In addition, Cousins gave back to our communities as we committed $900,000 from our nonprofit foundation to support organizations focused on COVID-19 relief and important social justice causes.
On the operations front, the teams delivered $0.68 per share in FFO with second generation cash rents of 8.9%.
We leased 387,000 square feet and collected 99% of total rent, including 99% from our office customers.
In addition, we took advantage of economic uncertainty and made several investments in the South End of Charlotte, including our acquisition of the RailYard's for $201 million and two fabulous land sites, totaling 5.6 acres in aggregate.
Second, we have a terrific development pipeline of $449 million, that is 77% pre-leased and attractive land sites where we can build an additional 5 million square feet.
Our balance sheet is strong with net debt to EBITDA of 4.8 times and G&A as a percentage of total assets at 0.3%, both among the best in the entire office sector.
In fact, 2020 with a record year for corporate relocations and expansions in Austin with 39 companies that announced plans to add nearly 9,900 jobs in the Greater Austin area.
And in Atlanta just yesterday, Microsoft confirmed, it had purchased 90 acres in West Midtown with plans to build a major employment hub, which will include thousands of new office-using jobs.
2021 is a transition year for Cousins from an earnings perspective.
Our financial results will reflect several known move-outs from recent value add acquisitions like 3350 Peachtree, 1200 Peachtree in Atlanta, as well as the Bank of America Plaza building in Charlotte, which is now known as One South at the Plaza.
First, an update on customer utilization within our 20 million square foot operating portfolio.
Utilization continues to track at an average of approximately 20% across the company, squarely in line with our reported levels last October.
We collected 98.8% of rent from all customers and 99.2% of rent from office customers in the fourth quarter.
In the fourth quarter, rent deferral agreements represented just 0.3% of annualized contractual rents.
And we're only 1.5% of contractual rents for all 2020.
Our total portfolio into the fourth quarter at 90.8% leased with our same property portfolio at a solid 92.7% leased.
Total portfolio weighted average occupancy held steady this quarter at 90.4% and the same-property portfolio moved up to 92.4%.
While only 8.5% of our annual contractual rents expire in 2021, our operating portfolio includes value-add investments with known 2021 pending vacancy, such as 1200 Peachtree and 3350 Peachtree in Atlanta and One South at the Plaza in Charlotte.
The final 169,000 square feet of Bank of America space at One South expired at the end of 2020, representing about 90 basis points of portfolio occupancy.
On top of that, we have only 8% or less of our annual contractual rents expiring in each year through 2024.
In all, we executed over 387,000 square feet of leases during the fourth quarter and over 1.4 million square feet of leasing for the year.
After quarter end, we also signed a new lease at our 100 Mill new development in Tempe.
Our average lease term this quarter was a healthy 6.6 years, and it was seven years for the full year.
Our average lease term was fairly consistent between new and renewal activity and was not meaningfully different than our three-year pre-COVID run rate of 7.5 years.
Lease concessions defined as free rent and tenant improvements were $4.15 per square foot per year this quarter, below our rolling eight-quarter average.
Rent growth within our portfolio has remained strong, especially for operating in pandemic, with second generation net rents increasing 8.9% on a cash basis for the quarter and 13.1% on a cash basis for the year.
With solid rent growth and lower than normal concessions in this past quarter, our average net effective rents came in at $25.19 per square foot.
For CoStar, Uptown Charlotte and Tempe still have notably low Class A vacancy rates of 7.7% and 6.9% respectively.
For JLL, there are currently over 5.4 million square feet of tenant requirements in the market in Austin.
40% of these requirements are focused on the CBD and Northwest domain.
Also for JLL, employees in Dallas have returned to the office faster than the rest of the country at almost 40% in December.
This compares to only 10% to 15% in the coastal markets.
According to a recent PwC study, 70% of executives expect their real estate footprint to stay the same or grow over the next three years due to the rising headcounts and social -- due to rising head counts and social distancing.
FFO was $0.68 per share for the quarter and $2.78 per share for all of 2020.
Same-property cash NOI growth remained positive during 2020 at 0.7%, and it was up a very solid 4.5%, when adjusting for COVID related rent deferrals and parking losses.
Most impressive as all as Richard said earlier, was that we increased cash rents on expiring leases by over 13% during 2020.
Focusing on our same-property performance, cash net operating income during the fourth quarter declined 3.3% compared to last year, driven by a 4% decline in revenues and a 5.2% decline in expenses.
Adjusting for COVID related rent deferrals and parking losses, same-property cash NOI actually increased 1.7% during the fourth quarter.
For all of 2020, same-property operating expenses were down 6%, compared to 2019, and excluding property taxes, expenses were down almost 10%.
Turning to our development efforts, one asset Domain 12 in Austin was moved off our development pipeline schedule during the fourth quarter, as economic occupancy at that property exceeded 90%.
The remaining development pipeline represents a total Cousins investment of $450 million, across 1.5 million square feet in five assets.
Our remaining funding commitment for this pipeline is approximately $125 million, which is more than covered by our existing liquidity and future retained earnings.
On the transaction front, we closed three acquisitions during the fourth quarter, the purchase of The RailYard in Charlotte for $201 million, as well as the purchase of two land parcels in Charlotte for $47 million.
In addition, we sold our interest in two small non-core land parcels that the company acquired over 15 years ago, when the strategy was decidedly different than it is today, incurring a loss of approximately $750,000.
This impairment reflects approximately a 6% decline in value for the asset, which is not surprising considering the disruption to energy markets, since we closed the TIER transaction 1.5 years ago.
Looking forward, we're providing initial 2021 FFO guidance of between $2.76 and $2.86 per share.
Please also note that our earnings guidance assumes physical occupancy will remain significantly below normalized levels until the second half of 2021.

Summary:
On the operations front, the teams delivered $0.68 per share in FFO with second generation cash rents of 8.9%.
2021 is a transition year for Cousins from an earnings perspective.
We collected 98.8% of rent from all customers and 99.2% of rent from office customers in the fourth quarter.
FFO was $0.68 per share for the quarter and $2.78 per share for all of 2020.
Looking forward, we're providing initial 2021 FFO guidance of between $2.76 and $2.86 per share.
Please also note that our earnings guidance assumes physical occupancy will remain significantly below normalized levels until the second half of 2021.