Executive Vice President & Chief Financial Officer at Mid-America Apartment Communities
Thank you, Tom, and good morning, everyone. Reported core FFO per share of $2.02 was $0.05 above the midpoint of our guidance for the quarter. The outperformance virtually all came from property revenues and stronger than projected rental pricing trends continued through the quarter, which produced a strong 17.2% increase in blended lease pricing for the quarter even as more challenging prior year comparisons began to grow late in the quarter.
We do continue to expect a growing impact from prior comps as we move through the back half of the year as well as a return of a more normal seasonal pattern during the fourth quarter, which we'll discuss just a bit more [indecipherable] guidance in a moment. Same-store operating expenses for the quarter were slightly higher than projected as we saw some inflationary pressures and repair maintenance costs as well as revised expectations for real estate tax expenses for the year as more valuation information came in during the quarter.
Our revised guidance for the year reflects these expense pressures, but these are more than offset by growing revenues as reflected by our revised NOI guidance. Our balance sheet is stronger than ever as reflected by the upgrade to an A- credit rating by Fitch during the quarter. We continue to have discussions with the other agencies and are confident the strength will eventually be reflected in our other ratings as well.
Just after the end of the quarter, we completed a renewal of our unsecured credit facility, which is our primary tool for liquidity and short-term funding of development, debt maturities and short-term operating needs. As part of the renewal, we increased the facility size to $1.25 billion from $1 billion and capture improvements in pricing and terms despite the growing volatility of the financing markets.
At the end of the quarter, we had no outstanding borrowings under our credit facility, and our leverage was historically low with debt to EBITDA at a low 3.97x and 100% of our debt had fixed interest rates with an average maturity of 8.2 years, providing potential in a rising interest rate environment. And finally, given the second quarter performance and expectations for the remainder of the year, we are increasing both our core FFO and same-store guidance for the full year.
We increased our full year range for core FFO by $0.17 per share or 2% at the midpoint to a range of $8.13 to $8.37 per share or $8.25 at the midpoint. This now represents a 17.5% growth over the prior year. This increase is essentially all the result of higher revenue growth, strong price intends continued through the second quarter, as we mentioned, we're now projecting a 125 basis points increase in our effective rent growth expectation for the year to 13.25% at the midpoint.
Our revenue projection for the year continues to be built on strong pricing performance and stable occupancy for the year with some growing impact from prior year comps for the second half and normal seasonal trends during the fourth quarter, as we mentioned. We expect blended lease pricing to be approximately 8% for the second half of the year, which for context is on top of a record high 15% growth in blended pricing captured in the back half of last year.
So I think this reflects our expectation for continued strong demand in our markets. As mentioned, we also increased the expected growth rate for same-store operating expenses for the full year by 100 basis points at the midpoint of our range, now 6.5% to 7.5% for the full year, primarily reflecting the pressure in repair and maintenance costs as well as real estate taxes.
Property valuations received during the quarter, mainly in Texas, reflected aggressive assessments, and we do expect these valuation increases to be partially offset by millage rate rollbacks finalized late in the year, but we increased our expectation for taxes by 100 basis points for the full year to reflect the net impact. The overall impact of these changes is an increase to our expectations for same-store NOI growth for the year to a midpoint of 15%, up from the 13.5% provided at the end of the first quarter.
And this represents a 170 basis point expansion in our margin in 2022 from the prior year. So other changes to guidance of note were a $50 million reduction in our expected development spending for the year, reflecting really revised timing of funding as well as a $25 million reduction in our gross disposition proceeds as we finalized the sale of the 2 remaining properties in Maryland in Austin.
So that's all that we have in the way of prepared comments. So Gretchen, we'll now turn the call back over to you for any questions.