Daniel Guglielmone
Executive Vice President, Chief Financial Officer and Treasurer at Federal Realty Investment Trust
Thank you, Don, and hello, everyone. Our $1.59 per share of reported FFO was a first quarter record for Federal and probably above our expectations and last year's $1.50 results, representing a 6% annual increase. That our performance again was broad-based as all facets of our business continue to contribute. Specific drivers, which deserve mentioned, overage percentage rent continues to outpace expectations as same sales demonstrate strength and resiliency.
Parking revenues also saw gains above forecast as customer traffic at our large mixed-use assets continues to drive higher. Small shop occupancy again showed gains and we saw lower expenses both at the property and corporate level. This was offset modestly by higher collectibility impact or bad debt expense was forecast. Our GAAP-based comparable POI growth metric was 3.6%, coming in at the upper end of the range of our 2% to 4% initial guidance.
On a cash basis, comparable excluding prior period rent term fees is 5.2%. Cash basis comparable minimum rent grew by 4%.
Term fees in the comparable pool this quarter were essentially flat to first quarter 2022 and $1.4 million in each period. Prior period rent this quarter was $1.3 million versus $2.4 million in the first quarter last year. Please note that we have added all of these figures to Pages 10 and 11 of our 8-K supplemental disclosure. You're welcome to see.
Year-over-year occupancy results were also solid with our overall occupied metric growing 140 basis points year-over-year from 91.2% to 92.6% and our lease percentage increasing 50 basis points from 93.7% to 94.2%.
Sequentially, we took a small anticipated step backward given 1Q seasonality and two known anchor partners in January at lease expiration, which were reflected in our guidance. Our signed not occupied spread in the existing portfolio stands at 160 basis points as we continue to show progress in getting tenants open and rent paying. This spread represents roughly $18 million of incremental total rent.
Our sign not occupied in our non-comparable pool stands at $18 million as well for the total rent, bringing total signs non-occupied to $36 million.
This effectively brings our SNO percentage to a total of 3%. These executed leases will continue to drive bottom line results over the next two years, with roughly 65% coming online over the remainder of 23% and the balance primarily in 2024. When you include new lease deals in our pipeline for currently unoccupied space, this increases the SNO figure even higher.
Rollover for the quarter was 11% on a cash basis and 24% on a straight-line basis, the second consecutive quarter to have the cash number in double digits and a straight line number up into the low to mid-20s.
I highlight the straight line number as it reflects sector-leading contractual annual rent increases embedded in our leases, both anchor and small shop blended at roughly 2.25% across the portfolio. Year-to-date, small shop rent bumps have averaged about 3%.
Now to the balance sheet.
We ended the first quarter with $1.3 billion of total available liquidity at quarter end, comprised of $1.2 billion available under our revolver and $100 million of cash. As many of you saw, we successfully accessed the unsecured market subsequent to quarter end with $350 million of five and three year green bond, and as a result, no maturities until early '24.
Also, keep in mind that for our term loan, whose initial maturity is also in 2024, we have two one-year extensions at our option, taking the maturity into 2026.
With respect to our leverage metrics, our net debt-to-EBITDA ratio is roughly 6x adjusted, and we fully expect to be back to our targeted level in the mid-5x in 2024.
Additionally, we are targeting free cash flow after dividends and maintenance capital to return to pre-COVID levels by next year. Our in-process pipeline of active redevelopments and expansions now stands at $740 million, with only $250 million remaining to spend against our $1.3 billion of available liquidity.
Now on to guidance. With initial guidance to start the year showing FFO growth of 2.5% at the midpoint and 4% at the top of the range and a solid first quarter under our belts, we are affirming guidance for 2023 at $6.38 to $6.58 Per share. While we continue to see strength and resiliency in our business, with three quarters left for the year, it is rare that we would modify guidance at this point in the year. For the first time in almost two years, we are seeing tenant bankruptcies in retail. As selective businesses struggled to compete in a challenging economic environment of higher interest rates and diminished government subsidies from -- despite the bankruptcies to date with very manageable exposure, we still feel comfortable with our initial 100 basis points to 135 basis points of total credit reserve comprised of roughly a 75 basis point general reserve and a 25 basis points to 60 basis points of specified Bed Bath reserve. Now given where we start in May and the expected range of outcomes, this Bed Bath reserve has now been reduced to 20 basis points to 45 basis points given the cash rents we've already received on eight of our nine anchor boxes that have not yet been projected, including May rent. That range will depend on the timing of the bankruptcy process and which leases are affirmed and/or assumed, if any. From a comparable growth perspective, given a solid first quarter metric, we are affirming the 2% to 4% range for comparable POI growth as well as our 3% to 5% range on a cash basis adjusting for prior period rents and terms. Page 27 in our 8-K provides an updated summary of the key assumptions for range. Now in addition to the expanded disclosure on term fees and prior period rent that I previously highlighted, we'll also notice several other additions to our 8-K relating to revenues, comparable POI growth, debt, occupancy and leasing metrics, demonstrating our commitment to continuing to expand our disclosure to provide the information we believe is most relevant for investors to analyze our business effectively and efficiently. And with that, operator, you can open up the line for questions.
