For example, if our reference rate increases 50 basis points, cash interest expense net of swaps and caps remain flat. If the reference rate increases by 1%, our cash interest expense net of swaps and caps will decrease by 0.12%, as we’d effect would be 106.6% hedged as new caps come into the money. Moving on to NAV per share. Based on our current estimates of cap rates in our markets and forward NOI, we are reporting a NAV per share range as follows: $48.77 on the low end, $60.14 on the high end and $54.45 at the midpoint. These are based on average cap rates ranging from 5.5% in the low end and or 6% on the high end, which represents a 60 basis point increase over the prior quarter as compared to 7,000 basis point movements in the five and 10-year treasury, respectively.
For guidance for the full-year 2023, we’re revising core FFO and same-store NOI guidance as follows, for core FFO per diluted share, $2.95 in the high end, $2.81 in the low end, with a midpoint of $2.88. For same-store numbers, we are guiding rental revenue to 7.7% on the high end, 7% on the low end, with 7.3% in the midpoint. For same-store expenses, we’re guiding to 4.8% from the high end, 5.7% on the low end, with the midpoint of 5.2%. And this results in a guidance of same-store NOI of 9.5% on the high end, 7.8% on the low end and 8.7% at the midpoint. So with that, that completes my prepared remarks. I’ll turn it over to Matt.
Matt McGraner: Thanks, Brian. Let me start by going over our third quarter same-store operational results. Same-store effective rents ended the quarter at $1,529 per unit per month, up 3.1% year-over-year. Seven out of our 10 markets averaged at least 3% growth, while our South Florida and Raleigh markets led the way at 8.1% and 5.5% growth, respectively. Same-store rental revenue growth was 4.6% for the period, with the Florida markets again facing the field at 10.3%, 8.2% and 4.6% respectively, for South Florida, Tampa and Orlando. Dallas-Fort Worth also had strong showing at 7.3% growth. Total same-store revenues were up 4.6% year-over-year. And we’re also pleased to report some welcome moderation in expense growth for the quarter.
Third quarter same-store operating expenses were down 40 basis points year-over-year. Payroll growth was a mere 60 basis points in Q3, down from 15.3% and 6.9% in Q1 and Q2, respectively. R&M expense growth was 6.6% lower than the prior period, off of an elevated post-COVID comp in 2022. Real estate taxes have also moderated and true-ups booked in Q3 reflect a reduction to our overall real estate tax forecast for the year. Year-to-date, same-store tax growth was down to 6% year-over-year. Insurance expense growth stabilized at 6% in Q3 after a successful Q2 renewal negotiation as well. On the NOI side, the portfolio achieved strong third quarter same-store NOI growth of 9.5%, while our NOI margin improved to 61.4%. Nominal NOI quarter-over-quarter also increased, as Brian mentioned, as our teams continue to operate more efficiently.
And six of 10 same-store markets achieved year-over-year NOI growth of 8.7% or greater, with South Florida, again, setting the tone at a healthy 18.4%. Turning to operating performance and the go-forward strategy. While our average effective monthly rents per unit ended Q3 at $1,497 per unit, a 3.5% increase year-over-year, new leases did turn negative for the quarter by $60 per unit or 4.6% on a lease-over-lease basis. As other Sun Belt peers reported new supply, skips and evictions and fraud are putting downward pressure on total financial occupancy for now. On the new supply front, given the strong job market and heavy concessions for merchant build product, consumers are expecting and demanding concessions across the board, even for Class B product as Class B renters migrate to Class A product.
