Dan Guglielmone
Executive Vice President, Chief Financial Officer and Treasurer at Federal Realty Investment Trust
Thank you, Don, and hello, everyone. Our reported FFO per share of $1.58 for the fourth quarter and $6.32 for the year were up 7.5% and 13.5%, respectively, versus 2021. For both periods, we're at the top of our previously increased guidance range. Primary drivers of the outperformance: acceleration in occupancy up to 92.8%, a gain of 70 basis points for the quarter and 170 basis points for the year. Other drivers: higher percentage rent, which more than doubled in 2022 versus the previous year; and continued strength in consumer traffic at our mixed-use assets, driving parking revenues higher. This was offset by higher property operating expenses and higher interest expense.
Comparable growth, our GAAP-based metric for same store, in the fourth quarter and the full year came in at 5.4% and 7.7%, respectively, strong metrics despite the negative net impact of prior period rents and term fees. On a same-store cash basis, we came in at what we believe to be a sector-leading 5.5% for the quarter and 8.5% for the year. Excluding the negative impacts of prior period rents and term fees, cash same-store growth was 7.8% and 10.8% for the fourth quarter and full year, respectively. For those analysts and investors to keep track, we had $1.1 million of term fees for the fourth quarter against a 4Q '21 level of $1.7 million. Prior period rent contributions related to COVID-impacted negotiated yields were $2 million this fourth quarter versus $4 million in the fourth quarter of '21.
And please note that in our investor presentation on our website, there are updated slides plus an appendix which provide all of these figures. Don already highlighted continued strength in leasing, but let me point out a few more statistics of note. The 94.5% and 92.8% in leased and occupied metrics represented growth of 90 basis points and 170 basis points, respectively, over 2021 and 20 and 70 basis points of sequential growth over the third quarter. We continue to see strength in our small shop leasing, which now stands at 90%, a level not seen since 2017, but still short of our targeted and historical peak levels. The 80 basis points of relative pickup in our SNO spread over the course of 2022 demonstrates our ability to get tenants open and rent paying.
More upside to come in 2023 as we target an SNO spread at more typical levels of 100 to 125 basis points long term. I mentioned leasing activity has been strong to start 2023, and our pipeline of deals executed to date in the first quarter and those under executed LOI is in line so far with 2022's strong leasing volumes. Additionally, we remain optimistic that we can continue to drive favorable lease terms in 2023, including both strong lease rollover growth and sector-leading contractual rent bumps. A big driver of our growth in 2022 was the continued stabilization of a large portion of our redevelopment and expansion pipeline.
We expect that to be the case in 2023 as well. Having placed $800 million of projects into service in 2021 and 2022 at Assembly Row, Pike & Rose and CocoWalk, we saw a $24 million of incremental POI in 2022. We expect another roughly $12 million of incremental POI in 2023 just from those three projects alone. The balance of our development pipeline now stands at roughly $730 million, which will deliver incremental POI starting this year and continue for the next few years but is less than $300 million remaining to spend. Now to the balance sheet and a quick update on our liquidity position.
We ended the year with $86 million of cash available and an undrawn $1.25 billion credit facility for a total liquidity in excess of $1.3 billion. Our leverage metrics continue to be strong. Fourth quarter annualized net debt to EBITDA is roughly six times. That metric is forecasted to improve over the course of 2023 as development POI comes online and occupancy drives higher. Again, our targeted level is in the mid -- is in the low to mid five times range. Fixed charge coverage was 3.7 times for the fourth quarter and four times for the full year. Now on to guidance. For 2023, we are introducing FFO guidance of $6.38 to $6.58 per share. This represents 2.5% growth at the midpoint of $6.48 and 4% at the high end of the range.
Despite the challenging capital markets environment and embedded headwinds, as promised, Federal will grow in 2023. This is driven by a comparable growth forecast of 2% to 4%. This assumes occupancy levels will increase from 92.8% at 12/31, up above 93% by year-end 2023, although that progression will not be linear throughout the year. Additional contributions from our redevelopment and expansion pipeline will total $15 million to $18 million. And for those modeling, let me direct you to our 8-K on page 16 and 17 where we provide our forecast of stabilized POI and timing by projects. Accretion from our 2022 acquisitions being online for a full year will also contribute.
Those $500-plus million of 2022 acquisitions are expected to outperform our original underwriting by at least 50 basis points. This will be offset by lower prior period collections with a net 2022 level of $9 million, which is expected to fall to a range of $4 million to $6 million in '23. And lower net term fees, we had $9.5 million in 2022 and forecast $5 million to $6 million in 2023, more in line with our historical averages. Despite over 100 basis points of headwinds, our comparable growth forecast is 2% to 4% for 2023. It would be 3% to 5% without the headwinds from prior period rents and term fees. Quarterly FFO cadence, we'll have one quarter being the weakest with sequential growth thereafter.
Other assumptions include $175 million to $200 million of spend on redevelopment and expansions at our existing properties; $175 million to $225 million of common equity issued throughout the year, refinancing our $275 million of unsecured notes, which mature in June in the mid-5% range; G&A in the $52 million to $56 million range for the year; and capitalized interest for 2023 is estimated at $20 million to $22 million, which includes the continued capitalization of interest at Santana West, given our change in leasing strategy from a single tenant leasing approach to a multi-tenant building as we build out tenant floors and add tenant amenities. Dispositions completed in '22 contributed roughly $5 million of POI during the year.
That POI will not be there in '23. We've assumed a credit reserve, excluding the impact of Bed Bath & Beyond, of roughly 75 basis points. And with respect to Bed Bath, we are adding another 25 to 60 basis points of reserve depending on the uncertain outcome with respect to this tenant. Please note, in 2023 and moving forward, we have less than 70 basis points of exposure as our Wynnewood location had a natural expiration in January 2023 and has not been on our '23 forecast since mid last year. As is our custom, this guidance does not reflect any acquisitions or dispositions in 2023, except what has already been announced. We will adjust for those as we go given our opportunistic approach to both.
This guidance also does not assume any tenants moving from cash basis to accrual basis revenue recognition. Please note, the expanded disclosure in our 8-K on page 30 provides a detailed summary of this guidance. And before we go to Q&A, let me take a minute to highlight the strength and the outperformance that our signature mixed-use retail assets demonstrated in 2022. The big four of Santana Row, Assembly Row, Pike & Rose and Bethesda Row, took a disproportionate hit during COVID because of government shutdowns in their respective markets, but they now sit, they finished 2022 at 99% leased. Reported retail sales were 15% to 20% higher than the prior year and are back up above pre-COVID levels. Consumer traffic was up 20% versus the prior year and 7% above pre-COVID levels. Comparable retail POI at these assets were up 30% versus 2021 and over 6% above pre-COVID levels.
Plus, we are forecasting comparable growth in retail POI for 2023 of 6% to 8% of these four assets given continued strength in leasing demand. The retail components of our mixed-use assets are unique and have driven and should continue to drive POI growth materially above that of a typical open-air shopping center, providing an additional point of differentiation between Federal and its peers. Further, our operational mixed-use capabilities in design, construction, leasing, operations are unrivaled and a unique competitive advantage moving forward in the continued evolution of open-air retail, capabilities that are applicable across our entire retail portfolio and a big reason why we expect that sector-leading retail growth for years to come.
And with that, operator, you can open up the line for questions.
