Some of the results the team produced include, funds from operations, coming in above guidance, up 10.5% compared to second quarter last year and $0.03 ahead of our guidance midpoint.
This marks 33 consecutive quarters of higher FFO per share, as compared to the prior year quarter, truly a long-term trend.
Our second quarter occupancy averaged 96.8%, up 20 basis points from second quarter 2020.
And at quarter end, we're ahead of projections at 98.3% leased and 96.8% occupied.
Quarterly releasing spreads were among the best in our history at 31.2% GAAP and 16.2% cash.
And year-to-date, those results are 28% GAAP and 16% cash.
Finally, cash same-store NOI rose by 5.6% for the quarter and 5.8% year-to-date.
I'm grateful, we ended the quarter at 98.3% leased, matching our highest quarter on record.
Looking at Houston, we're 96.5% leased, with it representing 12.3% of rents, down 150 basis points from a year ago and is projected to continue shrinking.
Brent will speak to our budget assumptions, but I'm pleased that we finished the quarter at $1.47 per share in FFO and are raising our 2021 forecast by $0.09 to $5.88 per share.
Based on the market strength we're seeing today, we're raising our forecasted starts to $275 million for 2021.
FFO per share for the second quarter exceeded our guidance range at $1.47 per share and compared to second quarter 2020 of $1.33, represented an increase of 10.5%.
From a capital perspective, during the second quarter we issued $60 million of equity at an average price over $162 per share, and we issued and sold $125 million of senior unsecured notes, with a fixed interest rate of 2.74% in a 10-year term.
The capacity was increased from $395 million to $475 million, while the interest rate spread was reduced to 22.5 basis points, and our ongoing efforts to bolster our ESG efforts we incorporated a sustainability-linked metric into the renewal.
Our debt-to-total market capitalization was 17%, debt-to-EBITDA ratio at 4.9 times, and our interest and fixed charge coverage ratio increased to over eight times.
Bad debt for the first half of the year is a net positive $90,000, because of tenants whose balance was previously reserved that brought current exceeding new tenant reserves.
Looking forward FFO guidance for the third quarter of 2021 is estimated to be in the range of $1.46 to $1.50 per share and $5.83 to $5.93 for the year, a $0.09 per share increase over our prior guidance.
The 2021 FFO per share midpoint represents a 9.3% increase over 2020.
Among the notable assumption changes that comprise our revised 2021 guidance, include: increasing the cash same-property midpoint by 18% to 5.2%, increasing projected development starts by over 30% to $275 million and increasing equity issuance from $140 million to $185 million.

Summary:
Brent will speak to our budget assumptions, but I'm pleased that we finished the quarter at $1.47 per share in FFO and are raising our 2021 forecast by $0.09 to $5.88 per share.
FFO per share for the second quarter exceeded our guidance range at $1.47 per share and compared to second quarter 2020 of $1.33, represented an increase of 10.5%.