outlook morning remainder well our collection to reviewing you, of our I'll most by strengthen steps Thank recent and recap discussing further our everyone. sheet. XXXX, results before performance the balance Paul, and start for off as cash our as quarter third good
to economy. Our in during continue and outlined rents the Washington cash third line a collected rent resilience weeks are strong three which be with is through our in the of We testament quarterly as collections of Paul of contractual and the multi-family Metro credit excellent, portfolio first the trends. our October to XX% collections of our quarter,
have to We payment pandemic, been year-to-date. have only who impacted the $XX,XXX rent programs and financially of remains multi-family outstanding by offered deferred residents deferred
performance Our above monthly continues track to national multi-family averages. collection
are We we in Washington residents COVID-XX of of retail part over outperformed Paul our the on are and which XX% sectors, losses, represent resilient industries market been that less education and most we high stable impact underperforming of employed our and is have have experiencing high three XX% X% to industries which August. industries of likewise exposure most job crisis cash resulted in The nationally industries. that and approximately highlighted, this to been the exposure leisure of to economic These during collection and high impacted, rates contained office and the crisis. hospitality, outperformance exposure, the track most our exposure. low As our has exposure attribute and comprise in total sectors only flows. to through relative has weighted heavily this job primarily but very through sectors losses the despite and to XX% Thus, Metro Metro rates our health flows, collection our Washington cash and tenant only resident weighted
and third tenants strong improve collections quarter, Turning which XX% primarily during over rent to been office the to XX% in office quarter of excludes contractual deferred. has cash retail our trends. the third that second collected to rents, performance We compared from already during stabilizing the and commercial, quarter of rents due
in by we thereafter. balance And NOI rents of And year-end struggled while arrangements. collect Retail XXXX, economic are for office U.S. office the October resident we we've significantly not have retail are cash to with rent have the limited us tenants. the has had to to Year-to-date, XX, X% deferred worked most strong helped the grown of tenants These loss. the with of experience, Similarly of tenants for XX% we quarter, sectors multifamily comprised which in same a net credit when October to since of in the defer more through most million rent the our overall, our of agreed expect period weighted our mix, collections third XX% than second amounts line collected these industry year-to-date. As that $X.X September. quarter.
than our XX%, rent, tenants. net million a during of to that quarter. agreed deferred And Excluding was approximately defer Year-to-date, we've collection the rate rent, rent for year-end is NOI To-date, only a not we've we've we third of collect by to expect $X retail XX% portion credit cash through losses less incurred of XXXX. share, material XXXX. to And COVID-XX. per the related cumulative small deferred Overall, impact year-end expected $X.XX rent.
During share the And incurred bad we approximately of attributable to quarter, was debt it expense. third $X.XX COVID-XX. primarily per
for by further sustainability green upcoming needs Turning This a and strengthened, executing BREEAM includes certification to our as goals, entire further which certification, these to to has value-add our But to and liquidity Silver now green certifications to be for the often as country well are that our LEED we bond. we transaction demonstrates are the are Trove. the WashREIT operations to bond, investment maturity already opportunities. the strong commitment Assembly inaugural elevate sustainability for way among multifamily and balance in lacked bar Not to achieving the represents pleased position, intend report, properties. raising in which multifamily we've portfolio sustainability achieve XX-year $XXX first sector, sheet, We BREEAM a standard. the certification, existing addressed only debt efficiency for million, the
$XXX XXth, million have we September liquidity. of approximately As of
five XXXX, of to at liquidity. We quarter, years, no Moody's ratings Following demonstrated maintained strengthening we weighted debt and the XXXX, our will maturing access have the debt of fourth until eliminated S&P further average bond flat closing green loan unsecured of maturity secured quarter a we've debt the executed of this debt. investment-grade BaaX markets, and respectively. long-term and term In by BBB markets XX-year
expect no allows secured our to continue mostly the well undrawn remain bank improve line on Again, as our which our continue have We within and if bond we credit debt have to needed. balance And we to covenants. portfolio. access of sheet, us flexibility, to
and line X.X% periods, the financial diluted respectively prior NOI X.X% Our on FFO disruption. was performance on the Compared a quarter year-to-date for with X.X% third GAAP in overall ongoing share. to a of $X.XX expectations, given basis quarter year, the X.X%, We basis. third cash core and declined reported same-store and and our economic per
decreased same-store holding by NOI, environment GAAP are multifamily on Overall, cash up given the Our X.X% we're a fundamentals basis. in. year-over-year operating our and well, that multifamily
properties basis. spacious, And rates Our due Gross And for lease on for on effective X.X% suburban quarter, units. lease on demand increased Gross rates third outperform to suburban during basis. for growth lease blended a portfolio continues blended increased the rate high rates occupancy. basis, quarter. to X.X%, value-oriented our rates total, declined properties blended declined rates lease X.X% a blended urban declined for effective and on our effective declined X.X% blended blended basis. rates on by X.X% basis, a by In properties gross basis. a approximately on during on third X.X% a And our lease urban lease lease the a
quarter but During to average XX%, occupancy increased same-store slightly, quarter, the back dipped at end.
under expected modest, was and Trove, property other rent were were averages compared that markets. is generally gateway the to second more GAAP declined a at and to by While from an parking new credit income, driven Same-store urban portfolio couple X.X% X.X% lease-up national initial rents pressure, which Operating for major known our September XXth losses declines quarter. occupancy, XX.X% XX.X% on office up delivered cash end in on a decline basis, excludes our an recently NOI of of and the a and move-outs basis COVID-XX. expected related
transient parking second XX% contract as full income quarter reentry delayed. as cancellations increased increased has the experienced monthly compared parking about been we parking to by While have
The uncollectible. included a less tenants basis, was retail per in to credit decreased on $XXX,XXX third increased share by to cash impacted and Same-store by related all COVID-XX, was our office income approximately other report receivables which year-over-year related COVID-XX higher we tenants on for and residual NOI office slightly decline quarter GAAP combined driven credit which centers retail have same-store NOI retail parking at loss the due as would loss $X.XX COVID-XX. and deemed a and by from Excluding primarily on basis $XXX,XXX primarily a than basis. write-off
properties. basis during of GAAP XX% remained down, office by GAAP on office rates basis on Turning renewals operational renewals, for We square expenses retail and the leases. savings $XXX,XXX the of shut due at a being and by compared on for utilized approximately new by initiatives XX.X% in on retail savings XX,XXX a higher Today, of economic X.X% office square a related a office basis by cash leases. GAAP it. of our square approximately for and recognized new our to was renewals, utilized cost space, Rental basis quarter. office new square the employees headcount The on X.X% feet of to signed to of impact retail cleaning of Even on X,XXX cost approximately saving touring a This if a personnel. hit was our commercial and a an being us clean cost rate new increase cost at some a of spaces to cash of XX.X% leases are entire increased primarily on of increases of X.X% flat GAAP protocols rental tenant in the and the basis feet though cash relatively quarter. renewals achieved number velocity our we reduced step are feet remains properties activity, office operating basis cash down while recoveries lower, office leasing tenants only for $XXX,XXX net in second require and basis and even XX,XXX spaces feet and negative the quarter XX% and X,XXX utilization few during the to leases the retail using approximately third
to return from office to cost to operational until savings benefit We utilization. continue expect spaces normalized
savings cost However, stabilize normal we ahead anticipate will pre-pandemic hitting utilization operational of levels.
turn Now, discuss I'd to our financial like outlook. to
evening, our to continued April, due and withdraw issued in the previously related As our in environment release macro outlook reiterated earnings to we uncertainty last volatile XXXX COVID-XX.
the forecast XXXX. impact for While pandemic the of Metro pandemic we has of been The ability of the about feel uncertainty into balance the remains recovery, stability downturns demonstrated during are during of XXXX. further of historical and months seven Washington and region economic now to the durability magnitude the the our surrounding better COVID-XX
and duration XXXX the disruption uncertain. of extent However, in remains economic
While in XXXX first we still not the Furthermore, quarters XXXX, are disruption. guidance in quarterly resume today, extent, in and pandemic for from that the of in in providing about FFO believe sequential was cadence. we growth overall expected of the quarter we're XXXX terms in duration the uncertain will originally low a XXXX impact, of
share are We per $X.XX of XXXX share share. guidance FFO range with core $X.XX per per the full-year reinstating to
to million to Office range growth We expected for which $XX our to range Trove second in $XX.XX roll. $XX.XX We multifamily to basis and the $XX.XX NOI other likely from XXXX us million. to seasonal to range to $XX.X for supported from million our which $XX.X expect includes and NOI, NOI is and our now rents by growth to to NOI rent properties, million deferred Non-same-store million half from range until occupancy from million. multifamily million $XX.XX Multifamily XXXX points to quarter significant $XX million. during of going occupancy increased for be maintain strong demand preserving thereafter. the growing allowed suburban previously XX
We to on as in our multifamily continue Metro market operators choosing our the region. of resident relative are to stay the outperform with to retention, more us Washington residents
at suburban to Metro compared was quarter, of average the Our Washington very retention XX% suburban third during the strong XX%.
average Our the RealPage. Total urban XX% portfolio average retention during third of Washington the was overall was urban the Metro above XX%. to XX% quarter, the quarter to compared according well XX% third Metro during of retention Washington
above Urban year to we power rebounded growth from remained the through submarkets, quarter. prior levels experiencing the October. third during pricing our quarter during submarkets lows XX% While occupancy our and showed application volumes prior trended more responsiveness year urban are March in levels and above and pricing strategies suburban
the We Trove months, had had expected measures on season. as keeping will into to as the is for to focus advance halt. XXXX. signed continue the months to leasing and much we from we on converting lease-up throughout continues our of forward, to summer of tours a $XXX,XXX strong Going success on-site lift pace winter drew pushed to two to possible we XXXX. in virtual XXXX in the to fourth month. just in And post in occupancy expect breakeven lease-up expectations The of in expectations distancing continues additional Trove pace onset this stabilization begun the of when and growth year-end. a add Phase touring between $XXX,XXX line occupancy growth lease-up from our reach the with just the social pandemic to we first and and XXXX expect quarter be leases early now have of delivered during while incur quarter near XXXX loss to spring
the Now signed have tenant XX,XXX commencements for We that build-outs have progress moving year-end. leases XX,XXX of those by signed not square improvement rent, of yet commercial, have to commence lease continued and still on uninterrupted. near-term expect approximately to feet commenced, feet square leases
increase pre-pandemic and than reentry physical had increase signaling end to picked in and they trend the to the up weeks the tours gradual quarter, to well have towards phased reopened throughout reopening strategies reassessed decision utilization continued recent continue anticipated, Daycares Although of making at have tenants third approach the are while continues but and of a quarter remains current if below near-term is continues, some some it paused we and be as resumed to office second schools the slower pace. originally a Overall local expect and pace traffic slow to levels. phase reentry.
XXXX current that Our includes impacted initial been by for expectation the economic speculative office disruption. have lease revenue commencements
half XXXX, had expected occur strongest. mentioned, to leasing leasing second of was where majority of momentum Paul at during the the been this As the space high-quality
of assumptions lower to downside limiting to remainder and the renewals commercial continue higher our expirations and by the minimal We revenue, XXXX expect somewhat extensions, risk leasing for the be estimates. lease of speculative offset internal have leasing we
for and occupancy to pass $XXX,XXX tenants. to that reentry expect we Currently, cost achieve to along we of the to savings during our is quarter. associated additional the with our amount expenses This cost fourth preparing net expect We savings year-end. of operating through approximately buildings remain expect stable
million million. from $XX to We from to million expense to million range interest expenses, range $XX.XX to expect and G&A, including $XX.X $XX.X lease
to lowering $XX including As million expect range expenditure mentioned million. on previous from capital We to we've calls, development now expectations, expenditures $XX spending. development initial lowered our
remains market ROI. suspended for allows the appropriate our deliver the the program While intact, pipeline to rent multifamily increases until renovation remains future
that uncertain We post are will assets, pleased all which our than uncertain, confident markets likely And in improve. the remain now conditions retaining suburban while that, conditions flexibility our sooner while our once performing with strongest operating turn ability the over highly I'll potential over operational growth of And we these call times future near-term to to nearly feel pandemic. to urban our necessary navigate renovation bolster is market the back Paul. recover long-term
