Albert Campbell
Executive Vice President & Chief Financial Officer at Mid-America Apartment Communities
Okay. Thank you, Tom, and good morning, everyone. Reported core FFO per share of $1.97 was $0.06 above the midpoint of our guidance for the quarter. And virtually all of the outperformance came from revenue growth as rental pricing, occupancy and collections all combined to produce 150 basis points of outperformance to our revenue expectation for the quarter.
As Tom outlined, pricing trends continue to be strong through the first quarter and into April, as both new leases and renewals becoming effective during the quarter through solid double-digit growth over the prior lease. We continue to expect stable occupancy and strong rent growth through this year and with some impact from prior year comps and returned to more normal seasonal patterns during the fourth quarter leasing season, which did not occur last year. Overall, same-store operating expenses were in line with expectations for the quarter, but we do expect continued inflationary pressure over the remainder of the year and particularly in personnel and maintenance costs, which I'll discuss just a bit more in a moment.
Our balance sheet remains in great shape, providing both protection for market volatility and capacity for strong future growth. We funded approximately $43 million of development costs during the quarter towards trajected $250 million funding for the full year.
As Brad mentioned earlier, we expect to start several new deals this year and early next year, likely expanding our total construction pipeline to between $800 million to $1 billion by year-end, which remains well within our risk tolerance limits. We ended the quarter with low leverage. Our debt to EBITDA had a record low 4.27x, with virtually all of our debt fixed and well laddered over an average of 8.4 years and with $1 billion of combined cash and borrowing capacity remaining under our line of credit. Also during the quarter, Moody's affirmed our debt rating of Baa1 and revised their outlook from stable to positive, bringing all 3 rating agencies now to a positive outlook. And this certainly reflects the strength of our balance sheet and the potential for upgraded ratings over the next several quarters.
And finally, given the first quarter performance and expectations for the remainder of the year, we are updating both our core FFO and same-store guidance for the full year. We increased our full year range for core FFO by $0.16 per share at the midpoint to $7.92 to $8.24 per share or $8.08 at the midpoint. This represents a 13% growth over the prior year. This increase is essentially all produced by higher revenue growth expectations as projected to continued strong pricing trends produce a 200 basis points increase in our effective rent growth, our expectation for the year to 12% at the midpoint compared to 10% in our prior guidance and 5.2% for the prior year performance.
As mentioned, our revenue projection for the full year is built on continued solid pricing performance and stable occupancy for the year with some impact from prior year comps of the second half and normal seasonal trends during the fourth quarter. The trends with our property operating expenses remained largely in line with our original projections with some increased pressure expected from both from personnel and maintenance costs. The strong labor market, a robust development environment. And the continued supply chain issues are expected to continue to pressure our maintenance service salaries and materials costs.
We increased our guidance for total operating expenses for this by 50 basis points at the midpoint to 6%, reflecting the continued pressure. However, it's worth to note, this increase is more than offset by the revenue growth trends, which produced a revised same-store NOI expectation of 13.5% for the full year, which is [indecipherable] above our prior guidance.
The forecast for our largest property operating expense line on the real estate taxes remains at 4% to 5%. I'll add also as a result of the continued labor market inflation assumed higher performance-based incentives, given the strong projected performance, we have also raised the midpoint of our total overhead assumptions for the full year. And the only other change to our guidance was an increase in the dollar value of our disposition volume, which was increased $25 million to a midpoint of $350 million, reflecting higher pricing expectations on assets being sold.
So that's all we have in the way of prepared comments. So Ashley, we will now turn the call back over to you for questions.
