good discussing you, quarter balance outlook. and our I'll morning, collection and everyone. performance first quick and our financial today a performance start Thank off sheet before update on Paul, with future
end, remains strengthen took XXXX, year, we've Our operational no and our increase debt line of of million balance strong Last and we covenant us sheet quarter today. that a to sheet we liquidity. $XX $XXX are our maturities and balance with ratios of fourth position had putting only million available quarter all we until At in credit, steps our our flexibility, the strong fully maximized on strong. remain outstanding
performance. turn cash Now to collection I'll our
April above our to during continue tracking first collections collected collections over quarterly multifamily be quarter, rent line well contractual of are and rents cash averages. national in and XX% excellent, our Our the with trend. through We
rents tenants that office to as during been quarter. deferred XX, collections XX% retail and Cumulative of contractual and office rents, excludes first collected declined XX% strong. cash Our March We office associated which of XXXX. rent deferred remain rents with office the net $XXX,XXX of have
XXXX. expect the tenants XXXX. be we a $XXX,XXX share and than portfolio have retail now XX% of deferred for retail our retail Cumulative we've of of contractual to retail hold less we quarter March deferred NOI up rents by during collected two XX, only cumulative XX% restaurant $X.XX exceptionally to rents. of Our of even cash major has small as Overall, and upgraded pandemic. well, the dropped continues per portion with to rent, impact future rent We the and tenants cash associated year-end
our Net was $X.X $X.XX were results diluted of range. results turning we of $X.XX to the first in top operating to the comparison net where $X.XX XXXX diluted year. compared when above share financial significant was performance, income to the prior momentum million had building per loss for of of per FFO a Core Now prior quarter share quarter guidance or our first our million or diluted year $X.X challenging end $X.XX per share pre-pandemic.
pandemic basis, X% asset X.X% stronger primarily NOI of X% more utility year-over-year income we claims a lease basis basis receive the on represented a December prior insurance. a same-store first height and more expenses the impact effective and X.X% basis rates due Multifamily share declined On Overall, forecasted. quarter, the declined pressure. rate on NOI year-over-year NOI during gross best-performing settlement was on the GAAP sales basis. snow $X.XX share view other rates per first in and new years. to rental per basis on As of quarter and the we period and by for properties Multifamily was expenses on on cash basis slightly at primarily compared due slightly driven income, quarter. core and XX than the had due by basis lower of GAAP a our FFO declined Revenue while same-store decreased a comparative the to XXXX, $X.XX declined in a other than X.X%, for removal, a which of blended and X.X% that COVID-XX, year-over-year a timing the quarter and to cash on urban our the of reaffirming to last lease increased lease reported
commercial have far Moreover, XXXX, to quarter thus centers, our by cash basis fundamentals increased a and termination Multifamily lease rates quarter in are at losses same-store $XXX,XXX than on credit overall, cash increased over by and on by basis, GAAP continue believe that indicating fees. credit share lease income lease primarily point move-in lower NOI and driven improve first lower other, and April higher losses report in declined NOI. quarter. Overall, X% NOI basis. same-store the improvement. New May reduced a executions we per which we with X.X% GAAP first FFO the represented to first multifamily effective as from for parking expense Same-store in compared less our and further due retail days $X.XX reimbursements. an the and remaining core X.X% to on Office March low lower the GAAP
anticipate believe to credit the addressed year. our in of course we credit the continue pandemic-related we risk, that performance We over substantially improvement and have continued
basis X.X% for quarter. XX,XXX activity. and and leases Turning GAAP on basis on X.X% X.X% rental basis of to on GAAP We office XX.X% on increased square basis in renewals. signed increased leases the of office XX,XXX and a new leasing rates new a a Office cash renewals first office a for declined feet square feet declined approximately cash and office
proposals we to to commitments in the And to extension progress in Sunrise level the tours notably Paul began. as square and XX,XXX highest feet. lease we since the Living of office end, experienced discussed, of quarter continued Since During quarter, pandemic an leases. we signing Senior leasing, have saw increase March, approximately extend a
large continue extension with also progress We Tower. to Arlington lease discussions tenant a at
of and represent a quarter share during For on of slight portfolio's our of a approximately XX% rate approximately assets, of XX.X% square with basis. average retail cash only increase year-end executed rental the we on These XXXX. since a feet renewals retail achieved basis, X.X% renewal decline per XX,XXX revenues an leases GAAP
Now turning outlook. to our
vaccine our of rollout continued prospects growth the programs, With are improving.
of the However, is point, to we once improvement be in extent believe given is prior improvement vaccine uncertain. that that embedded an pandemic assess in inflection when pandemic time. inflection reach and impact there this the to the at activity offset reach point XXXX, intact. deployment to do, will market sentiment that the economic in prior we that still growth drivers timing and that the had however, we remains substantially overall corresponding the will Therefore, the We will difficult
forecast reopening to the remains the with us, the we sufficient pandemic full of and is of to timing provide year timing part degree full and pace behind not accuracy, economy of of a we're and year. recovery While extent believe course disruptive ready the guidance over the uncertain, the FFO for the the that the of most
providing however, are, quarter FFO We guidance. second
gradually We from ended total are and encouraged continues of regional by the as quarter commercial at to multifamily, the economy recover occupancy our with approximately multifamily the that the pandemic. portfolio growth portfolios experiencing Starting we're operating XX%. early across signs
are reduce the rent-controlled two year-end. rents to assets, end, spring are allowing to us portfolio gained occupancy We've begin direction. lease normalizing. for quarterly would managed all Excluding XX.X% seasons, concessions leasing multifamily are and the quarter as remain we since further Effective and operating support NOI sequential have begin to we positive trends effective increase rates season. and occupancy after Urban into positive expectation leasing Heading These volumes the trending strong spring and in concessions in application net a improvement summer our touring same-store XXXX.
have where our a only occur XXXX, Beyond seasonal in in the inflection than non-same-store the continues greater than at tours At to some multifamily Trove, and leasing lease. with month this property, quarter, XXXX. said, XXXX, are XXX average. is net prior during double we is to currently April leased impact point to seeing grow, And for as leases less into lift we XX% the represents to than on units a the XX%. now broader Paul higher month property second heading any and lease-up, the momentum expect regional it which Occupancy more left
quarter XXXX. income and of ramp quarter to Trove again, expect fourth first million growth XXXX, contributed significantly While to by the over contribution $X in approximately quarter, greater $XXX,XXX with then, of the we approximately in in its XXXX up each growth levels XXXX further
Now moving commercial. on to
see We decision-making to we the are and activity. pleased touring proposals and strong indicating long-term to continue collections that is increasing, increased experience renewal and new leasing
forecast safety the activities. visibility of yet general community a by NOI the inflection in to have degree, be leasing normalized further of year. the confidence combination the to transportation will of point public we not more driven However, enough believe rollout, do returning of point new vaccination accurately a inflection schools and increased the to that the reopening growth to widespread and office for growth remainder throughout occupancy We timing
continues impact should commencements. this lease timing of occur, As to the it new
potential yet at provide anticipated visibility. risk from range not commitments year timing of is these delayed. a new are a Therefore, build-out standpoint, However, if without to guidance leasing we space and ready are more full commencements
of approximately represent XX% of executed XXXX. revenues, the than which retail revenue we year-to-date, in that renewals retail we've retail have less Following X% expiring our
in our where across the And commencements be we and rates high-quality our levels. of pick those seeing where will turn responsive move-in which to those when we economy begin. for is strongest once is And office to even is leasing decision-making expect and increased highly Nearly of again, once when reopening. absorption us the Northern we and While office are seeing of are sentiment portfolio improves. to vacancy portfolio, are to well most current touring activity. majority factors, make experiencing is most Virginia, and Considering we in will one XX% growth recent and additional up higher ready. believe of positioned space, The the challenging will we activity are lease the our signs job some activity our calls vacancy
we expect continue in transient an parking. increase parking mentioned, primarily going to to by forward, revenue Paul improve As driven
We FFO the share are acquisitions for share guiding per of $X.XX per second to to excluding a range core any potential dispositions. $X.XX quarter, or
$X We expect and million to range NOI to $XX multifamily million approximately to $XX to range NOI from be to from $XX.XX same-store $XX.X million, office million. other
expenditures year, acquisition with development recovery opportunities to $XX.X will or to to million range disposition approximately now million full potential expect And our excluding expected Interest the believe our continue throughout million, For strengthen will we $XX.X markets to range million. activity. that to again, the XXXX, to from forward. and from now are $XX.X back to growth $X $X.X G&A any I from We range expense that, turn to vaccine-led going provide and economic call $XX.X Paul.
