Core per over good Scott, the quarter $X.XX year share morning, during period. X.X% Thanks, of prior FFO everyone. grew the fourth and XXXX was and
was guidance For the $X.XX in solid grew the share top by core per NOI, which at Core driven growth of X.X%. was full came FFO year, range. FFO XXXX and same-store in our
year was growth increase led as point IRT's in the XX decrease in points basis effective in a monthly and by Revenue During quarter, same-store the rent of basis increase NOI same-store X.X%, quarter. average fourth growth as X.X% a an XXX driven expenses X% over revenue occupancy. prior by a increased well of operating
property to as year, real prior lower well in compared as and success estate decrease and As maintenance quarter-over-quarter in the operating the continued costs. taxes by repairs was expenses driven insurance primarily
driven X% Average XXX same-store year monthly the in For XXXX, X.X% effective rent full points. the revenue. and during year increased IRT's by same-store rose occupancy X.X% a average increased basis increase was NOI and
on were increased, of lower While able taxes property expenses secure operating year-over-year a to we basis. several categories
well lease new quarter while early trends, in to are as as XXXX. Regarding reducing, rates so impact supply recent rental the in far pressures continue they leasing fourth
that rental occupancy instead we forward, no will maximize provide and continue monthly revenue X.X% rate rate QX rents new rental X.X%. our we XXXX, on commentary like-term up and renewal through time. managing lease with our focus down longer leases rental was may on said, and With blended flat Going information for growth be to rates while broad rental trends, rates to providing on
new XXXX, in trend rates January these move so but rents activity and in that saw negative leasing in a continuing far trends January similar February. in higher continued lease with improving Regarding are to we QX, seasonal
XXXX renewal continuing we've in rental positive experienced in the is Our trends rate growth QX. also
our full a and we for for rental guidance year growth In rate cover XXXX. will moment, blended expectations information provide specifically
to Turning sheet. balance our
XXXX, During a debt achieve debt down goal X.Xx adjusted ratio reduced to million Xx improved This by outperformed we at X.Xx, net from ago. to EBITDA year over year-end. to our and $XXX total our
debt-to-EBITDA end to our maturities XXXX, have This apartment mature. is our debt low to to peers. less improve EBITDA of public the level debt intend our total of at as XX% the than further looking now When grow. of maturities mid-Xs During debt XXXX, of scheduled we to and NOI net we between among and lowest continues ratio the
and and Scott sheet during balance As is mentioned XXXX, a Today, management. investment-grade Fitch significant issuer worth we an S&P. to respect ratings achieved both repeating, milestone from are our with BBB we with
interest up bank previously basis achievement this markets, resulted IRT, of while borrowings open of in immediate reduction points. our the XX public ratings rate for an capital these on a new As noted, debt also unsecured of our source
by increasing flexibility liquidity this to extending $XXX from our its we further our borrowing year, and strengthened million and $XXX under financial to XXXX. Earlier capacity million the maturity revolver
As liquidity available under of of of our million and nearly $XX $XXX the unrestricted cash, of today, revolver under we $XXX equity million consisting forward unsecured available from proceeds September. of billion have agreement $X.XX million
powder ample result, dry we to have accretively. a invest As
the which we quarter, We fourth to recognized a Indianapolis later held $XX the month. our Birmingham the in of this legacy under an During final the million. we of purchase recycle classified this is equity community of as asset, for intend impairment Steadfast and into contract asset have from property sale
and million as of million $XXX in million and our increases equity front, these debt. $XX blended cap using exposure and in acquisition equity in acquired mentioned, Orlando from economic QX, we rate Scott forward X.X% the was raises acquisitions On on our during Charlotte. $XXX The properties
momentum rates, by fundamentals to expense that for in for XXXX. value-add IRT higher our program occupancy rent value our leasing and and diligently through acquisitions. to economics new optimizing we outlook entered Turning operating Accordingly, the with shareholders support managing and capturing drive growth year strong market We capital expect investing growth.
share. completed we of and $X.XXX our and of sales bridge full offset fourth EPS to to to XXXX dilution intend guidance accretion growth components: $X.XX $X.XXX complete increased range our in establishing guidance core $X.XXX the are XXXX by of of $X.XX the of quarter asset a following per $X.XX of $X.XX core from in point NOI to deleveraging. $X.XX in FFO FFO includes starting midpoint of $X.XX per and share from from of We acquisitions XXXX costs year of same-store from the The $X.XX XXXX XXXX, and existing portfolio; the in overhead guidance acquisitions
same-store XXXX of property the portfolio in Our X Huntsville. addition properties, XXX of consists reflecting
the value-add from the basis driven lower growth by the guidance for renovations, we earnings of bad assuming for XX X.X% rate midpoint, X.X% XX expectation XXXX. in concessions. benefit points are same-store as basis and for an lower X.X% basis occupancy is average basis of of that factors revenue as assuming revenue, rental X.X% our from points XX overall debt XX assumes and at increases bad we same-store Our points blended XXXX points midpoint, occupancy our NOI are following XXXX of finally, points higher from components: XX at debt basis of income; other from XX.X% from growth
of such that We the to majority to points. expect be weighted the the basis is in actual rental second XXXX, the XX XXXX rate closer in of received blended half growth benefit
For our investment, X,XXX value-add during to to approximately renovate X,XXX expect we units the year.
past, number in resident will the levels starts. vary new units we've the retention As of due timing to and renovated renovation of the noted
expense on a increase same-store operating to guidance, X.X% X.X% the midpoint expect noncontrollable at in and Looking growth increase based in expenses controllable increase in we at XXXX, of X.X% expenses. a expenses
reflecting the for expense standard expense full the higher G&A year million is midpoint, guidance acquisitions. and inflationary at reflecting million, the growth. $XX slightly $XX interest from We interest additional property future of expense forecast management
available to XXXX, cap leverage million low $XXX the in we to the our million use with at amounts acquire under remaining equity in assumed in plan in economic along acquisitions properties of we agreements, approximately These using from recycling to forward convention an are a is of $XXX last rate our incremental asset midyear the acquisition making and Indianapolis Birmingham. as the modeled sale are of that capital mid-Xs. the are During
Scott, to you. back
