Peter Scott
Chief Financial Officer at Healthpeak Properties
Thanks, Scott. Starting with our financial results. We finished the year on a strong note delivering excellent operating results. For the fourth quarter, we reported FFO as adjusted of $0.44 per share and total portfolio same-store growth of 6.6%. For the full year, we reported FFO as adjusted of $1.74 per share in total portfolio same-store growth of 5%.
Let me provide a little more color on segment performance. In Life Sciences, as Scott Bohn mentioned, same-store growth for the quarter was a very solid 5.7% and we finished the year at 99% occupied in each of our major markets. Turning to medical office, we had another fantastic quarter with same-store growth of 5.4%. For the full year, we commenced 3.6 million square feet of new and renewal leases, the highest year-on record for Healthpeak. Our tenant retention rate during 2022 was a strong 82%, reflecting not only the competitive advantage of our largely on-campus portfolio, but also our deep relationships, high-quality team and industry-leading platform.
Finishing with CCRCs. Same-store growth for the quarter increased 15%, bringing full year growth to the midpoint of our 8% guidance. During 2022, we recovered 340 basis points in total occupancy and generated NREF cash collections of approximately $101 million, exceeding our NREF amortization by $22 million. Last item under financial results. For the fourth quarter, our Board declared a dividend of $0.30 per share.
Turning to our balance sheet, which continues to be a competitive advantage, a quick update on the recent activity. First, in late October, we settled the $500 million of five year delayed draw term loans that we opportunistically swapped to a 3.5% fixed rate through maturity. Second, in late December, we settled the remaining $308 million of equity forwards at a weighted average price of $34 per share. Based on the net issuance price, the blended FFO yield was 5%.
Third, in early January, we successfully issued $400 million of 5.25% fixed rate 10 year bond. In a challenging capital markets environment, the deal was 6 times oversubscribed and priced with no new issue concessions. Credit market clearly sees the differentiated nature of our high-quality portfolio and ascribe a premium value to our bond spreads. Fourth, in late January, we closed on the $113 million sale of our Durham asset at a 5% cap rate, allowing us to further improve our balance sheet metrics.
All-in, these four transactions represent over $1.3 billion of capital raised at a blended yield of 4.5%. The net proceeds from these transactions allowed us to reduce floating rate debt exposure to approximately 5%. In addition, we currently have a net debt to EBITDA of 5.3 times, $2.5 billion of liquidity, no bonds maturing until 2025, and our development pipeline is fully funded, eliminating any capital markets risk in 2023.
Turning now to our 2023 guidance. We are forecasting FFO as adjusted of $1.70 per share to $1.76 per share. And we are forecasting blended cash same-store NOI growth of 2.75% to 4.25%. The major components of our same-store guidance are as follows, in life sciences, we expect same-store growth to range from 3% to 4.5%. Portfolio occupancy is 99%, and we have very modest lease maturities in the same-store pool, giving us less of a positive rent mark-to-market benefit. As a result, growth this year was primarily driven by contractual rent escalators in the low-3% area.
In Medical Office, we expect same-store growth to range from 2% to 3%. Our portfolio produced outside same-store growth of 4% during 2022, and we expect 2023 growth right in line with our historical average despite the difficult year-over-year comp. And in CCRCs, we expect same-store growth to range from 5% to 10%, excluding CARES Act grants.
I did want to spend a moment expanding on some important items underlying our guidance. First, the midpoint of our guidance assumes $1.17 billion of cash NOI, an increase of $65 million compared to 2022. The increase in cash NOI is driven by same-store growth and the earning of some key development projects, including the Shore, Boardwalk, and 101 CambridgePark Drive. Second, the midpoint of our guidance assumes $205 million of interest expense. The assumed average interest rate in 2023 for floating rate debt is 5.5%, up over 300 basis points compared to 2022. The average line of credit balance during 2023 is expected to be approximately $750 million.
Third, FFOs adjusted is negatively impacted by $0.03 of deferred revenue recognition. We have two large life science leases, one at Callan Ridge, and one at 65 Hayden that were delayed due to tenant M&A. However, cash NOI and AFFO are not impacted. We have included an AFFO per share range on our guidance supplemental page, which is a better measurement of year-over-year growth.
Fourth, we assume no CARES Act grants in our guidance. As a reminder, we did receive approximately $8 million or $0.015 of AFFO from CARES Act grants in 2022. Fifth, we have included a high-level sources and uses on our supplemental guidance page. Our guidance assumes $600 million of development and redevelopment spend, up modestly from 2022. This does not assume any new development starts and its spend associated with completing our active pipeline. We also do not assume any speculative acquisition activity. Any accretive acquisition activity that could occur throughout the remainder of the year would be additive to our guidance range. Please refer to Page 39 of our supplemental for additional detail on our guidance.
Finally, let me quickly comment on the UPREIT conversion. We anticipate closing the UPREIT conversion on February 10, because of the conversion, we need to file an updated shelf, registration statement and other various documents, including an ATM prospectus. Over the course of the following days, you should expect to see some administrative 8-K items get filed.
With that, operator, let's open the line for Q&A.
