As outlined in our interim update earlier this month, we're pleased that the execution of our fall '21 lease-up produced an opening fall occupancy of 95.8% for our total portfolio and rental rate growth of 330 to 380 basis points for our 2021 and 2022 same-store property groupings, respectively.
During the quarter, we delivered the fifth phase of development and have now achieved 85% occupancy, in line with our expectations for this fall.
Notably, since the DCP program recommenced only five months ago, we have already executed leases with and moved in more than 4,500 residents, demonstrating the continued vibrant demand for the Disney College Program.
Our lease-up results and recent operational outperformance allowed us to increase the midpoint of our financial guidance by 4% to $2.08 per share, which is above the high end of our prior guidance range.
We now expect to grow earnings by 3% to 7% over 2020.
All in all, the company's recovery and financial performance this year has certainly exceeded our expectations as cumulatively, we have exceeded our original guidance for the first three quarters of the year by $0.12 per share or almost 10%, as students continue to return to college campuses throughout the year.
The broader comparable sector represented by the RealPage/Axiometrics 175 returned to prepandemic occupancy levels of approximately 94%, while also producing attractive rent growth of 2.5%.
In the 48 of 68 university markets for which we are able to collect first year enrollment data, there was an increase of 7.4% over fall 2020 and 6.4% above prepandemic fall 2019.
For perspective, for four-year public institutions, in the prior 30-year period, average first year enrollment growth was approximately 2%.
The record number of first year students, the reinstatement of on-campus housing policies and the resumption of in-person campus activities will once again allow us to implement our in-person and exclusive sports marketing program activities in the 2022 leasing season.
The significant increase in first year students led to the highest level of total enrollment growth in recent years, up over 1.5% versus academic year 2020 and prepandemic academic year 2019.
In 62 of the 68 ACC markets for which we've been able to collect total enrollment data, this represents the addition of over 30,000 students.
This includes a projected decrease of over 25% in ACC markets and represents the lowest level of new supply we have seen in over a decade.
In total, we are tracking new supply of only 15,500 beds with only 1/3 of our NOI being produced in markets seeing new supply.
This compares to 55% to 67% of NOI being produced in new supply markets over the last three years.
In all, we are tracking more than 60 universities that are evaluating privatized residential projects, a continuing increase compared to prepandemic levels.
As such, we intend to accelerate $200 million to $400 million of disposition activity, which fully satisfies our projected funding needs.
Including the strategic capital recycling, we believe that FFOM per share growth in the range of 12% to 15% is achievable in 2022.

Summary:
The record number of first year students, the reinstatement of on-campus housing policies and the resumption of in-person campus activities will once again allow us to implement our in-person and exclusive sports marketing program activities in the 2022 leasing season.