Collections throughout our portfolio have stabilized to above 90%.
In terms of our current leasing pipeline, which we mentioned on the last call as being approximately $6 million and now it has grown to over $8 million.
And this number is relevant because this pipeline already represents a rebound of about half of the 10% short-term hit to our NOI that we estimated as a result of COVID.
To date, we have executed $3 million of leases in this pipeline, we are at lease for another $3 million and then the balance is at the letter of intent stage.
Leasing activity in our pipeline is now weighted fairly proportionate to our portfolio weighting, meaning that while initially the activity was weighted to our suburban and necessity portion of our portfolio, looking forward in our pipeline, our deal flow is now rebalancing, and about 70% is in street and urban.
Now, given that the street portion of our portfolio represents about 40% of our core portfolio and is a key area of differentiation for us, I think it's worth spending a few minutes on the encouraging rebound we're seeing there.
That provided us a very important ballast to weather a truly 100 year storm.
Second, the contractual rental growth rate in our street portfolio is a 100 basis points to 200 basis points higher than in the other components of our portfolio.
In hindsight, the initial and immediate impact of the pandemic was staggering, with our April 2020 results barely achieving a 50% collection rate.
In fact, as we look back over the course of the pandemic, we actually ended up collecting over 86% of our billings during the three quarters in 2020 and over 90% when we looked at the third and fourth quarter alone.
And as that we outlined in our release, we are now consistently collecting in excess of 90% of our rents.
In terms of tenant deferral agreements, we have approximately $3 million on our books at December 31st, and as our approach was to largely focus our deferral efforts on credit tenants, we remain on track for full repayment in 2021.
Our FFO as adjusted for special items was $0.24 a share for the fourth quarter.
As we highlighted in our release, we have provided our 2021 guidance with a range of $0.98 to $1.14 of FFO before special Items.
Consistent with what we experienced the past couple of quarters, we expect that our quarterly pro rata core and fund NOI should trend in the low to mid $30 million range for at least the first half of 2021.
And this is based on our assumption of maintaining a 90% collection rate along with no meaningful tenant expirations or no leases coming online.
It's worth highlighting that our current spread between physical and leased occupancy is in excess of 1% and given the velocity as to which our leasing team is building the pipeline and executing leases, we anticipate this spread, particularly in our street and urban locations to continue to expand throughout the year.
Now, as we move into the latter half of 2021, we anticipate that our quarterly NOI run rate will increase by approximately $1 million to $3 million.
Of the $8 million pipeline that Ken mentioned, approximately 40% of this involves -- or $3 million involves executed leases, and we expect about $800,000 of that will show up in the second half of 2021 and the remaining portion coming online at various points throughout 2022.
And as I mentioned on prior calls, we expect that the remaining Albertsons shares should be sold over the course of the next 18 months to 24 months.
As a reminder, we own on a pro rata basis, approximately 1 million shares, which are subject to certain lockup arrangements.
And based upon the current share price, this equates to approximately $16 million of gains as the shares are sold.
Additionally, we have guided toward $2 million to $5 million of a temporary reduction in fund fees.
I also want to point out and Amy will discuss further, we have approximately 40% remaining in Fund V to deploy.
And if we invest that consistent with the Fund V returns to date, this provides us with an additional $0.05 to $0.06 of incremental FFO on an annual basis.
And we estimate that should result in roughly $7 million of annual NOI.
Our overall core occupancy is at a decade low occupancy of 90% with the street and urban portion at 87% in some of our best locations available.
In terms of timing of lease-up, as Ken mentioned, our team has made strong progress in this past several months with building out an $8 million pipeline, the majority of which is coming from street and urban locations.
And at a 90% cash collection rate, coupled with a breakeven below 50%, we are continuing to retain cash flow.
In terms of the dividend, as we highlighted in our release, we expect to initially reinstate our dividend at $0.15 a share.
Our thesis was, buy it in 8% cap rate, leverage at two-thirds, in our case at a sub 4% interest rate and then clip a mid-teens coupon.
We did not anticipate any material growth in NOI, nor was it required to make an attractive return at an 8% going in yield.
For example, last year at the property level, we achieved roughly a 14% leveraged yield on invested equity including deferred rents.
Second, collections have rebounded since April and May and are now roughly at or above the 90% level.
Post COVID outbreak, our Fund V leasing pipeline has 32 leases, aggregating annual base rent or ABR of $5.1 million of which 20 leases and approximately $2.6 million of ABR have already been executed.
First, since recapturing a 95,000 square foot Kmart at Frederick County Square in Maryland, last February, we have successfully pre-leased 83% of that box to Lidl, Ollie's Bargain Outlet and Harbor Freight Tools together with our partners at DLC management.
We are also negotiating a lease to the remaining 17,000 square feet.
The parcels located at the back of the shopping center generated $10 million of gross sale proceeds.
Given the strength of the net lease market, we were able to achieve roughly a 200 basis point spread between the allocated cap rate in our underwriting and our actual exit cap rates.
This translates into about $2.5 million to $3 million of profit on these two sales alone.
Looking ahead to new transactional activity, we have approximately $200 million of discretionary equity available to invest, which gives us approximately $600 million of buying power on a leveraged basis.
Finally, on the debt front, during and subsequent to quarter end, we successfully extended approximately $150 million of loans across our fund's platform at a weighted average duration of 17 months.

Summary:
Our FFO as adjusted for special items was $0.24 a share for the fourth quarter.