Thank XXXX. and you, Marguerite, and good second the results our morning, discuss remainder for guidance of everyone. I will updated quarter
our second For FFO Normalized per share. we income on of property we higher quarter, be operating the than per $X.XX guidance $X.XX the per and had midpoint was core of $X.XX anticipated share the quarter. higher-than-expected the third and FFO income timing normalized venture received share in reported FFO joint would
of expense debt related includes share retirement. early approximately FFO per to $X.XX
of basis X.X% gains. related consists growth rate growth approximately rent and MH to XX core Our points X.X% occupancy of
with was in increased growth annual Growth income rental was X.X%. and resort-based RV core quarter seasonal expectations X%, second and revenues line Our in respectively. X% and
the basis was growth Florida. Rate and XX from Seasonal we approximately and California growth quarter in our from points growth of properties occupancy. X.X%, in realized our in annuals came
I'll growth as discuss demand a strong not experience growth evidenced the and the dues, to in our which minute. in locations well as continue impacted by stays portfolio for at transient strong weather membership rate We occupancy across as by the
colder-than-normal experienced heavy rains guidance temperatures. in of was and the majority The a transient occurred in the Midwest June locations miss as few and Northeast
its continued over showing during prior year. second X.X% increase a membership dues growth the mentioned, pace revenue I As strong quarter,
XX,XXX camping XX% camping pass we six During approximately increase quarter, the months sold of over Thousand Trails approximately passes, XXXX. sold Year-to-date, a have X,XXX the memberships. first we
to have network In product we customer to offered continues our access provides that to membership in better-than-expected demand, of supplement broader to properties. sales. drive a a growth response This product
from expected contribution was during sales upgrade quarter. membership higher second than also the net The
to our increase an in We sales see higher-priced continue products. upgrade of volume
During the price approximately quarter, at of $X,XXX. almost we sold upgrades an XXX average
and other than along expenses Core and offset expenses, income expected with including which payroll utility guidance than property operating and home expenses. result guidance lower-than-expected quarter. was million operating result Property approximately of as utility discuss utility were expenses. a in the than partially savings as and taxes lower were expenses core next expense, by rental Core real recovery, maintenance lower of lower and lower estate I'll mainly $X.X a
marketing and upgrade sales sales. membership commissions activity, our costs on represent Sales including expenses associated with
the outperformance our drove favorable during previously net activity expense, mentioned, was I our increased as impact guidance quarter. While sales the in the to
property Core second and X.X%, property In management summary, X.X%. core quarter operating in an increase revenues Core property before X.X%, increased resulting operating of NOI increased in expenses
properties quarter. by the include non-core guidance in property performed during operations results acquisitions second from our during the two with The closed Income generated we quarter. the line
G&A related legal higher well as as matters guidance Certain legal mainly increases to costs. expected expense. corporate than the of management than reserves corporate Property expenses and higher insurance because were and drove insurance
I in income the quarter is of third guidance fee have we income joint income This timing Other our the and as mentioned. the for of a income includes previously effect variance XXXX. included previously expenses venture
from other line joint expectations. and categories Aside in with the income our venture activity, performed expense
The ATM program source as the stock sale result related than from of and primary average expense of during our secured was amortization with of retirement lower the $XX million the a funding was of weighted for prepayment approximately the quarter. guidance early a debt debt of Interest rate X.X%.
The quarter our remarks release future guidance and results. supplemental provide current full-year Please in provide and of note update. third Turning guidance detail. to estimate are press package our to following intended the
growth midpoints our in expense represent range. revenue in and rates All guidance projections
normalized We $X.XX. full-year XXXX have increased our per guidance share FFO
$X.XX. $X.XX is range to now Our for year the
normalized third share. $X.XX is with $X.XX quarter our of FFO million to range $XXX.X midpoint per approximately of guidance The a
contribute quarter third our of to normalized the approximately XX% FFO. full-year expect We
second the remainder and X% quarter, year. in the of of the we our revenues no community-based $XXX.X of for of remainder For rent occupancy a end expect change rate XXXX, MH million, the from core growth assume of the
In the of business, core seasonal customers. on based revenues revenue from of anticipate RV the for the from a our growth of X.X% from we million rest customers, projection increase transient X.X% over annual year, This is our $XXX.X RV of and half X.X% XXXX. second expected X.X%
XX% come We the than income the transient quarter. full-year expect in more third of will
August for transient are Based review our the reservation quarter. in on and activity projecting for we pace and third overall growth expectations in September, of revenue current X.X%
income quarters fourth resulting anticipate not impact for transient in the conditions. Our from meaningful weather and third assumptions adverse do demand on
XXXX. compared X.X% Membership dues expected to revenues $X.X million increase are or to
XX% Our an of from marketing almost of increase net sales of the the membership to to be contribution for XXXX. and is expenses, sales, million year, related almost rest upgrade compared projected $X.X
rental Core property in expense full-year, operating prior line for our is growth projected and home guidance. to with X.X% be the
the for of events. assumptions half include second guidance XXXX any not does regarding expense Our unplanned storm
rest X.X% an the of operating core the with revenues property up anticipated to be are For property in NOI increase X%. of Core year,
for operations contribute expect non-core million from We remainder in about will $X the the of property properties income the year.
assets. operation of these million we $XX.X full-year, from property from project non-core income the For
related includes quarter full-year. remainder Property the of I update for second The million well expected management expected to expenses and the of legal technology prior as the previously expenses. guidance to from second is year year and to be for and increase the mentioned corporate as G&A the $XX.X the an variance $XX.X reflect million half
approximately and income the debt be half of items million year full-year. and and expense the Other to of Financing for are retired approximately be the expected $X.X $XX.X reflects expected million the impact are other costs the and $XX.X million for second of during year quarter. in the the we the rest to second
Now some balance on sheet. comments our
on equity quarter, from and to an retirement at previously raise from was balance that I high used amount ATM not to metrics. on debt. opportunity our relative sheet proceeds retire attractive mentioned, of our acted during debt early carry our overall As debt We and the of debt raised The impact significant little had coupon. to price to balance equity an and we
MH interest debt lending XX% secured qualified finance from assets rates XX% all MH MH continue X.XX% from age preferred to RV will and with sources. from command money. to range Current our to assets. RV LTV for see strong available from We various High-quality X% terms XX-year and terms to sources for lending
and MH and and certain RV underwriting lenders companies assets Fannie to CMBS strong Freddie, value places assets. for sponsorship. debt model offering on current high currently The finance RV life lender are
our is ratio EBITDAre interest debt-to-adjusted X.Xx Our coverage is and X.Xx.
program. we capacity credit, from have available unsecured have our ATM million of capacity approximately of under We line and $XXX million of $XXX our
up we like questions. it open Now, for would to
