balance very positioned sheet fund
over pleased increasing increase to midpoint of at the We per of representing $X.XX, of FFO guidance prior be are for as XXXX year. adjusted $X.XX from a range to to an share XX% range $X.XX $X.XX, to a
are on our million spending We confirming of guidance proceeds to zero disposition of $XXX and million. $XXX to $XX investment million
guidance. additional revenue deferrals give not nine Consistent guidance. additional any our I of we with some we future the be previously, XXXX in have Before including are over customers concluding, from like of details last booked basis regarding XXXX. received to would when collections as Such will what done amounts cash months
However, the we well from collections as collections on accrual quarter customers. the each will continue to such amount as basis report of
range to of $XX due G&A million, half amortization. stock expense higher-than-expected $XX increase that with back million We've million quarter. in guidance we also about our increased $X rents, second mentioned to anticipated million range quarter, consistent continue previously, both $X.X are in our first million recognized with to we be with million be to by to a we the rents, and the XXXX. weighted $XX about guidance expected million percentage to amounts million Therefore, in prior $X of of range historical in XX% grant half the which by only anticipated. such on rent percentage certain of fourth the amounts the ends not expect Also, were $X percentage of I to expect that to timing raising year, $X and the related approximately the quarter year included anticipated to during As for a now non-cash
preferred We results continue they supplemental. in expect can that per outstanding adjusted were our QX be to quarters Page be FFO XXXX remaining in XX dilutive for Guidance our convertible each shares of to as will the details 'XX. share of found as on of
to capital on like for comment our I'd XXXX. Lastly, plan
more of in Furthermore, the the billion expect remainder our this ongoing position additional of have nothing $XXX collect than over we enviable the cash our and to no experienced on are quarters, scheduled capital. turbulent payout to until We due significant cash having at means drawn in XXX% revenue maturities and This combined excess how end, access collections. hand of XXXX. market line we be we cash AFFO on to $X quarter flow as ratio, we conservative the over of expect debt million contractual can several to last And with of to deferral to we when investments. opportunistic as year fund continue credit new generate
that, over to turn back his closing for with I'll Now Greg it remarks.
