full-year. to quarter guidance. Thanks, everyone. guidance. quarter results, Fourth detailed and portfolio our will and a FFO $X.XX our contributed for Marguerite share, update Core and quarter normalized growth review was NOI XXXX of X% our first for and good with quarter I the penny fourth morning, ahead per discuss in guidance full-year full-year fourth line guidance XXXX was the
XX coming and rental growth Full-year basis coming X.X% was rate core occupancy. X.X% community from from points based income with
represented XXXX core increase year, Our gain occupancy. XXX the of a end homes our X.X% occupancy homeowners. included core the of At of rental
to growth income Fourth was core X.X% resort-based prior-year. compared quarter
Full-year as we sites. with occupancy growth higher gained demand of approximately for winter During in season. properties revenues from our X% were reflect and into expected expansion revenues fourth Resorts than at annual points the quarter, Southern XX strong the includes seasonal basis transition
contribution from was increased result in higher than a full-year, business our of mainly a the paid as X.X% For count. more X.X% our Dues $X.X an membership net X%. million revenues increase than of increase XXXX, member
We strong demand upgrade products. continue to see for our
fourth During more quarter, sale XXXX. higher upgrades we the approximately of the price than and than sold our the fourth XX% prior-year, average X% was upgrades of the quarter
proceeds and income of because to than insurance Core higher other insured related guidance mainly utility losses. prior was
of difficult it's to process. of claim we've in during mentioned As timing proceeds insurance receipt predict the settlement past, the the
million property of increases core quarter guidance. from half higher resulted and real variance Fourth maintenance Roughly operating estate taxes $X that than approximately tax Florida. were estate real in
our on and open, Though estimate the notices remain in assessments. we we appeals most for appealed mentioned assessed we I October, increases the those our the of accrued impacted. of have of received taxes As properties call value
the that the mind in sends Keep full-year. for quarter fourth Florida bills tax in
in So the the calendar accrual represents quarter. expense the additional posted the though fourth adjustment an for year, full even
experienced tax utility fourth we expenses repairs the higher-than-planned real the from increase, and maintenance in Aside estate expenses quarter. and
X.X%. increased growth quarter, growth In our core Full-year X%. X.X% growth was the fourth was and core X.X% revenue was core and revenue NOI core NOI
and management in million non-core million $XX.X million quarter million included were and the and corporate $XX.X quarter. Our fourth $X.X properties the the in expenses for non-core $XX.X as in year. Overall, amortization quarter. performed the expected. for G&A contributed the Interest properties full Property were
XXXX release press year supplemental first guidance quarter detail. package provide and full The and in
and provide current growth guidance, I future my are All of to midpoints our range. results. in revenue keep in estimate and our As guidance discuss projections represent mind rates intended expense remarks
of based at guidance or the in October, changes our to release occupancy $X.XX on and RV for XXXX annual $XXX.X share the guidance core relate fourth main end MH to quarter. updated Our XXXX revenues rate the since up normalized is The and FFO midpoint of our range. truing million following per
For in property be expected the year, before X.X%. NOI growth is to approximately management core
from our realize full with to and impact basis flat increase properties, properties of continue focus see occupancy resort we see of in for the X.X% XXXX. project as We across for filled In to points we seen we our XX to core sites XXXX. X% have rate in revenue expected year we demand is our the from We on portfolio. rent grow and occupancy opportunities strong X%. MH business, Base growth continued occupancy RV rate as
annuals growth for X.X% in expect We our XXXX.
full-year on for quarter. in guidance anticipate first seasonal transient and Our we stays demand transient adjusted available been strong has seasonal impact reflect for the have that an to will sites
We incorporated seasonal have into our update. our transient first businesses, and reservation our that pace reviewed for and pacing guidance quarter
marketing and We've net of the Our XXXX which business, upgrade program. membership membership revenue stays, assumptions and supplemental project membership subscriptions, transient our Thousand expenses, sales sales seasonal and contribution based generated our on XX other Trails annual success package our a subscriptions, Page membership of We sales million and upgrade income. $XX.X shows in properties. $XXX.X upgrade sales, million. this aggregate continued from shows includes increased annual by of
core and therefore by prior The is offset is the has NOI. on tax increases guidance as estate the our no core approximately reflects guidance estate a I of increase we increased midpoint result other pass-through The expect of increase This utility and earlier. income our from income expense, impact $XX.X real revenue million. real mentioned tax
booked I adjustment driver guidance from the fourth expenses increase range. that is main just Core expense Keep but along the was at marketing be the increase increased each for revenue the with effective expense of of full-year sales $XXX.X quarter. also and the quarter. XXXX, assumes tax XXXX mind the was will are the guidance accrued assumptions. in Quarterly midpoint mentioned. Membership increased guidance real our approximately for The prior increased expenses in million the estate
a don't As make assumptions reminder, recover incur damage regarding expenses to property we events. from we may
properties. $XX.X of guidance dollars from Our our million includes non-core NOI
included our in core properties As will Keys be a reminder, during with Florida our properties the XXXX.
million expense. makes million and other XXXX property and We in expenses corporate in assumptions $XX we cash XXXX. events to model capital and in the The flow expect use regarding and free full-year of generate income no of management expect $XX.X guidance
guidance share our midpoint Our million per at $X.XX range. $XXX.X is or normalized FFO first the approximately of guidance quarter
of and to of growth We expect X.X% growth expense quarter. the NOI of in growth X.X% revenue core first our X.X%, generate
quarter in gains XX to increase first growth our first not incremental in assume rent rate a related and X.X% achieved do points gains occupancy assumes guidance. base We Our occupancy of core XXXX. quarter we X.X% basis
of the first With in the RV we complete, quarter. annuals quarter. month quarter almost growth the first our expected Revenues business core expect to from are in of from the X% X.X% grow
revenue, previously mentioned, current seasonal X.X% As first our quarter. the expectation is in and our respectively growth driving of X.X% transient and reservation in pace
First quarter growth are expense The X.X%. estate guidance payroll. of growth main and drivers core real of taxes expense assumes
April As a Xst. our renewal insurance occurs annual reminder,
April. last impact expense our in first includes renewal growth So the of the quarter XXXX
to April on We our expect during results. renewal discuss quarter our in to an XXXX first update call provide
NOI quarter, non-core guidance. approximately We $X.X with consistent contribute expect million first our properties of the prior to in
I'll comments balance coverage. on years at debt XX% Current to times value secured service to now and coupons X.X XX% X.X provide X.X%, X.X% some terms sheet. our financing to and loan the debt and are market times between XX
to life at XX see command High-quality terms. for historically continued financing CMBS lend from to terms age-qualified low interest continued best assets to We strong and GSEs companies MH rates years lenders longer. and
of million secured in $XX approximately have maturing We debt XXXX.
credit At outstanding. $XXX $XXX of year-end, had million million our line
Our available ATM program million of has $XXX liquidity.
average XX maturity years. secured than weighted debt more is Our
is X.X times interest Our around coverage is debt-to-adjusted X.X EBITDA and our times.
of flexibility, believe capital importance we We to us. and multiple continue on to available sheet high have sources balance place we
we for Now would to it up questions. open like
