During the year, we maintained high monthly rent collections and stable occupancy in our portfolio, acquired 34 properties and completed six redevelopment projects.
The net result was the continued growth of both our revenues from rental properties, which increased by 3.5% for the quarter and 5% for the year.
And our adjusted funds from operations per share, which grew by 12% for the quarter and 7% for the year.
We saw the rent collection rate increase to 98.7% and we collected substantially all of the deferred rent and mortgage payments that were due to us in the fourth quarter.
For the quarter, Getty acquired 10 properties for $45.1 million and for the year, we acquired 34 properties for $150 million, which represents significant growth over the Company's acquisition activity in the prior year.
We are closing in on completing 20 projects since the inception of our redevelopment strategy further demonstrating the value of the real estate we hold in our portfolio.
Our balance sheet also ended 2020 in excellent condition as we successfully issued a $175 million, 3.4% debt private placement in December and we issued approximately $65 million of equity under our ATM program during the year.
Our leverage continues to be less than 5 times and with a revolver that is almost completely undrawn, Getty has significant capacity to fund its growth plans.
As we enter 2021, we feel encouraged about our portfolio of nearly 1,000 properties.
Our rents 65% of which come from the top 50 MSAs in the US continue to be well covered.
In fact, despite COVID-related challenges, our rent coverage ratio remained stable throughout the year and ended 2020 at a healthy 2.6 times.
For the year, we reviewed approximately $2.1 billion of opportunities, which met our initial screen process.
Convenience store opportunities represented 62% and other automotive represented 38% of the total.
To review a few highlights of our investment activities, for the fourth quarter, we invested $45.1 million in 10 highly -- high quality convenience store and car wash assets.
In this transaction, Getty acquired six properties for $28.7 million, all of located throughout the state of Texas.
They have an average lot size of 2.7 acres and an average store size in excess of 5,300 square feet, which reflect that the assets we acquired have all the attributes of today's modern full service convenience store.
In addition, we acquired four car wash assets in individual transactions with Go Car Wash and Zips Car Wash for $16.4 million in the aggregate.
For the year, we acquired 34 properties for $150 million.
Our weighted average initial return on acquisitions for the year was 7%.
Finally, the weighted average initial lease term of the properties acquired for the year was 14.6 years.
For the year, we invested approximately $2.9 million in both our completed projects and sites which are in progress.
In the fourth quarter, we returned one redevelopment project back to the net lease portfolio bringing our total for completed rent commencement projects to six in 2020 and 19 since the inception of our program.
In this project, we invested $0.2 million and we expect to generate a return on our investment of more than 45%.
In terms of redevelopment projects, we ended the quarter with 10 signed leases or letters of intent, which includes six active projects and four signed leases on properties, which are currently subject to triple-net leases, but which have not yet been recaptured from the current tenants.
On the capital spending side, we have invested approximately $1.8 million in the 10 redevelopment projects in our pipeline and estimate that these projects will require total investment by Getty of $5.8 million.
We remain committed to optimizing our portfolio and continue to anticipate redevelopment opportunities over the next five years, possibly involving between 5% and 10% of our current portfolio with targeted unlevered redevelopment program yields of greater than 10%.
We sold 11 properties during 2020 realizing proceeds of approximately $6 million.
In addition, during the year, we exited 10 properties, which we previously leased from third-party landlords.
The net result is our portfolio is now 35 states plus Washington DC and 65% of our annualized base rent comes from the top 50 national MSAs.
We ended the year with 946 net lease properties, six active redevelopment sites and seven vacant properties.
Our weighted average lease term is approximately 9.5 years, and our overall occupancy, excluding active redevelopments, increased to 99.3%.
AFFO, which we believe best reflects the Company's core operating performance, was $0.48 per share for the fourth quarter and $1.84 per share for the full year, representing year-over-year increases of 12% and 7% respectively.
FFO was $0.91 per share for the fourth quarter and $2.32 per share for the full year.
Our total revenues were $37.1 million in the fourth quarter and $147.3 million for the full year, representing year-over-year increases of 3.3% and 4.7% respectively.
Rental income, which excludes tenant reimbursements and interest on notes and mortgages receivables grew 3.9% to $31.8 million in the fourth quarter and 7.1% for the full year to $128.2 million.
As previously mentioned, in the fourth quarter, we had a non-recurring benefit of $20.5 million as a result of the settlement of a litigation matter.
During the fourth quarter, we issued $175 million of new 10-year unsecured notes at 3.43% via direct private placements at three life insurance companies.
We used the proceeds to retire the full $100 million outstanding under our 6% Series A notes, which were coming due in early 2021 and to repay borrowings under our credit facility.
As a result of this transaction, we incurred a $1.2 million debt extinguishment charge which is included in GAAP net earnings and FFO.
We are also active with our at-the-market equity program during the quarter, raising $25.1 million at an average price of $28.45 per share.
For the full year, we raised $64.4 million through the ATM at an average price of $29.16 per share, which helped to fund our growth and maintain our low leverage profile.
As of December 31, we had total debt outstanding of $550 million, including $25 million outstanding under our credit facility and $525 million of long-term fixed rate unsecured notes.
Our weighted average borrowing cost was 4.1% and the weighted average maturity of our debt is 7.3 years.
In addition, our total debt to total market capitalization was 32%, our total debt to total asset value was 40% and our net debt to EBITDA is 4.9 times.
With respect to our environmental liability, we ended the quarter and year at $48.1 million, which was down $2.6 million from the end of 2019.
For the fourth quarter and full year, net environmental remediation spending was approximately $1.6 million and $6.4 million respectively.
And finally, we are introducing our 2021 AFFO per share guidance at a range of $1.86 to $1.88 per share.

Summary:
AFFO, which we believe best reflects the Company's core operating performance, was $0.48 per share for the fourth quarter and $1.84 per share for the full year, representing year-over-year increases of 12% and 7% respectively.
FFO was $0.91 per share for the fourth quarter and $2.32 per share for the full year.
Our total revenues were $37.1 million in the fourth quarter and $147.3 million for the full year, representing year-over-year increases of 3.3% and 4.7% respectively.
And finally, we are introducing our 2021 AFFO per share guidance at a range of $1.86 to $1.88 per share.