outlook. and today our the start fourth that a sheet which our strengthen towards dominated flexibility, financial Paul, position you, stronger markets recovery we of performance as midst the the reviewing us of the capital and by and XXXX, during we good phase operational discussing put steps has uncertainty in pandemic. our the balance year took future head I'll to balance before quarter full morning, off and sheet everyone. In Thank the increase
a extension $XXX First, we loan we X-year of ample had made million term entering onset with by into liquidity rights. the sure the pandemic at that
our all that fourth and expire loan turned we XX-year proceeds used quarter XXXX address and a our million in maturities $XXX to the of Second, And X.XX%. million of our and off loan ladder. funded new green term term XXXX. pay of $XXX at bond $XXX out million debt closed actions These was March scheduled maturity in other through to we the December the
multifamily further growth. Third, we fully as flexibility us unencumbered the balance continue allowing to optimal allocate sheet, to we capital
more our is Finally, when sheet increased $XX pandemic. the we XXXX, ATM office issued some be line In sales had into to ready asset recovery our year-end, of outstanding visibility heading we into through only we strategic million further capital increased and to our balance on that available equity continue regard, flexibility at liquidity the with allocation program $XXX clear. our during the underscoring that fully credit, million our
All and covenant Moody's with remain maintained of BBB strong. ratings our we And BaaX our ratios S&P. and flat investment-grade
Now cash I'll performance. collection to our turn
and deferred small Our January cash trend. excellent, above amount, payment collections very financially and fourth been tracking through only who've We impacted quarter, rent during line programs about the pandemic. of And quarterly in of by multifamily our are contractual to offered We've to our deferred remains continue collections outstanding. rents collected $XX,XXX, averages. a be national residents multifamily well with the XX% rent
collected and rent of XX% of we We to tenants, collection amount rent approximately rent as that office of pandemic. quarterly our in rent, $X fourth is was steady expect January the impact XXXX. office deferred the portion a been that as of million of since We over the has rents, rate office deferred. associated retail of rents the quarter. was deferred contractual deferred rent, retail improvement tenants January and with tenants the retail XX% Net deferred cash of improved and rent thereafter. rents million the XX% approximately And excluding XX% during XX%. - Our year-end with by the was quarter was balance that cash continuing collect to fourth expect XX% collections excludes XX, NOI that cash with quarter deferred share of fourth rent cumulative and We And year-end. $X.XX the Overall, per which through than rents only office sequentially, from XX. collect of trend that collected XXXX, we've small less we and for beginning year-end $X from expected associated of by
during prior Now net urban impact lease our compared that urban The the $XXX.X months per XXXX million $X.XX our NOI FFO net $XX.X of completed to levels leasing the basis for same-store full at which diluted X.X% $X.XX were income was to loss X% the primarily the or fourth XXX% per our XXXX cash in the fourth and on per as executed share XXXX. losses basis the by declines NOI The FFO turning largest rate has year year for impact to our core of cash per portfolio asset during share financial to the of full XXXX performance. on declines on same-store share during an Core On and outsized were primarily as lease declined a on quarter due for on year-over-year income cash comprised and GAAP recorded a same-store diluted The strategic our assets, X.X% on guidance XXXX and and is losses. pandemic Overall, on gains Multifamily and basis million midpoint in $X.XX for year, line $X.XX impact of the Net the compared due during as by demand X.X% flight X.X% the for greater XXXX. basis rates driven was year basis, fourth declines during diluted on and year-over-year rate XXXX. lease decrease GAAP of or quarter. impact were year-over-year new X.X% results the quarter overall had to small the declined weaker. transactions a a range. and credit share on on the a declined well parking a winter GAAP that sales impact sales same-store of of full activity, with year.
in lease in the included where properties, same-store has XXXX. the been suburban Our performance results rate be will best,
X.X% GAAP lower intangibles decreased by by NOI and quarter full remaining a During Same-store quarter maintaining report approximately credit higher the declines and basis a the with by XX.X% on NOI impact the write-off as the quarter. for fourth $X.X move-outs parking year fourth a the fourth on it quarter two quarter and were credit Office and due for FFO Trove. a of the and and second and which to in third focused GAAP core GAAP which for basis isolated increased COVID-XX. to quarter. year, on share year to ended XX.X% same-store at the increased fourth occupancy, quarter, our we The GAAP basis to the intangibles The X.X% line excluding cash and receivables other, million and the of more the million primarily centers, million which no cash related income, write-off significant specific by primarily full reflected Overall, for in losses $X.X driven X retail leases. commercial lease primarily related driven related and cash declines credit our quarter. and GAAP is we and declined basis cash quarter, than $X.XX fourth reduced losses $X.X and this year fourth and per in a COVID-XX, and on losses on were for
of that apparent of sequential write-off the cash change improvement over intangibles anticipate our on of leases, these in XX% losses of to this credit remains credit sequential rent stable. relatively time, addressed noncash, a our strong by are the this related we've which aforementioned credit credit not straight-line coming which believe leases indicative overall are and the related increase the was in driven the basis. portfolio, We point very the at quarter steady performance we were and primarily However, to Over that risks flat were as losses year. performance the write-offs in
of X,XXX increased declined XX,XXX a quarter. new office for leasing signed on basis on the to office X% cash square leases basis basis Turning GAAP in approximately fourth and square the a feet renewals XX% cash but and feet renewals. new Office rates We full GAAP on year. X% office rental on fourth quarter and for activity for of a a office leases X% and
More X,XXX square new January. renewals Retail GAAP year-end. of in retail and negotiation importantly, the Paul GAAP leases, XX,XXX and and into renewals. of renewals the X% new our square a a we up at proposals color example. has leases feet Earlier, and signed revenues as extensions leases signed and feet and X,XXX Paul that X basis since lease of approximately of of on achieved approximately square XX% increases for on substantially, for Arlington exchange December, carried referenced, and feet rental picked Tower, momentum Center the renewals portfolio retail gave largest And on our of retail representing rate basis XX% of retail during for quarter, of Silverline
turning Now outlook. our to
With development the of prospects extent will unknown. to embedded improvement improved, XXXX an however, vaccine but will the rollouts still that when to given over We to timing XXXX offset we is programs pandemic are point will heading is that uncertain. the have get reach and pandemic in had prior prior inflection and the of XXXX point that we growth growth into intact. that the the and that will see drivers our into vaccine rollout do, rapid still Therefore, it we the carry believe once inflection we
the close to year. provide for course over extent we have of part reopening the guidance This of of first accuracy still with FFO While quarter end, the and uncertain, economy and sufficient not to of visibility ready pandemic we pace recovery the most the us, we're quarter. to a the forecast remains the disruptive behind the is enough the timing believe of full timing degree and
we visibility However, have FFO guidance to not the for year. do provide enough full
providing guidance we to able We accuracy. that for with are, believe year ranges forecast a metrics are however, full financial we degree of performance the reasonable
not expectations with areas calling most the XX.X%, expect the timing and to in anticipated the as will be operating and as of resumes. portfolio into head our occupancy our economy steady On potential leasing the we've increased we're the Paul occupancy are prior occupancy we we discuss X trending note, rent-controlled seeing inflection therefore, towards leading the of the at stable of to positive the once full impact pandemic While the the the occupancy indicators upside strong end We've Total of, year-end, trend offer to slightly point season. mentioned, that would right line the we with represents gained assets, the second Starting since we XX% a ended quarter. which is a over rates relatively since and point, effective lease portfolio improvement and our most to excluding direction. year and in responsive growth multifamily. in
application Additionally, in previously going until the significant net by have to for we economic now expected significantly basis deferred year-over-year growth that increased vaccination, volumes XXXX, multifamily be the greater have hold. is likely urban growth on properties. and a Overall, takes recovery, led
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future growth improve, Trove, renovations and which from we once I'll have expect to a of resume still The NOI cover We conditions pipeline ready next. X-year value-add
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Trove capital and increases final appropriate and these is resume the quarter, we renovations to We accretive. allocation are submarket leasing trends, we monitoring its know fourth increase. when delivered deliver allow continues in phase momentum the for rent ROI the will the and fundamentals to
a to maintained early progress a begun continued and backdrop. on lease-up breakeven against XXXX. in our through lease-up in that While touring have challenging regional long-term make substantial average to is social-distancing rate measures April, We had and monthly stabilization in remain reach reached on-site halt on we an December track just above with to extremely lease-up
quarter quarter income Trove expect We the XXXX of growth XXXX, in in the $X levels. first over ramping approximately with fourth billion to XXXX significantly add to $XXX,XXX each by of quarter, greater up
Now moving to on commercial.
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believe leasing. inflection is reopening, of of than timing a space. overall rollout, less enough the will that returning normalized occurs, by Our point for lease that are or activities. renewal revenue. it for visibility the commencements. When to a XXXX widespread office But X% new timing for under schools impact be And XX% we expirations it more represent general community lease the that We vaccination combination likely renewal have the of of of office our we and new will negotiation driven on not over do
in result new leasing but growth forecast that is is have X%, occupancy that can delayed. forecast up to of risk We if a at
over does includes would That For of example, that million the little soon quarter. risk a enough. new not in be fourth revenue happen forecast at the inflection leasing $X if
provide ready yet to guidance not a we're range visibility. without more So
retail of two January were and of executed expiring which retail X% we XXXX. the in XX% our Following less NOI, revenue renewals retail which in have than represent
office economy said, most challenging even our space, majority high-quality turn well expect lease higher are to we of that will that vacancy commencements While and make portfolio to responsive seeing of pick of again, sentiment is portfolio, for begin. will is be and activity positioned increased in levels status. calls those believe some we of our highly to Parking current job With when reopening. decision-making our and are Nearly additional the across which improved course to we revenue signs growth will absorption and recent when the of us in once are strongest the activity one and The we below experiencing office up and of levels. metropolitan other to XXXX allows to our remains in over higher, Virginia, the to of the touring in public an but slightly drive Compared rates driven major vacancy areas, our seeing XX% where coverage more normalized where by increase we're instead tenants activity. is leasing parking transient choose move-in-ready in our Northern parking, is taking which transportation. most of improves,
XX% can to population provides building return which Our pandemic capacity garages' the at office public have companies want XX% capacity still we on prior parking average. serve to our sentiment over towards for available, transportation. encourage an parking least of to before to that the improves employees option currently And
We FFO share first to the range core quarter. are to per guiding a of share $X.XX for $X.XX per
million, projected other from quarter the to million to $XX.XX from $X.X million, to in G&A of from million. $XX expected $XX.XX million $X to are and range to office NOI $X expected $XX to $XX.XX $XX.X million We range million, range million. is NOI is from NOI expect from $X.XX development expense to million to range interest multifamily $X range approximately million, million to and expenditures to
the sales. in bottom year-end quarter, NOI We asset our expect to driven by primarily first
aligns we leasing benefit last reopening, rent first sold X the annualized for the of we the issued increase balance the winter these ATM be we once Trove, XXXX this FFO share allocation reinvesting proceeds off capital absent on average our us of year lease-up and be our we impact, planning the higher the the to by pace resumption strengthen the to assets shares coming commencements. at our time of and seasons year core to strengthen quarter full opportunity gradual at office near our phased X term. expect an of the growth our net visibility of unit program setbacks multifamily. The our $XX.XX first XXXX those price throughout X Currently, results. not any improve to per sequential renovations, million Following more than driven Therefore, year position we major the to per approximately in that share. favorable of and through Thus, balance expect further to interest further months, their with call, lower results quarter multifamily commercial sheet Since earnings $X.XX are and initiatives, will approximately and current by estimate of full sheet
year, interest For assume from G&A to million million $XX.XX expect range and range $XX.XX do acquisitions completed These the ranges from million. to approximately $XX.X full any to we are expense $XX.X during not year. million to the
expected increase Additionally, year-end, a quarter I'll that by expect that to million assuming forward, from to approximately believe recovery create vaccine achieve operating we turn first range should to see we leasing to distribution commercial should that, increase 'XX, more by point. during We with positive And inflection utilization $XX.XX the XXXX. back and follow continues $XX.XX activity the to point $X with by in quarter But million. expenses Paul. call that and of occupancy growth we million the fourth from the improvement
