Albert M. Campbell
Executive Vice President and Chief Financial Officer at Mid-America Apartment Communities
Thank you, Brad, and good morning, everyone. Core FFO performance of $1.90 per share for the fourth quarter was $0.07 per share above the midpoint of our guidance, producing core FFO of $7.01 per share for the full year, which, as Eric mentioned, is 9% above the prior year. The outperformance for the quarter is virtually all from revenue growth. As Tom outlined, strong pricing trends continued through the fourth quarter showing no seasonal slowdown, which not only benefited the fourth quarter, but provide additional strength for 2022 expectations, which I'll talk about more in just a moment. In total, Same Store operating expenses for the fourth quarter were essentially in line with our expectations as has some inflationary pressures impacted repair and maintenance costs.
Real estate taxes were lower than expected due to favorable appeals and rate rollbacks finalized during the quarter. We expect some continued inflationary pressures in our operating expenses during 2022, but we expect the impact to be more than absorbed through the continued strong revenue growth for the year. We did provide initial earnings guidance for 2022 with the release, which is detailed in the submental package with the release. Core FFO for the full year is projected to be $7.92 per share at the midpoint of the range, which represents a 13% growth over the prior year. The overall backdrop for our projected 2022 performance is continued strong occupancy levels remaining between 95.6% and 96% for the full year, providing a foundation supporting continued strong growth and effective rent per unit, as the strong blended lease-up lease rent rates continue to work through our portfolio.
Effective growth -- effective rent growth, excuse me, is projected to be 10% for the year at the midpoint, which is nearly twice the total of effective rent growth posted for 2021. This result is based on continued strong blended lease rate growth for the first few quarters with some normal seasonal trends and challenging comparisons beginning to be felt late in the year, particularly during the fourth quarter. This produces projected total Same Store revenue growth of 8% to 10% for the full year. As mentioned, we expect to see some inflationary pressures impacting our Same Store operating expenses for the year, with personnel costs, repair and maintenance costs, real estate taxes and insurance costs, all trending above long-term growth rates, producing 5% to 6% growth overall for 2022.
However, this pressure is expected to be more than offset by the strong revenue trends producing an NOI growth expectation of 10% to 12% for the year. Our forecast also assumes an active transaction year with projected development funding of $200 million to $300 million for the year, and acquisitions of $75 million to $125 million. We expect the majority of this to be funded by disposition proceeds of between $300 million and $350 million. Our forecast anticipates starting six new development projects during the year, a combination of in-house and prepurchase deals, as outlined by Brad, which will increase our total pipeline and funding commitment as we enter 2023.
We currently have no plans to raise additional equity during the year as our forecast projects our leverage to end the year slightly below the current level with debt-to-EBITDA ranging four times to 4.5 times, Also virtually all of our debt is currently fixed with maturities well laddered over 8.7 years on average, providing some protection against rising interest rates. So that's all we have in the way of prepared comments.
So Chris, we'll now turn the call back over you for any questions.