As previously announced on January 1, I assumed the role of Executive Chair after 12 years as CEO.
And the more than 35 years that I've been with the company, I am extremely proud of what we have accomplished as the leader in the outlet industry.
While the last 11 months' have been challenging for our company, the positive traffic, rent collections and liquidity trends that Steve mentioned are all indicators that our business is stabilizing and our shoppers are quickly returning to our open-air outlet shopping centers.
Our year end consolidated portfolio occupancy was 91.9% despite having recaptured almost 8% of the square footage in our portfolio during the year due to bankruptcies and brandwide retailer restructurings.
The percentage of occupied stores that are open rapidly accelerated post mandate and currently stands at 99%.
Our strong rent collections at 95% of fourth quarter build rents and better than expected deferred rent collections to date demonstrate that the strategy was successful, where we permitted concessions, we negotiated landlord-friendly amendments that resulted in a value for value exchange that strengthened our portfolio.
We also took a closer look at expenses and we're able to quickly devise a plan that resulted in almost $18 million in cost reductions over the last nine months of 2020.
In the fourth quarter, shopper traffic rebounded to approximately 90% of prior year levels, rising to more than 95% during the month of January.
Fourth quarter Core FFO available to common shareholders was $0.54 per share compared to $0.59 per share in the fourth quarter of 2019.
Same-Center NOI for the consolidated portfolio decreased $7.8 million for the quarter, primarily reflecting the rent modifications and store closings from the recent bankruptcies and brandwide restructurings, including an additional 317,000 square feet recaptured during the quarter.
Included in Same-Center NOI for the quarter or write-offs of approximately $3.1 million related to the fourth quarter build rents.
The write-offs were offset by the reversal of approximately $3.5 million in reserves related to rents previously deferred or under negotiation as a result of better-than-expected collections, leaving a net benefit of approximately $400,000.
In addition, we recognized a $1.1 million charge to core FFO related to the write-off of straight-line rents, which are not included in Same-Center NOI.
Through the end of January, we had collected 95% of fourth quarter rents build.
As of January 31, our second quarter improved to 63% of build rents from 43%.
Third quarter improved to 91% from 89% and 57% of deferred rents had been collected, nearly half of which represented prepayments.
We collected 90% of the deferred rents that were due in January.
Core FFO for the quarter was positively impacted by the recognition of lease termination fees totaling $4.1 million, which was significantly elevated over the prior year amount of approximately $100,000.
With the improvements in rent collections, the ongoing focus on cost controls and a prudent approach to capital allocation, we had over $680 million of available liquidity, including over $80 million of cash and $600 million of unused capacity on our lines of credit as of the end of January.
Given the improved rent collections and our ample liquidity position, our Board declared a dividend of $0.1775 per share, which was paid last week to holders of record on January 29.
In light of this backdrop, we expect core FFO per share for 2021 to be between $1.47 and $1.57 per share.
This guidance assumes there are no further government mandated shutdowns and assumes lease termination fees decrease by $9 million to $10 million or $0.09 to $0.10 per share, from the elevated level we recognized in 2020.
Currently, we expect to recapture approximately 200,000 square feet due to bankruptcies and brandwide restructurings during 2021, most of which we expect will occur during the first half of the year.
We expect a combined annual recurring capital expenditures and second generation tenant allowances of approximately $40 million to $45 million for 2021.

Summary:
Our strong rent collections at 95% of fourth quarter build rents and better than expected deferred rent collections to date demonstrate that the strategy was successful, where we permitted concessions, we negotiated landlord-friendly amendments that resulted in a value for value exchange that strengthened our portfolio.
In the fourth quarter, shopper traffic rebounded to approximately 90% of prior year levels, rising to more than 95% during the month of January.
Fourth quarter Core FFO available to common shareholders was $0.54 per share compared to $0.59 per share in the fourth quarter of 2019.
Through the end of January, we had collected 95% of fourth quarter rents build.
With the improvements in rent collections, the ongoing focus on cost controls and a prudent approach to capital allocation, we had over $680 million of available liquidity, including over $80 million of cash and $600 million of unused capacity on our lines of credit as of the end of January.