We continued our record of strong core operations and FFO growth with a 10% growth in normalized FFO per share in the quarter.
In 2020, our MH portfolio increased occupancy by 293 sites.
We experienced continued strength at our MH properties with full-year rent revenue growth of 4.6%.
Throughout the fourth quarter, there were over 100 virtual home tours on our website.
In the quarter, we saw an increase in core transient revenue of 15%.
Our dues revenue increased over 4% to $53 million.
We sold over 20,000 camping passes, an increase of over 6% from 2019.
Our upgrade sales increased 15% over 2019 as we saw more customers interested in increasing their commitment to the Thousand Trails system.
Based on the fourth quarter survey results, guests responding to customer experiences questions with the rating of over 4.5 out of 5.
We have issued guidance of $2.31 at the midpoint, which is a 6.4% growth in normalized FFO per share.
Over the last five years, we have sold more than 2,200 new homes in our communities.
We finished the year strong with a 30% increase in new home sales year-over-year.
We have noticed rent increases for approximately 60% of our residents and anticipate a 4.2% rate growth in MH revenue.
Since our last call, we have closed on over $200 million of transactions.
We added approximately 2,100 RV sites to the portfolio and approximately 500 MH sites, with over 700 sites of adjacent expansion and 500 marina slips.
Additionally, we closed on four parcels of entitled land with 300 acres.
We anticipate being able to build 1,000 sites in these acquired acres.
The Board has approved setting the annual dividend rate at a $1.45 per share, a 6% increase.
Consistent with the past, in 2021, we expect to have an excess of $90 million of discretionary capital after meeting our obligations for dividend payments, recurring capital expenditures and principal payments.
Over the past five years, we have increased our dividend 71%.
We have over 4,000 team members dedicated to ensuring success in our organization, and for that I am grateful.
Fourth quarter normalized FFO was $0.57 per share.
Strong performance in our Core Portfolio generated 3.6% NOI growth for the fourth quarter.
Core NOI growth of 2.9% for the full year contributed to our normalized FFO per share growth of 3.9%.
As Marguerite mentioned, full-year core community base rental income growth was 4.6%.
Rate increases contributed 4.1% growth while occupancy generated the additional 50 basis points.
Our 2020 core occupancy increase included a gain of 345 homeowners.
Our rental homes continue to represent less than 6% of our MH occupancy.
Full-year core resort base rental income growth from annuals was 5.6% with 4.9% from rate increases and 70 basis points from occupancy gains.
Core RV seasonal and transient revenues declined 3.7% and 8%, respectively for the year.
Fourth quarter seasonal RV revenues were approximately $2 million less than last year, mainly due to the travel-related restrictions impacting Canadian and U.S. domestic customers' decisions to spend the winter season in our Southern resorts.
For the full year, net contribution from our membership business was $2.9 million higher than 2019, an increase of 5.3%.
Dues revenues increased 4%, mainly as a result of increased rate.
Strong demand for our upgrade products is evidenced by the full-year increase in sales volume of 16%.
Full-year core property operating, maintenance and real estate taxes increased 5% compared to 2019.
This increase includes approximately $5.1 million in unplanned expenses associated with cleanup following hurricanes Hanna and Isaias, as well as expenses incurred as a result of cleaning and safety protocols and frontline employee compensation following the onset of COVID-19.
Our non-core properties, including those acquired during the fourth quarter, contributed $4.4 million in the quarter and $14.4 million for the full year.
Property management and corporate G&A were $97.2 million for the full year.
Other income and expenses, net, which includes our sales operations, joint venture income as well as interest and other corporate income, was $10.5 million for the year.
Interest and amortization expenses were $102.8 million for the full year.
Our guidance for 2021 normalized FFO is $445 million or $2.31 per share at the midpoint of our guidance range of $2.26 to $2.36 per share.
We projected core NOI growth rate between 3.3% and 4.3% with 3.8% at the midpoint.
Full-year guidance includes 4.2% rate growth for MH and 4.5% for annual RV rents.
We estimate the first quarter decline in revenue from these line items compared to same period last year to be almost $10 million.
Almost 50% of that shortfall is caused by our Canadian customers deciding not to visit for the season.
As a reminder, in years prior to 2020, the first quarter represented approximately 50% of our seasonal RV revenues for the year.
For the first quarter, we have seen an increase of 10% in the reservations from customers driving their RV to our resorts and a decline in our cottage rental business of almost 40%.
This represents approximately $1 million less cottage rental income in 2020.
We expect first quarter normalized FFO per share to represent approximately 24% to 25% of full-year normalized FFO per share.
Those existing mortgages mature in 2022 and carry a weighted average rate of 5.1%.
Current secured debt terms are 10 years at coupons between 2.5% and 3.5%, 60% to 75% loan-to-value and 1.4 times to 1.6 times debt service coverage.
We continue to see strong interest from life companies, GSEs and CMBS lenders to lend at historically low rates for terms 10 years and longer.
Our $400 million line of credit currently has approximately $297 million outstanding.
Our ATM program has $200 million of available liquidity.
Our weighted average secured debt maturity is approximately 13 years.
Our debt-to-adjusted EBITDA is around 5.2 times and our interest coverage is 5.1 times.

Summary:
The Board has approved setting the annual dividend rate at a $1.45 per share, a 6% increase.
Fourth quarter normalized FFO was $0.57 per share.
Our guidance for 2021 normalized FFO is $445 million or $2.31 per share at the midpoint of our guidance range of $2.26 to $2.36 per share.
We expect first quarter normalized FFO per share to represent approximately 24% to 25% of full-year normalized FFO per share.
Those existing mortgages mature in 2022 and carry a weighted average rate of 5.1%.