And as we noted in our SIP our portfolio is about 15% occupied with variances between the different operations but we can certainly provide more color on that during the Q&A.
Additional details on our approach to this crisis are outlined in our COVID-19 insert found on Pages 1 to 4 of the supplemental package.
We are 100% complete on our speculative revenue target.
And while the volume of executed leases was down a bit quarter-over-quarter, as you might expect, during the summer it -- regardless of the pandemic, our overall pipeline increased by over 330,000 square feet.
For the third quarter, we also posted very strong rental rate mark-to-market of 17.1% on a GAAP basis and 9% on a cash basis.
In addition, the core portfolio did generate positive absorption of 102,000 square feet, which includes 47,000 square feet of tenant expansions.
Also included in those absorption numbers was the full building delivery of our 426 Lancaster Avenue redevelopment in Pennsylvania suburbs, that was 55,000 square feet and 112,000 square feet of the occupancy backfilling of the SHI space again in Austin, Texas.
We did experience during the quarter 58,000 square feet of COVID-related terminations.
The primary one of that was Philadelphia Sports Club in our Radnor complex of 42,000 square feet and a couple other small hospitality and medical offices.
For this quarter, the numbers were consistent with our business plan and were primarily driven, as you might expect, by the 9/30/2019 move out of KPMG in 183,000 square feet and the SHI move out on 3/31/20.
We've collected over 99% of our third quarter billings and our October collection rate continues to track very, very well with over 97% of office rents collected as of yesterday.
Retention was 60% and slightly above our full year range.
As Tom will articulate in more detail, we did post FFO of $0.35 per share, which is in line with consensus estimates.
Rent deferrals, we did frame that on Page 1 of our SIP we had a total $4.5 million of deferrals with $4.1 million scheduled to repay those deferrals within the next 18 months.
Now interestingly, to-date we've already collected 14% or $536,000 of those deferrals, including a $100,000 of early prepayments.
The results of those efforts are framed out on Page 2 of the SIP and have resulted in 82 active tenant renewal discussions totaling over 920,000 square feet, that to-date have resulted in 45 tenants totaling 300,000 square feet executing renewals.
These leases had an average term of 24 months with about a 2.6% cash mark-to-market and a sub 5% capital ratio.
And speaking of pipelines, our leasing pipeline stands at 1.6 million square feet including approximately 400,000 square feet in advanced stages of lease negotiations.
As I mentioned, the overall pipeline increased by 331,000 square feet.
This -- the expansion of the pipeline was driven by over 444,000 square feet of tours during the quarter, which as we noted is up 115% from last quarter.
From a liquidity and dividend standpoint, Tom will certainly talk about it some more detail, but the company is in excellent shape from a liquidity and capital availability standpoint as we've outlined on Page 3.
After factoring in the full repayment of the Two Logan Square mortgage, we're still projecting to have about $530 million of our line of credit available by year end.
We're also anticipating paying off the small mortgage during the fourth quarter of $9 million.
We have no maturities in '21 and no unsecured bond maturities until '23 and have a very good 3.75% weighted average interest rate.
Dividend remains incredibly well covered with a 56% FFO and a 76% cap ratio.
First of all, on the development front, all four of our production assets that's Garza and Four Points in Austin, 650 Park Avenue and 155 in Pennsylvania are all fully improved, fully documented, fully ready to go subject to pre-leasing.
405 Colorado remains on track for completion in Q2 of next year at a very attractive 8.5% cash-on-cash yield.
We have a pipeline of almost 200,000 square feet on that project, again moving slow, but again we're pleased with the breadth of that pipeline.
3000 Market, that's the 64,000 square foot life science conversion that we're doing within Schuylkill Yards, construction is under way.
That building will -- is fully leased to Spark Therapeutics on a 12-year lease commencing later in the second half of 2021 at a development yield of 8.5%.
We are advancing Block A, which is a mixed-use block consisting of a 350,000 square foot office building and 340 apartment units that's going through final design and final approvals from the City of Austin.
As mentioned last quarter and we've outlined in more detail in the supplemental package, the overall master plan for Schuylkill Yards is we can do at least 2.8 million square feet of life science space, so we have an excellent long-term opportunity to really create a scalable life science community.
3000 Market and the Bulletin Building were the first steps and their conversions to create a life science hub.
We are also well into the design development and marketing process for a 500,000 square foot life science building located at 3151 Market Street.
We have a leasing pipeline on that project totaling about 580,000 square feet and our goal is to be able to start that by Q2 '21 assuming of course market conditions permit.
Our Schuylkill Yards West project, which is our life science, office and residential tower is fully approved and ready to go, subject to finalizing our debt and equity structure, that project consists of 326 apartments and a 100,000 square feet of life science and office space.
We currently have an active pipeline of over 300,000 square feet for those in commercial uses and based on this level of interest, we are contemplating starting that projects without a pre-lease.
Similar to our approach on 3000 where we looked at existing assets, we have commenced the construction and conversion of three -- floors three through nine within Cira Center to accommodate life science uses, that will be done in two phases.
We have 34,000 square feet already pre-leased and we currently have a pipeline of 125,000 square feet.
Another interesting point on both Schuylkill Yards and Broadmoor that we can't lose sight of is that based on current approvals and the master plans in place between those two sites, they can accommodate about 5,000 multi-family units.
Our third quarter net income totaled $274.4 million or $1.60 per diluted share and FFO totaled $60 million or $0.35 per diluted share.
Core -- property operating income we estimated $74 million, it came in slightly above that at $74.4 million, which was a good result.
We expected that -- it ended up at 1.3 below projections, primarily due to the timing of certain anticipated transactions that we believe will occur in the fourth quarter.
And then interest expense was also lower by $1.7 million over forecast, primarily due to the interest expense reduction from the loan assumption recapitalization of Two Logan Square, which resulted in a one-time non-cash reduction in interest expense totaling $2 million.
Our third quarter fixed charge and interest coverage ratios were 3.5 and 3.8 respectively.
As expected, our third quarter annualized net debt-to-EBITDA started to decrease to 6.7, was primarily due to the sequential EBITDA remaining similar to the second quarter and the reduced debt levels from the Commerce Square joint venture.
As Jerry mentioned, cash collections were 99%.
Additionally, if we included third quarter deferrals, our core portfolio would have been very strong 97%.
Collections for October are currently 97% however, one vendor payment anticipated to be received in the next day or so will bring us up to 95% -- 99%.
Write-offs in the quarter were approximately $0.005 and primarily due to retail-related tenants.
Same store, as outlined on Page 1 of our supplemental, we have included $1.1 million and $3.8 million of rent deferrals in our third quarter and year-to-date results.
Property level operating income will total about $74 million and will be sequentially lower by about $500,000.
The decrease is primarily due to the Commerce Square being in our numbers for part of the third quarter and they will not be in our numbers for the fourth quarter that totals about $1.5 million.
Offsetting that decrease is a sequential increase in the portfolio, which will improve NOI by $1 million.
FFO contribution from our unconsolidated joint ventures will total $7.5 million for the quarter, which is up $0.3 million from the third quarter, primarily due to the full quarter inclusion of Commerce Square, offset by reduced NOI at our MAP joint venture.
For the full year 2020, the FFO contribution is estimated to be about $20 million.
G&A will be about $7 million for the fourth quarter and full year will be about $31 million.
Interest expense will be sequentially higher by $0.8 million compared to the third quarter and will total $17 million for the fourth quarter.
Capitalized interest will be $1.1 million for the fourth quarter and full-year interest expense will approximately $74 million.
The mortgage payoff was approximately $79.8 million.
That loan had an interest coupon of 3.98%.
We anticipate an early prepayment of a wholly owned mortgage at Four Tower Bridge with an effective interest coupon of 4.5%.
Termination and other income, we anticipate that to be $4.5 million for the fourth quarter.
That's up from $0.9 million in the third quarter.
And net income leasing and development fees, quarterly NOI will be $2.6 million and will approximate $8.5 million for the year.
There will be $0.5 million in the fourth quarter as it relates to land sales while we -- our $272 million gain represented 100% of the gain for reporting purposes, we only recognized 30% of that gain for tax purposes, and with some tax planning, we will not require a special dividend in 2020.
With the acquisition of the land parcel being anticipated fourth quarter, we only have the building acquisition located at 250 King of Prussia Road for $20 million.
No NOI will be generated in 2020.
Based on the above, our 2020 CAD will remain in a ratio of 71% to 76% as lower capital will offset deferred rent that is repaid beyond 2020.
Uses for the remainder of the year is $185,000, comprised of $25 million in development and redevelopment, $33 million of common dividends, $8 million in revenue maintaining capital, $10 million in revenue creating capital and the repayment of the mortgages at Two Logan and Four Tower Bridge as well as the acquisition of 250 King of Prussia Road.
Primary sources will be cash flow after interest of $45 million, use of the line of $68 million, use of our current cash on hand at the end over the quarter of $62 million, and $10 million in land sales.
Based on the capital plan outlined above, our line of credit balance will be about $68 million.
We also project that our net debt-to-EBITDA will remain in a range of 6.3 to 6.5.
In addition, our net debt-to-GAV will approximate 38%, which is down sequentially from the 43% in the prior quarter primarily due to the Commerce Square joint venture.
In addition, we anticipate our fixed charge ratio will continue to approximate 3.9 on interest coverage and will be 4 -- 3.9 on debt service fixed charge and 4.1 on interest coverage.

Summary:
We've collected over 99% of our third quarter billings and our October collection rate continues to track very, very well with over 97% of office rents collected as of yesterday.
As Tom will articulate in more detail, we did post FFO of $0.35 per share, which is in line with consensus estimates.
Our third quarter net income totaled $274.4 million or $1.60 per diluted share and FFO totaled $60 million or $0.35 per diluted share.
Additionally, if we included third quarter deferrals, our core portfolio would have been very strong 97%.
Collections for October are currently 97% however, one vendor payment anticipated to be received in the next day or so will bring us up to 95% -- 99%.
No NOI will be generated in 2020.