They worked tirelessly to ensure the successful combination of these 2 high-quality and complementary real estate platforms.
It all goes back to our 3 Ps, Properties, Processes and People and we absolutely excel on all 3 fronts.
We signed approximately 5,000 square feet in the third quarter including 7 anchor leases, 3 lease for grocers.
In the past 2 quarters, we leased over 1.2 million square feet which are unprecedented levels for our legacy portfolio.
Blended lease spreads were 20.7% and 13.4% on a GAAP and cash basis respectively.
It is now at 92.8% for the portfolio.
This 130 basis point increase from last quarter is another indication of the continuing recovery in our operation and -- operational and financial performance.
The outsize leasing volume continues to widen our total retail portfolio leased to occupied spread to 400 basis points with current sign not-open NOI of approximately $14 million.
Together with the legacy RPAI portfolio, we have signed not-open NOI of approximately $33 million.
We signed another 5 anchor leases this quarter for a cumulative total of 12 anchor leases since the program's inception.
These 12 leases are expected to generate average cash yields of over 26% with comparable spreads of 14% on a cash basis.
We now have nearly 60% of our ABR in warmer and cheaper markets, 40% of which belongs in Texas and Florida alone.
The combined portfolio now has 26% of value in superzip [Phonetic] neighborhoods, the second highest percentage in the sector.
A final benefit, I'd like to point out is that KRG is now a top 5 open-air shopping center REIT.
We entered into a 50-50 joint venture to develop 285 apartment units and 24,000 square feet of ground floor retail.
We believe the approximate value of this entitled land as is with no additional spend is between $125 and $180 million.
We were able to hit the ground running on day 1 due to our pre-close planning.
No integration of 2 companies is flawless but we are very pleased where we are to date.
Turning to KRG's stand-alone third quarter results, we generated $0.25 of NAREIT FFO and $0.33 of FFO as adjusted.
As set forth on page 19 of our supplemental, the net 2022 collection impact in the third quarter was minimal with the collection of $2.4 million of prior bad debt, offset by $300,000 of accounts receivable we now deemed uncollectible.
Our same property NOI growth for the third quarter is 10.8% primarily driven by a reduction in bad debt as compared to the prior year period.
This includes the benefit of approximately $2.1 million of previously written-off bad debt that we collected in the third quarter.
Excluding those amounts, our same-store NOI growth would be 6%.
With respect to outstanding accounts receivable items as of last Friday, the balance on our outstanding deferred rent stands at $1.7 million as compared to $6.1 million as of December 31, 2020.
Our net debt to EBITDA was 6.1 times, down from 6.4 times last quarter.
Pro forma for the merger, third quarter net debt to EBITDA is 6 times along with roughly $1 billion of liquidity, adding in $33 million of signed not-open NOI for the combined portfolio, our net debt to EBITDA would be 6 times.
As a reminder, we estimated stabilized cash synergies of $27 million to $29 million and stabilized GAAP synergies of $34 million to $36 million.
In fact, as of the closing approximately $21 million of annualized GAAP savings have already been achieved.
It is important to note that we anticipate realizing on the additional annualized $13 million to $15 million of GAAP synergies over the next 12 to 18 months.
Finally, due to the timing of the closing of the merger and the challenge in -- challenge of determining correct guidance for a partial quarter we are suspending our 2021 guidance.

Summary:
Turning to KRG's stand-alone third quarter results, we generated $0.25 of NAREIT FFO and $0.33 of FFO as adjusted.
Finally, due to the timing of the closing of the merger and the challenge in -- challenge of determining correct guidance for a partial quarter we are suspending our 2021 guidance.