Thanks, and year guidance. quarter Marguerite everyone. and our first quarter XXXX morning, detailed full full our and results, will XXXX good review I update fourth our guidance year discuss
our the include begin, results I we I'll sold contribution XXXX that core the for from week. mention Before five properties last
our revised contribution guidance have the properties. to these We from exclude XXXX core
were and full results resulted were that storm by expenses from quarter and fourth prior Our maintenance higher repairs offset core expenses. events by These expected recovery certain than insurance events. in portfolio impacted year storm
higher The sites quarter. growth income X.X% base rental X.X% of the XXX our by to occupancy of occupancy. Our was driven year. year We year, and from generated FFO end compared occupancy. seasonal resort was rental NOI $X.XX, and core annual rate increased coming growth quarter in normalized expectations points base year At prior core the XXXX. with the than coming X% XX portfolio X.X%, core X.X% to per income Fourth from growth Full homes core year. in our rental was for represented outperformance Full basis revenues. X.X% the core was full higher share
at expansion quarter, of revenues annual properties site site Our the sold reflect including additional sites. during with sold benefit the
increases increase X.X% count X%. to paid Dues almost revenues full due of than For our increase in rate year, an and X%. from member contribution $X the membership business XXXX, an was higher net almost million increased of our
products. see to demand continue our upgrade strong for We
prior the quarter, utility and average and prior upgrades losses. higher insurance Core fourth fourth the XXXX. the in because to was of approximately proceeds other of guidance, year upgrades than was the higher sales insured X.X% quarter X.X% During we than of income sold our related price than more mainly
to it's the in the estate increased to operating, guidance XXXX. of receipt past, our We and is timing core than to we've storm quarter process. compared property was quarter, was As real taxes growth was predict and legal NOI and Property higher in to related and and insurance and In favorable year growth Full California. maintenance taxes settlement X.X% increased repairs X.X% X.X%. proceeds claim planned the the and were experienced core difficult partially quarter. expenses estate expenses. X.X%. non-Alarm repairs South X.X% variance expected offset core of higher in events revenue maintenance [ph] growth mentioned core core expenses the also maintenance revenue fourth into than The Fourth real NOI during revenue
contributed Our properties year. non-core quarter $XX.X $X.X million the full million and for the in
higher closed release included insurance guidance not quarter, press from result the provide settlement quarter. million XXXX as of management and reserves. Property and package during to supplemental increase our full result In $XX.X a and year We've package in detail. first higher prior corporate the of we quarter. in and fees were the G&A related loans Our The excluded expenses expenses fourth quarter, settlement the normalized mentioned an press in these in quarter FFO. our expected, guidance supplemental the for fourth in and were a acquisitions as mainly and Interest guidance. were costs were quarter than than amortization release legal the
future current expense intended points in and represent revenue to mid guidance, As and our estimate remarks our rates I guidance range. discuss keep projections my in growth mind of results. All are provide
share completed main XXXX our the and up the guidance at FFO October, $XXX is rate quarter, for in of based activity during end range. per XXXX truing quarter. occupancy fourth disposition core financing the release million and Our updated MH our $X.XX acquisition the revenues or activity, on following fourth normalized of and our since guidance relate to The to midpoint our changes
full we the properties rent of Base our year, growth on and X.X%. from properties, property basis realized resort continue focus growth in see is project core grow and a filled our NOI in in as the increase expected assume from before to We to year across to expected impact RV XXXX. for X.X% We our occupancy to XXXX. we for the of rates management business, flat X.X%, portfolio. be points continued XX revenue In demand core as with is X%. For rate approximately rate occupancy sites we occupancy, see strong we opportunities MH
annuals growth X.X% expect XXXX. for in We our
transients pacing into our incorporated for our that and guidance businesses and our reviewed update. have We first reservation quarter pace seasonal
We've prior by property to from Keep fourth our days, a guidance; quarter. generate received does and change midpoint is business, not $XX.X mind, of sales approximately payment revenue the growth in which assumptions may make upgrade property rate some generated in with supplemental quarter our guidance are as package on that and insurance-related incur membership a result $XXX in result loss to may income. actual rate growth the We project expenses recovery at right-to-use of XXXX restoration our the and revenue of of assumptions impact to core success guidance, The million based assume with income The expenses net of this may preliminary expenses and other fourth our terms contract guidance sales guidance change utility year. offset increased guidance range, Our from upgrade our fluctuations the shows expenses. aggregate results $XXX right-to-use includes the events timing the guidance. The revenue, Trails consistent mentioned in million of program. dues compared mainly experience of midpoint XX don't and during shows We annual Core of properties. sales, contribution from XXXX our our our marketing from as continued damage million $XX.X million. regarding unpredictability Page and we prior seasonal prior property Thousand during sales and rates earlier. expense approximately a recover in annual growth I in in-line other our insurance transients cause quarterly revenue, events. XXXX we is as
our of from includes Our properties. NOI $XX.X guidance million non-core
properties our during non-core included with XXXX. properties in Keys Florida reminder, a As are the
no prior investment in reflect We debt expect and expenses XXXX, regarding with XXXX. assumptions include improve through costs The corporate makes use and consistent the to year our in to to management updated We've guidance we expenses walk cash of customer in guidance. sheet. property in Financing I expect $XX balance technology, full activity and flow million and I'll free income model guidance experiences. other generate our other for the discuss, when our employee
guidance per range. approximately $XXX.X quarter first the guidance Our is midpoint our million, share $X.XX at normalized of or FFO
NOI We generate in growth growth X.X% expect of growth our X.X% core X.X%, the quarter. to first of of revenue expense and
base Our X.X% first to occupancy We increase in guidance. first and do quarter in gains occupancy not our rent XXXX. achieved core basis rate a of incremental assumes assume growth XX quarter points X.X% gains we related
quarter. RV from in quarter quarter. of complete, Revenues growth to the we in month almost the first the our of from X.X% expect the business With X.X% expected core grow annuals first are
our lower As first is insurance as quarter. result revenue transient recorded the Utility of pace than reservation and growth other year in income of the previously last of driving both current in XXXX. is expectation seasonal our and X% first quarter mentioned, a in recovery
core expense growth of year The to reflects Hurricane in expense quarter We prior Irma. XXXX X.X%. are first elevated to related projecting comparison expenses
sheet. approximately non-core quarter. our our balance I'll $X.X million the now to in NOI contribute discuss expect first We properties of
think capital I summary XXXX our activity. to a it's helpful provide of
communities and amortization. purchased principal million, approximately million scheduled eight approximately During debt we $XXX XXXX, including of for $XXX repaid
properties. In vacant million adjacent land activity, of addition, fund to parcels acquisition we $XX including to approximately development our invested
funding ATM activity approximately proceeds as $XXX of approximately Our from million, million, financing this cash included well as sources proceeds $XX flow for operations. of
capital we markets executed XXXX, execution, during investment opportunity. activity focused depending our we equity, on our possible debt on As best or on remained
accessing to from XX weighted a rate on REITs points reduction of metrics Our average, XX more years our maturity financing on by our low-cost XXXX double basis than focus almost is results our year weighted average our shows average our and maturity to to term. to of Comparing in debt increase objectives six X.XX%. terms of their included XX almost debt. secured long-term efforts continued The years
the Our average average rate than is higher X.X%. modestly
debt debt secured between maturities coupon We terms Current service and XX% loan-to-value XXXX. are have to X.X during debt coverage. at to X.X times X% scheduled years X.X%, and XX XX% no times
wider, As same. treasuries spreads past over so quarter, have gotten essentially the the is pricing lower have moved
at We The continue years release million. command rates to life shows lenders GSEs lend to press see $XX.X best strong continue low historically the assets for longer. companies, year-end interest and High-quality, of terms cash terms. to MH age-qualified and from XX CMBS financing balance
is program ATM Our to liquidity. million our available $XXX of outstanding credit has zero provide line additional and
We continue to sheet sources place high balance believe to capital and we we multiple us. have of flexibility importance on available
times. interest to EBITDA Our times X.X and around debt is coverage our adjusted X.X is
Now, like up open it we to for would questions.
