Sun Belt cities have led the nation in population growth, employment growth, in domestic in-migration over the last three decades. We are actively underwriting several other acquisition opportunities and remain confident we can effectively deploy the remaining 1031 proceeds from the California sale. This spend, which we booked a property management expense, would have reduced our California portfolio's annual NOI by approximately 80 basis points. In addition, we expect our future recurring CapEx spend per unit to decline by 5% and our bad debt to be reduced by 10 basis points after the sale.
At the beginning of the year, we gave Core FFO guidance of $6.75 per share at the midpoint of our guidance range. Our initial guidance for same-store growth contemplated 50 basis points for revenue and negative 90 basis points for NOI when excluding the California portfolio. We are maintaining that full-year same-store revenue guidance and increasing our full-year same-store NOI guidance on better expense control. Sequentially, signed blended lease rates improved 160 basis points in the second quarter as compared to a 70 basis point sequential increase this time last year.
Additionally, signed renewal gains have increased by 170 basis points from March to July. Finally, one of the questions I've been asked the most over the past couple of years is when Camden will start registering positive signed new lease growth. Rental rates for the second quarter, now excluding California, had effective new leases down 3.3% and renewals up 2.8% for blended rate growth of negative 0.2%. This was in line with our expectations and reflected a 220 basis point improvement from negative 5.5% new lease rate growth in the first quarter of 2026.