Operating portfolio occupancy increased to 90.2% from 89.9% last quarter and annualized base rent increased to $20.41 from $19.95 last quarter.
Our overall foot traffic at our centers in 3Q '21 was 35% higher than the same quarter in 2020.
Regarding our financial performance for the quarter, revenue grew by 9% to $32.4 million this quarter compared to $29.9 million in 3Q '20.
Same-store net operating income growth of 7% in this quarter and 8% in Q2 was driven by increases in occupancy and annual base rent per square foot as previously noted, as well as positive leasing spreads.
Funds from operations core was $0.25 per share and $0.75 per share in the quarter and the nine months ended September 30, 2021 respectively.
We reduced our debt to EBITDA, which is now 8.1 times down from 9.4 times a year ago.
Our dividend yield of 4.3% remains at a premium and our payout ratio to FFO core is exceptionally strong at 42%.
This quarter we reactivated our external growth plan with the acquisition of Lakeside Market in Plano, Texas at a purchase price of $53.25 million.
Looking at our current portfolio, we now have 4.6 million of our 5.1 million square feet of space leased.
Our approximately 1,500 tenants' average lease space is 3000 square feet per tenant, complemented by a mix of larger square footage leases by our grocery anchors.
By doing so, we spread our risk among a group of tenants in a relatively the same space as a larger tenant, achieve higher rent per square foot, annual escalators of 2% or 3% and some of our tenants pay percentage lease of revenues.
Some important metrics to highlight that our new lease count for 3Q '21 is 38 versus 35 in the prior quarter and 32 in the prior year.
Our leasing spreads for 3Q '21 are 5.4% versus 3.1% in the prior quarter and 2.9% in the prior year, both of which are moving in a positive direction.
Total revenue was $32.4 million for the quarter, up 6% from the second quarter and up 9% from the third quarter of 2020.
The revenue growth was driven by a sequential 0.3% increase in same-store occupancy from Q2 and a 1.2% improvement compared to Q3 of 2020.
We are also benefiting from our ABR per square foot, rising 2.3% sequentially and 5.3% from a year ago along with lower and collectability reserves.
Property net operating income was $23.2 million for the quarter, up 5% sequentially and up 9% from the third quarter of 2020.
Q3 same-store NOI increased 7% from Q3 of 2020.
Net income for the quarter was $0.06 per share, up from $0.02 per share in the prior year quarter.
Funds from operations core was $0.25 per share in the quarter, up 9% from the second quarter of 2020 and year-to-date FFO core per share was $0.75 per share, up 9% from the same period of 2020.
Our leasing activity in the quarter continued to build on our very strong first and second quarters, with 38 new leases, representing 90,000 square feet of newly occupied spaces.
Our new leasing activity for the nine months was 56% higher on a square foot basis than 2020 and 48% higher than 2019.
On a total lease value basis, our new leasing activity for the nine months was 112% higher than 2020 and 191% higher than 2019.
Leasing spreads on a GAAP basis have been a positive 8.5% over the last 12 months and third quarter leasing spreads increased by 5.4% on new leases and 14.1% on renewal leases signed.
Our annualized base rent per square foot on a GAAP basis at the end of the quarter grew 2.3% to $20.41 from $19.95 in the previous quarter and increased 5.3% from a year ago.
Total operating portfolio occupancy stood at 90.2%, up 1.2% from a year ago and up 0.3% from the second quarter.
Including our newest acquisition Lakeside Market, our total occupancy is 89.9%, up 1% from a year ago.
Our tenant receivables decreased by $1 million, an improvement of 4.4% from year-end 2020.
Our interest expense was 4% lower than a year ago, reflecting our lower net debt.
At quarter end, we had $22 million in accrued rents and accounts receivable.
Included in this amount is $17.8 million of accrued straight-line rents and $1.3 million of agreed upon deferrals.
Our agreed upon deferral balance is down 43% from year-end reflecting tenants honoring their payment plans.
Our total net debt was $616.6 million, down $20.5 million from a year ago, improving our debt to gross book real estate cost ratio to 51% down from 55% a year ago.
Our debt to EBITDA ratio improved 1.3 turns from a year ago and 0.1 turn from the second quarter to 8.1 times in Q3.
As of quarter end, we have $155.5 million of undrawn capacity and $81.8 million of borrowing availability under our credit facility.
During the quarter, we sold 3 million common shares under our ATM program, resulting in $28 million in net proceeds to the company at an average sale price of $9.49 per share.

Summary:
Regarding our financial performance for the quarter, revenue grew by 9% to $32.4 million this quarter compared to $29.9 million in 3Q '20.
Funds from operations core was $0.25 per share and $0.75 per share in the quarter and the nine months ended September 30, 2021 respectively.
Funds from operations core was $0.25 per share in the quarter, up 9% from the second quarter of 2020 and year-to-date FFO core per share was $0.75 per share, up 9% from the same period of 2020.