our year full results Good will XXXX. I quarter through quarter you, of the and Marguerite. Thank an and morning, guidance overview detailed everyone. provide the our walk second for first
the Before the sheet. operator and complete over I balance our turn call will I remarks to start my discuss to Q&A,
GAAP you release press as our changes. will accounting to some review statement the lease you a result package afternoon, and income supplemental guidance of our As changes released adopting note yesterday
historical presented financial in will also continue format. our measures see be that You to our non-GAAP
expense. non-GAAP For including comparative periods, ease of understanding expenses, measures reflect debt revenues our also financial historical of and our classification bad
growth line growth our approximately performed and income the income was rent XX RV non-core in X.X% of result outperforming our Core basis first annuals Core property $X.X For occupancy related gains. guidance rate rental million seasonals a for than expectations. to FFO quarter. operating and with MH points approximately higher as of from expectations and X%, the quarter, includes normalized core the
transient events a property properties, Yosemite of result in number weather less California. at Our guidance including our than of limited as revenues a Lakes were
as quarter paid First than and increase upgrade as well the X%. Dues of higher membership of increased rate net in count dues as guidance. revenue a result were sales from contribution revenues X.X% an our increases member
quarter camping as of During an of the six thousand over the result higher utility specifically was hundred approximately and more expense XX% upgraded other quarter, year. thirty quarter sold members the than of the during X% water income, XXX of recovery quarter. guidance than a passes, Core the income XXXX. trails quarter, we We first last increase during first utility
maintenance real property as to and and to taxes R&M of result storms quarter core in Wisconsin. a from estate forecast California in recover unfavorable were operating, First flooding higher-than-expected
and X% in X.X%, up RV management events and income expenses As provides weather-related of guidance press and and is XXXX operating detail. revenues second core includes of costs contribution year supplemental income for quarter property quarter. were of core in the a Keys with during XXXX higher keys. was main $X.X generated in guidance and summary, do reminder, expectations. timing operating Property in as full property line guidance. financing better-than-expected our our quarter which were net we our corporate other management costs. an resulting Other The before in the and increase than Florida as in the The make parks core million because in higher NOI properties certain quarter, sold and and were than the portfolio, performance G&A a property non-core well driver XXXX The payroll and with line acquisition X.X%. from operating assumptions and assets the package acquired the of not expenses employer-related guidance are guidance. $XXX,XXX release up from performing Property properties first were in in In for
provide expense represent revenue in midpoints to remarks As our range. guidance intended our keep in current of growth and All guidance, are results. estimate I projections and discuss future my rates mind
for Our higher approximately guidance. is million guidance normalized XXXX prior $XXX.X FFO our $X million, than
of the range. X.X% year. core is increase normalized projected $X.XX midpoint is We to full before share X.X% normalized and increase year per share management our expect to the for FFO property projected per FFO at Full of NOI
I’ll update discuss for $XX global detailed the of was recent that on year and estimated guidance, report XXXX I provide property most with our renewal. an expensive Before losses insurance casualty billion. state Industry insured losses fourth
for As their premium XXXX. recover own encountered as our well market negotiation Xst losses April increases to premium from sought renewal. a to cover a increases as result, of Carriers we challenging reinsurance
the in XXXX. of approximately in coverage for nine-month period $X.X resulted negotiations Our a increase premium of million
quarter midpoint approximately our of the $X.XX second at per FFO range range with expect We a normalized share. $X.XX of of $XX.X million to
of quarter rent approximately contribute We no $XXX expect reflects core normalized second MH We base to X.X%. first our million assume full quarter. occupancy increase community growth subsequent Projected the the FFO. of quarter year revenue end second to XX% a the of of rate
last income, are This income expenses, Our second core million program rental $X.X in current net and RV of home we be projecting and based rental core $XX.X year our expected quarter. core to the rental over our represents year. full occupancy. resort XX% rental reflects is of million anticipate X.X% of growth revenue of We
with rate for project from growth growth our X% our X.X% prior to annuals. of in X% expect seasonals in gained We X.X% the for of increase almost rates periods annual transients. revenue We and occupancy rest driving
dues Our dues is time we basis, second currently are membership for seasonal revenue income. membership last with revenues revenues, quarter Membership our sales $XX.X XX% and XX% expected and are revenue expected On $XX.X to upgrade transient million reservation pace year. expected net generate of expected this approximately our combined reserved for shows line reserved be million. to in a
expenses operating, and increase X.X% real includes our properties. quarter estate system expenses core associated with the well impact to non-recurring our related and as some property insurance increased shows renewal operations update maintenance the at The tax guidance in and sewer Our repairs as certain water of second growth expenses. maintenance
For in property to of core are to be which core are operating NOI X.X%, results X.X%, up operating X.X%. in revenues up expected core the second increase an expenses quarter, expected be property
press are XXXX. guidance for projecting of year now our comment the I’ll million announced $X.X quarter. we We properties, in second in from full the on release non-core including our NOI acquisitions the
MH a the our the in change occupancy, of subsequent assumptions MH rent base end to include core do not first Our quarter.
for We expect a full year. community RV revenues anticipate X.X% We the revenue full growth core year rent base in X.X%. core of growth
showing expect strong growth continue with We of to annuals is X.X% projected, rate. growth from that performance X.X%
third season, project X.X% we As to and million, second $XX.X transient combined rate the of a we revenue quarter growth over of full XXXX. look summer ahead
to be Thousand our net over XX% our income are Trails in revenue million, expect full membership X% core supplemental a sales the expected package XXXX XX revenue We quarter. Total third shows of from of XXXX. come approximately by transient generated for aggregate Page and properties. year contribution from to dues increase $XX.X the
have XXXX to annual We is our property to projected be upgrade and other revenue million. increased projection from expense for dues income X.X% full of transient $XXX operating stays, growth and sales seasonal Core the revenue, year.
have we our expected insurance our earlier, repairs expense maintenance mentioned and growth from increased I As guidance. prior and rates
that to during may XXXX, rates related affected expense expenses. by increase. growth model properties the storms impact our types of of such To unplanned the Our remainder extent no events as have includes guidance these an events, assumptions are our on may
expenses with operating at property revenues the resulting growing increase are core in anticipated For to in X.X%, of core property up X.X% full an be X.X%. NOI year,
from properties We million the almost full expect income the property $XX contribute in year. for will non-core operations
our the will XXXX. million. guidance year the and corporate for reminder, two non-core Full for a full included RV $XX.X Keys is Florida G&A in management in property As properties assets be year
reduced quarter expenses by of a and As certain I our our as remainder of impacted expenses first were XXXX. result, during timing results we’ve mentioned, the
income year. caused and year an from an mainly expected be XXXX for is to and be upcoming Interest is to approximately distribution refinancing. million. by the expense other for expect full expenses prior the full $XX.X The to $XXX.X related amortization million guidance JV expected We increase
share midpoint, XX.X estimate, Our expected and at share is million in count shares $X.XX the our XXXX normalized XXXX. FFO is to average per
sources. for the debt XX% opening with life to on of companies range and terms financing RV I’ll RV age-qualified Life deals questions, preferred quality to high secured lenders sheet. are for discuss and MH and with X.X% occupancy comments with assets XX% rates LTV conditions money. command X.XX% Current lending from up all percentage balance XX-year XX High annual to still will market assets terms CMBS to maturities. financing secured from provide from quoting from have XX-year a companies. for some our access call Before MH certain available
$XX at for April our end cash unrestricted after million adjusting approximately Our balance was quarter dividend.
of capacity. line quarter maturing At our outstanding had million have $XXX no XXXX. ATM end, million We balance had debt in our no credit unsecured $XXX and of
place We importance to flexibility we of capital multiple have we balance sheet to continue believe sources high available on us. and
is secured debt-to-EBITDAre interest of Our our maturity outstanding times. XX.X years. X.X average is debt is X.X coverage weighted times around and The our
like to Now, open we it questions. up would for
