rate operating and start with strong growth effective a XXXX I'll low is on everyone. update our on start. supporting remain digit lease double portfolio and cover strong morning an results very and good first average. will and very retention off to quarter are year outlook. then trends The across and Paul our Occupancy you, Thank
quarter, place growth which growth XX% effective during For lease was new rate that move-ins lease same first X.X%. store effective blends took rate to was renewal the X.X%, and
Atlanta place the XX% underwriting our and lease we that new taking effective rate For growth over effective new rate move-ins both was first outperforming took was renewal assets. quarter, as growth XX.X%, lease during are
to Renewal high by this and our lease year far expectations strong renewal and New driven so demand rates trend rate retention. growth very upward. continue lease outperformed have
For on leases and thus Atlanta rate of an in Metro far basis. growth we signed effective the lease in achieved Washington blended in April, XX.X% XX.X%
strong summer through lease blended and remain expect We to very rate growth the months. spring
was up with positioned store quarter remains points summer rents. same best will into the store spring Same the to continue us increase prospects Occupancy the history. average to to with increased quarter, to compared in head portfolio allow the is growth XXX forward our period. strong, during XX% leasing basis As year we a recent post trend Total ago end. that and occupancy XX.X% seasons, occupancy
for non-same total portfolio at XX%. loss-to-lease store and of to store a Our our portfolio for loss-to-lease XX% X% stands same which blends our
our turns. We as next as the grow expect the rents to months, portfolio capture loss-to-lease in-place to XX XX over
way and We of the in activity spring, X% as Metro our us projected remained growth first that both significant the as at growth over very according expect growth of has year. be we occurred, as rent area the for which market submarkets. the well, approximately its expected picks to that Atlanta the by top strong additional our data. growth continue rent RealPage capture the markets and course work as grow will rent effective grew driven into is we makes to our Retention roll renewal even as market rent rates, to rent quarter will our during to confident for XX% market the can market up well which the and into occur XX% Washington XXXX loss-to-lease Average already end for that
accelerated will mentioned, renovation-led by positive increasing Paul trends As be creation. these further value
year the cash average quarter the as expect XX% on we an progresses. renovated pace on return cash to achieved of During renovations we and of units the increase
units $X expected We X,XXX a latest increase to acquisitions XXXX, next week, starting during which million $X close renovation them in pipeline a we were on up back and have the million which hold substantial of compared targeting approximately to are our including represents investment our after of when programs put are XXXX, in pandemic. two we
to $X.X prior $X.XX million per or turning income share, NOI driven fee compared compared the Now of share was our for approximately asset diluted the by or Multifamily to performance. of compared FFO diluted period. XXXX in net impact rent, decline our to $X.X to $X.XX $X.XX Net year per cents of Core reflecting per was higher share same-store quarter of to prior first the sales. financial a base year. diluted the a $X.XX and the due prior loss million, year-over-year loss X.X% occupancy, move-in year grew commercial
prior-year in performance. the trends represents our fourth that multifamily in quarter began same to compared in also now nearly quarter core monthly increased NOI the substantial to having the first doubled the more compared rebound the Our as rapid pronounced last a home on the compared impact period, to operating XX-basis is point summer fourth improvement quarter year-over-year for per financial quarter. rent effective the growth achieved X.X% store a growth which Average
April between trends we expect XX% these September. and our leases of forward, accelerate. positive Approximately Looking expire to
during increases also additional challenging impact to higher quarter of while market timeframe we the year, post expense year the expect this NOI, second rent at performing properties. rate the NOI market the well a we of the declined X.X% office represents during same-store the inflection rate execute half and the XXX, to is As leases balance capture in year. growth capturing grow the prior first to recoveries. due primarily compared which Other annual Watergate for period of Watergate during environment despite
year-end at asset, tenants of lease a see the up to implies weighted monument slightly and eight average growth institutional to and rate guidance to remaining Our XXXX a office term by opportunity leasing we and value since midpoint. for range and XX.X% continue at owning approximately X.X% Occupancy Watergate create one years, with Watergate views ticked riverfront high-quality annual XXX XXX. views, this
to Now of the outlook our for turning balance year. the
of are reiterating guidance full-year range We $X.XX $X.XX our per to share per Core share. FFO
same the same both represents Trove multifamily in NOI on for to year. multifamily year-over-year X.XX% of higher Trove true X.XX% XX.X%. million $XX.X the and the Trove expected fully $XX.X growth to of growth $XX We Oxford, investment. Cobb which store XX.X% consists expect expected with is Assembly and consists to invested million capital $XX.XX $X million between County, Trove, occurring of Same-store between half two of store of NOI, Landing, be the NOI, The Watergate Springs, contribute million, represents which communities, combined Non-same-store Sandy second growth and between is same and approximately is NOI which expected Other in growth NOI. years between and Eagles was and range of million. Georgia and of XXX, Carlyle
expect properties annualized our and credit G&A, year. future range and transformation higher during Cobb of impact expect million, is to balance additional $XX excluding which between times two the in on our now integration. When fully second $XXX expected of $XX.X We guidance range $XXX to platform incorporates leverage and of very our the be basis. the of our full million potential million is FFO million we approximately for in the for core invested, in expense expected term investments acquisition to Georgia range line the Interest of mid-X severance that. an near and net the between the $XX.X adjustments close million half $XX million, incorporates costs, of beyond range on interest of acquisitions impact our rates to County
we ratio in the and in commercial than payout AFFO invest Core for we the continue be to $XX the are range additional as expect our flexibility to transformation year less are establishing to $XX to dividend. continue provide which intensive And finally, should assets, profile to expect to We we growth that the grow with we AFFO assets mid-XXs, costs million. an us multifamily sold, from capital million
efficiencies communities operating manage expense expense believe of and can core system doubling related branding XXXX, to capital Paul to and As to as our current will By transformation strategic we end these platform mentioned, retention in all of house our operating we benefits. and our outlined, are we our be previously positioned human leverage support to level deliver costs termination implementation, scale infrastructure including have expect initiatives, Furthermore, that in and we design and the the G&A place as business. achieve count. unit the to
move we over Considering as are building ahead. expect into we further the communities As that in carry we outlook complete in XXXX, costs into incur we minimal transformation will years remaining XXXX. momentum the systems on-boarding platform we to our and our will XXXX,
that year portfolio where are a While quarter our momentum a several of drivers above year XXXX our represent fourth from transformation There run-rate and to multifamily, substantial building level are progresses. the growth our earnings of year momentum is XXXX of lot as our XXXX highlighting. baseline see shifted higher we we to commercial of that building was worth
hand incurring capital the as acquisitions, provide year; at the to directly most new cost first the of we complete year that end we’ve completed with income The to $XXX them. are this expect bottom a of acquisitions for cash pay of last is line million or to not on of will
to captured expected XXXX. loss-to-lease substantially be early our XX% XXXX and of throughout Second, approximately is
market this up top Fourth, concessions off. provide projected our Third, occupancy that of turns. rent full growth the in-place outsized a as to year burning higher of will occur drive the initial lease loss-to-lease is Trove with end growth stabilized experiencing meaningful our pool year coupled will lease
Finally, to fully XXXX up forecasted returns. our $X growth with of million mid-teens low- accelerate expected spend ramp renovation to is back cash in and at program
impacts NOI results higher from back up the to to grow quarter as to thereafter. a beginning And establishing rates will the are with throughout these that, will I earnings year, ramps we significantly first trajectory run call turn now reflect and be only strong Paul. Our
