Executive Vice President and Chief Financial Officer at Extra Space Storage
Thanks, Joe, and hello, everyone. As Joe mentioned, we had a great first quarter with our same-store performance and FFO both coming in above our expectations. Our outperformance relative to our guidance was driven by stronger property performance and higher-than-expected interest income. Our external growth in the quarter was capitalized by draws on our revolving lines of credit, and we issued $41 million in common stock as part of an acquisition. During the quarter, we termed out $400 million of revolving balances through our third public bond offering, further laddering our debt maturities and freeing up additional revolver capacity. Our balance sheet has never been stronger. Our unencumbered pool is now approximately $13 billion and our net debt-to-EBITDA is 4.4 times. We have access to many types of capital, and we have significant debt capacity to support future growth.
In addition to our first quarter results, we also updated our 2022 full year guidance. We've increased our same-store revenue and NOI forecast based on our first quarter outperformance and improved outlook heading into the summer leasing season. Same-store revenue guidance increased to 13% to 15%, driven primarily by rental rate growth. Same-store expense increases in the quarter were driven primarily by payroll, credit card fees and snow removal. As a result, we have increased our expense guidance to 6.5% to 8% for the full year. Our revenue and expense guidance results in a same-store NOI growth range of 15% to 18%. As Joe mentioned, acquisition activity in the sector remains elevated, and we are ahead of our original guidance for both year-end closings as well as our full year pipeline. While still competitive, it appears that the number of bidders pursuing any given deal is lower, potentially due to the increasing interest rates.
As a result, our capture rate has improved, especially on nonstabilized one-off stores. We expect to continue to acquire through joint venture partnerships and we have increased our 2022 guidance to $800 million in Extra Space investment. We also expect higher bridge loan activity, and we have increased guidance to $150 million in retained new balances in 2022. We've increased our interest income guidance by approximately $7 million since our preferred investment in NexPoint remains in place and due to higher bridge loan volume and interest rates. Due to the increase in interest rates as well as higher acquisition volume, we've increased our interest expense guidance by $13 million at the midpoint. The sum of these adjustments results in an increase in core FFO, which is now estimated to be between $8.05 and $8.30 per share. We anticipate $0.20 of dilution from value-add acquisitions and C of O stores, down $0.03 from our original guidance due to stronger-than-expected performance at these properties. We're having a great year, and we look forward to another great leasing season.
And with that, operator, let's open it up for questions.