Across our 27 million square foot portfolio, we estimate utilization is approximately 25% on average, which has increased since the end of the summer, but is below our first COVID revised outlook we provided in April.
Plus, we further strengthened our fortress balance sheet this quarter by raising $400 million of 10.5 year bonds at an attractive rate.
Nashville came in at number three, Charlotte number five, Tampa number six and Atlanta number 11.
These five markets constitute more than 75% of our NOI.
In the third quarter, we delivered FFO of $0.86 per share, which included a cumulative $0.05 impact from a debt extinguishment charge and noncash write-offs of straight-line rent due to the conversion of certain leases from fixed rent to percentage rent.
Adjusting for these items, our FFO would have been $0.91 per share, a solid performance given the challenging economic environment.
In-place cash rents are up 5.2% compared to a year ago, which helped drive same-property cash NOI of 2.2%, excluding the impact of temporary rent relief deals, even with average occupancy down.
This performance was consistent with last quarter's 2.4%.
As expected, occupancy dipped sequentially to 90.2%, driven predominantly by T-Mobile's expiration in Tampa.
We expect occupancy to hold firm around 90% in the fourth quarter.
We leased 660,000 square feet of second-gen office space with GAAP rent growth of 12.5% and cash rent growth of 5% and this was done with limited leasing capex, which drove net effective rents 7.2% higher than our prior 5-quarter average.
New leasing volume rebounded to 190,000 square feet.
And while still below our normal quarterly volume of 200,000 to 250,000 square feet, we're encouraged by the sequential uptick and improved level of prospect activity over the past month.
We collected 99.7% of our rents in the third quarter and have collected 99.7% of October rents.
Temporary rent deferrals equate to 1.2% of annual revenues, unchanged from last quarter, and repayments are occurring on schedule.
To date, we've received repayment of approximately 25% of total deferrals and remain on track to be largely repaid by the end of 2021.
These sales will bring Phase two dispositions to $151 million for the year at prices that are in line with our pre pandemic expectations.
We're actively looking for opportunities to deploy capital, which is why we've kept our 2020 acquisition outlook range unchanged at $0 to $200 million.
Our 1.2 million square foot $503 million development pipeline remains on budget and on schedule.
We funded 73% to date and expect to fund most of the remaining $138 million by the end of next year.
These deals bring our overall pre-leased rate to 79%.
Upon stabilization, our pipeline will provide more than $40 million of NOI, of which more than $32 million is already secured through signed leases.
Now to our updated 2020 FFO outlook of $3.59 to $3.61 per share.
As I mentioned earlier, we incurred $0.05 of expenses this quarter due to debt extinguishment charges and noncash straight-line rent write-offs.
In addition, fourth quarter dispositions will be dilutive by $0.01 per share.
These items, which negatively impact our full year results by $0.06 in the aggregate were not in our prior outlook of $3.59 to $3.68.
Excluding these items, the midpoint of our updated range is up $0.025 compared to the last quarter.
During the quarter, we signed 660,000 square feet of second-generation leases with GAAP rent spreads of a positive 12.5%, cash rent growth of 5% and net effective rents that were 7% above our prior 5-quarter average, just short of the record set in the fourth quarter of 2019.
With regard to new leasing, activity picked up in the third quarter with 190,000 square feet of new deals and 8,000 square feet of expansions.
The renewal of the Federal Aviation Administration in Atlanta during the quarter finalized our last remaining expiration over 100,000 square feet during the next 2-plus years.
With this renewal in hand, we now have only 18% of our portfolio expiring over the next nine quarters, which is down over 500 basis points compared to this point a year ago and our long-term historical average.
As Ted discussed, rent relief deals held steady at 1.2% of our annual revenues.
To that end and as a testament to the quality of our customers, our collections are strong with 99.7% of all rents collected in the third quarter and for the month of October.
To this end, 25% of new deals in the quarter are new to market, coming from the West Coast, Midwest and the Northeast.
Vacancy increased 20 basis points across our markets for the quarter.
Specifically, in 2020, we've had seven customers ranging in size from 1,200 square feet to 4,300 square feet who did not renew leases in favor of working from home.
To Charlotte, where after five years straight of positive quarterly absorption, the market recorded its first negative quarter in Q3, with the footnote that rents are up 3% and major inbound announcements, such as Centene's one million square feet and 3,000 new job announcements are just now getting going.
Our portfolio there held firm and we signed 167,000 square feet.
Let's now go down to the home of the Stanley Cup winners, the World Series competitors at the very least, Super Bowl hosters in Tampa, where rents have increased 4% year-over-year, and the market saw over 200,000 square feet of inbound inquiries from out of market prospects this quarter.
The team signed 80,000 square feet of leases and toured several prospects through Avion and Midtown Tampa, where the mixed-use development is racing toward delivery next year and where our new 150,000 square foot office building is rising directly above an REI, next door to Whole Foods and luxury apartments and down the block from Shake Shack and two new hotels.
In the third quarter, we delivered net income of $40.3 million or $0.39 per share and FFO of $91.7 million or $0.86 per share.
As Ted mentioned, the quarter included a debt extinguishment charge and noncash straight-line credit losses, which reduced FFO by $0.05 per share.
Excluding these two items, our FFO would have been $0.91 per share which compares favorably to $0.88 per share in last year's third quarter, also after excluding onetime items associated with the market rotation plan from a year ago.
To put this in context, clean FFO is up about 3.5% year-over-year, with leverage essentially unchanged, while we've entered Charlotte with a trophy building, exited the majority of our Greensboro and Memphis properties and operated during a pandemic and severe recession.
We issued $400 million of 10.5 year bonds with an interest rate of 2.65%.
We used some of the proceeds to retire $150 million of our 2021 bonds early and repaid a $100 million term loan due in early 2022.
After repaying the balance outstanding on our revolving line of credit and continuing to fund development, we ended the quarter with $119 million of cash on hand.
Our net debt-to-adjusted EBITDAre ratio was steady at five times, and our leverage ratio including preferred stock is 36.6%.
We have $138 million left to spend to complete our development pipeline and no debt maturities until June 2021.
The combination of more than $700 million of current liquidity and projected fourth quarter disposition proceeds puts us in a strong position to fund our remaining capital obligations while leaving us ample room for future growth opportunities without the need to raise additional capital.
We've updated our FFO range to $3.59 to $3.61 per share.
This includes $6.5 million or $0.06 per share of dilution from the following items that weren't in our prior outlook: $3.7 million debt extinguishment charge, a $1.5 million noncash straight-line rent credit losses mostly due to conversion of leases from fixed rent to percentage rent and $1.3 million net impact of lower FFO from fourth quarter dispositions.
Excluding these items, our FFO outlook would have been up $0.025 at the midpoint.
Last quarter, we detailed $0.01 of dilution from items that weren't in our original FFO outlook.
When adjusting for these nonoperational or noncash items that were not in our original outlook, the midpoint of our revised range would be $0.01 per share above the midpoint of our original FFO outlook that we provided in early February.
As Ted mentioned, we expect to close $123 million in dispositions before year-end, which will bring 2020 dispositions to $151 million, excluding the $338 million of phase one market rotation dispositions we completed in the first quarter.
We have maintained our original acquisition outlook of $0 to $200 million as we're currently evaluating certain opportunities.
Third, we expect $40 million of NOI from our development pipeline upon completion and stabilization.

Summary:
In the third quarter, we delivered FFO of $0.86 per share, which included a cumulative $0.05 impact from a debt extinguishment charge and noncash write-offs of straight-line rent due to the conversion of certain leases from fixed rent to percentage rent.
Now to our updated 2020 FFO outlook of $3.59 to $3.61 per share.
In the third quarter, we delivered net income of $40.3 million or $0.39 per share and FFO of $91.7 million or $0.86 per share.
We've updated our FFO range to $3.59 to $3.61 per share.