As a result, our third quarter revenues from rental properties increased by more than 4% to $37.2 million, and our AFFO per share by more than 9% to $0.47 per share.
Getty has acquired 32 properties for approximately $140 million so far this year.
Our collections have continued to improve and in the quarter, we collected 98% of our rent and mortgage payments and agreed to a small number of short-term deferrals for rent and mortgage payments.
Looking ahead to the fourth quarter, as of today, our collections rate currently remains at 98% for the month of October and we are continuing to collect substantially all the COVID-related rent and mortgage deferrals that were due to be repaid this month.
Nationally, fuel volumes continue to recover and are now down 17% year-over-year compared to the 50% decline we saw at the height of the pandemic impact during the second quarter.
To touch on our balance sheet and liquidity position, we ended the quarter with $58 million of cash on hand and $190 million of availability on our revolving credit facility, with some of the cash on hand being used to fund acquisitions we have already closed during the fourth quarter.
Turning to our dividend, given our performance, I am pleased to report that our Board approved an increase of 5.4% to $0.39 per share in our quarterly dividend.
During the quarter, we invested $36.1 million for the acquisition of nine properties.
Subsequent to the end of the quarter, we invested an additional $36.6 million for the acquisition of eight properties.
The properties acquired are subject to a unitary triple-net lease with the 15 year based term and multiple renewal options.
Properties we acquired have an average lot size of 2 acres and an average tunnel length of more than 160 feet, both of which we believe, enhance the quality and diversity of our portfolio.
We invested $28 million at closing and expect to generate a cash yield that is in line with our historic acquisition cap rate range.
The sites are subject to a 15 year triple net lease with Zips Car Wash.
Getty's aggregate initial cash yield on our second quarter acquisitions was 7.2%.
In the transaction, Getty acquired Fikes [Phonetic] properties for $28.6 million.
The properties acquired are subject to a unitary triple-net lease with a 15 year base term and multiple renewal options.
The properties we acquired have an average lot size of 2.7 acres and an average store size in excess of 5,300 square feet which reflect that the assets we acquired have all the attributes of today's modern full service convenience stores.
The sites were added to our 15 year triple net lease with Go Car Wash.
For the quarter, we invested approximately $0.6 million in both completed projects and sites which are in progress.
Our total investment in this project is $0.8 million and we expect to generate a return on our investment of 18%.
In terms of redevelopment leasing, we ended the quarter with 12 signed leases which includes seven active projects and five signed leases and properties, which are currently subject to triple-net leases, but which have not yet been recaptured from the current tenants.
In total, we have invested approximately $1.5 million in the 12 redevelopment projects in our pipeline.
From a capital investment perspective, we expect that these 12 projects will require total investment by Getty of $7.9 million and will generate incremental returns to the Company in excess of where we could have invested these funds in the acquisition market today.
We remain committed to optimizing our portfolio and continue to anticipate redevelopment opportunities over the next five years, possibly involving between 5% and 10% of our current portfolio with targeted unlevered -- unlevered redevelopment program yields of greater than 10%.
Turning to dispositions, we sold one non-core property during the third quarter, realizing proceeds of approximately $0.2 million.
As a result of our activity, we ended the quarter with 939 net lease properties, seven active redevelopment sites and eight vacant properties.
Our weighted average lease term is approximately 10 years and our overall occupancy excluding active redevelopments increased to 99.2%.
For the third quarter, our total revenues were $37.9 million, an increase of 4% over the prior year's quarter and our rental income, which excludes tenant reimbursement and interest on notes and mortgages receivable also grew 5.3% to $31.9 million.
Our FFO for the quarter was $20.8 million or $0.48 per share as compared to $19.1 million or $0.46 per share for the prior year's quarter.
Our AFFO for the quarter was $20.2 million as compared to $18.1 million in the prior year's quarter.
On a per share basis, our AFFO was $0.47, up 9% from $0.43 in the prior year.
We ended the third quarter 2020 with $560 million of total borrowings, which includes a $110 million under our credit agreement and $450 million of long-term fixed rate debt.
Our weighted average borrowing cost is 4.3%.
The weighted average maturity of our debt is 4.5 years with 80% of our debt being fixed rate and our earliest debt maturity remains at $100 million Series A which matures in February 2021.
As of today, we have $190 million of undrawn capacity on our revolving credit facility, which can be used to fund operations or for growth over the near to medium term.
At quarter end, our debt to total capitalization stood at 34%.
Our debt to total asset value is 41% and our net debt to EBITDA ratio was 4.9 times.
For the quarter, we raised $27 million at an average price of $29.41 per share, which helped to fund our growth and maintain our low leverage profile.
We still have $40 million available to us to fund under our existing at-the-market program.
On environmental liability ended the quarter at $49 million, down $1.7 million for the year.
For the quarter, Company's net environmental remediation spending was approximately $1.4 million [Phonetic].

Summary:
Turning to our dividend, given our performance, I am pleased to report that our Board approved an increase of 5.4% to $0.39 per share in our quarterly dividend.