And for purposes of the anchor year on long-term earnings per share growth guidance, the anchor is weather-adjusted 2020 earnings per share of $3.84.
This agreement will add an equivalent customer connection total of more than 45,000.
It was also executed under Act 12 of 2016, which allows municipalities to sell their water and wastewater systems for a price-based on the fair market value of the facilities.
This municipally owned water and wastewater system serves approximately 3,000 customer connections.
This municipally owned water system serves approximately 900 customer connections and is our first agreement signed under the new fair market value legislation in the Virginia commonwealth.
To date this year, we've added approximately 4,500 customer connections through closed acquisitions and organic growth.
We have under agreement more than 86,000 customer connections, including the City of York.
In total, the acquisitions closed so far this year, and all those under agreement represent approximately $440 million in additional rate base and an estimated $115 million of follow-on additional capital expenditures over the next five years.
And our growth pipeline remains strong with more than 1.2 million customer connection opportunities.
Our first quarter 2021 earnings per share of $0.73 were up 7.4% compared to the first quarter of 2020.
We invested capital of $342 million in the first quarter as we continue to balance that investment by focusing on operating and capital efficiencies, constructive regulatory outcomes and by leveraging the size and scale of our business.
As a reminder, we've challenged ourselves with a new O&M efficiency target of 30.4% by 2025.
With this strong start to 2021 and continued execution of our strategies, we're affirming today our 2021 earnings guidance range of $4.18 to $4.28 per share.
We are also affirming our long-term earnings per share compound annual growth rate in the 7% to 10% range.
The request was driven by $1.64 billion of investment from 2019 through 2022.
Pennsylvania American Water was authorized additional annualized revenues of $90 million over a 2-year period, excluding an agreed to reduction in revenues for tax savings passed back to customers as a result of the Tax Cuts and Jobs Act of 2017.
The rate order includes approximately $620 million in water and wastewater system improvements made since the end of 2017.
Rates will be effective on May 28, 2021, and will result in additional annualized water and wastewater revenue of $22 million, excluding the reduction in revenue for tax savings passed back to customers, also a result of TCJA.
If the global settlement is adopted by the commission without changes, revenues will increase by $33.5 million over three years, with agreed capital investments of $165 million in 2021 and 2022.
As part of the application, California American Water requested an authorized cost of equity of 10.75%, cost of debt of 4.35% and overall rate of return of 8%, which is sufficient to provide California American Water with the opportunity to earn a reasonable return on its investments.
And once staff deemed the application complete, by statute, the Coastal Commission would have 180 days to process it.
The law also establishes a time line for a PSC decision on an acquisition, which is within 60 to 150 days of application approval.
Act 1287 creates a mechanism that reduces the required upfront cost to new customers for water and wastewater utility to extend service to underserved areas.
And Act 349 establishes a tax writer for water and wastewater utilities based upon any change in state or federal income tax law.
For the 12-month period ending March 31, 2021, our O&M efficiency ratio was 34.1%, a decrease from 34.5% for the 12-month period ended March 31, 2020.
Since then, we've added approximately 327,000 customer connections, while expenses only increased at a compound annual growth rate of 1.1%.
Our commitment to 0 injuries and incidents will continue because no injury is ever acceptable to us.
As Walter highlighted, first quarter 2021 earnings were $0.73 per share compared to $0.68 per share in the first quarter of 2020.
Results for the regulated business segment were $0.74 per share, an increase of $0.06 per share, primarily driven by continued growth from infrastructure investment, acquisitions and organic growth.
Results for the market-based business were $0.09 per share, a decrease of $0.03 per share as we saw an increase in claims in the homeowner services group due largely to weather-related events.
Current company results improved $0.02 per share in the first quarter of 2021 as compared to the same period in 2020.
Regulated results increased $0.06 per share, as I said.
We saw a $0.19 per share increase in revenues from new rates in effect as well as earnings from acquisitions.
O&M expense increased by $0.08 per share and somewhat offsetting with an increase in depreciation of $0.05 per share in support of growth in the business.
As previously mentioned, the market-based business results increased -- or decreased $0.03 per share in the first quarter of 2021 as compared to the first quarter of '20.
The parent results improved $0.02 per share in the first quarter of 2021 compared to the first quarter of last year.
And as a reminder, the excess accumulated deferred income taxes resulted from the federal rate being lowered from 35% to 21% as part of the Tax Cuts and Jobs Act, as Walter mentioned.
To date, the regulated businesses have received $123 million in annualized new revenues in 2021.
This includes $92 million from the Pennsylvania and the Missouri rate cases discussed earlier, excluding the agreed reduction in revenues for tax savings passed back to customers and $31 million from infrastructure surcharges.
In addition, the Pennsylvania rate case includes a second step increase of $20 million effective January 2022.
We have also filed requests and are awaiting final orders on three rate cases, totaling an annualized revenue request of $61 million.
On April 28, 2021, our Board of Directors increased the company's quarterly cash dividend payment from $0.55 to $0.6025 per share.
We have grown our dividend at a compound annual growth rate of about 10% over the last five years, significantly outpacing our peers in the Dow Jones utility average and the Philadelphia Utility Index.
We expect to continue our dividend growth at the high end of the 7% to 10% range, as we know that, that is very important to many of our shareholders.
Also, we continue to target a dividend payout ratio of 50% to 60% of earnings.

Summary:
As Walter highlighted, first quarter 2021 earnings were $0.73 per share compared to $0.68 per share in the first quarter of 2020.