As a result, we had a record second quarter 2021, and our focus remains on leasing and more leasing, which fuels our growth and supports our dividends to a core payout ratio of 41%.
Our second quarter leasing activity brought our total occupancy to 89.9% up 120 basis points from the first quarter, highlighting the increased demand from new businesses entering our markets, where an average between 15 to 20 new tenants represent 1% increase in occupancy.
We achieved net income per share of $0.12 up from $0.03 in the prior quarter, and up from $0.01 from the prior year.
And FFO core per share increase 13% to $0.26 a share from $0.23 in the prior quarter and increased to 18% from $0.22 in the prior year.
This is best evidenced by almost 18% increase in foot traffic at our 59 centers in the first half of the year.
We install outdoor misting systems in Arizona for customer comfort during the three months hottest months of the year, where temperatures can average 100 degrees.
We currently have five million square feet of space that generates 30.6 million in revenue for Q2.
With more than 1400 tenants serving customers from the surrounding neighborhoods, our properties stay vibrant 18-hours a day, seven-days a week.
On a given Saturday during each month, we accommodate upwards of 150 cars in each location, whose owners and admirers return as customers for our local tenants.
Our tenants occupy an average of 3,000 square feet of space and provide e-commerce resistance services.
Our culture of service produced leasing spreads on a weighted-average by 6.8% on new and renewal leases in the second quarter.
We expect this trend to continue, as we receive annual lease increases of 2% to 3%, on new and renewal tenant leases and pass-through triple net expenses, helping us to hedge against inflation.
We have approximately 230 million of development and redevelopment opportunities in our portfolio that we believe will add significant value.
For Whitestone, those single tenants can impact our revenues by more than 2.9%.
During the second quarter, as our earnings increase, we strengthened our balance sheet and improved our debt-to-EBITDA ratio by 1.2 turns to 8.2 turns.
In the second quarter, G&A as a percent of revenue was 14.6%, improving from 15.7% one year-ago.
The purchase price of Lakeside Market was 53.2 million, and it has significant upside from leasing up the current 19% vacant square footage.
Our dividend is well funded, with a payout ratio in the second quarter of 41% of FFO Core.
We have a solid record of paying 131 consecutive monthly dividends since our IPO in 2010 and in total paid our shareholders more than 300 billion in dividends during the same time.
In March of 2021, we increased our dividend by $0.01, or 2.4% reflecting our strong recovery.
We started with a relatively small asset base of approximately 150 million and has expanded to 59 properties in eight major cities in over 1,400 tenants and approximately 1.5 billion in real estate and value today.
Total revenue for the second quarter was 30.6 million, up 5% from the first quarter and up 11% from the second quarter of 2020.
The revenue growth was driven by sequential 1.2% increase in occupancy, and a 0.7% improvement, compared to Q2 2020.
We are also benefiting from our ABR per square foot, rising 1.2% sequentially, and 1.9% from a year-ago, along with lower uncollectibility reserves.
Property net operating income was $22 million for the quarter, up 4% sequentially and 10% from the second quarter of 2020.
Our Q2 same-store net operating income increased 8.4% from Q2 of 2020.
Net income for the quarter was $0.12 per share, up from $0.03 per share in the first quarter and $0.01 per share in the prior year quarter.
Funds from operations core was $0.26 per share in the quarter, an increase of 13% from the first quarter, and an increase of 18% from the 2020 second quarter.
Our leasing activity in the quarter continued to build on our very strong first quarter with 35 new leases, representing 75,000 square feet of newly occupied square footage.
Our new lease activity for the six months is 100% higher on a square foot basis than 2020, and 40% higher than 2019.
Leasing spreads on a GAAP basis have been positive 8% over the last 12-months, and second quarter leasing spreads increased by 3.1% on new leases, and 7.9% on renewal leases signed.
Our annualized base rent per square foot on a GAAP basis at the end of the quarter grew 1.2% to $19.95 from $19.71 in the previous quarter, and a 1.9% increase from a year-ago.
Total occupancy stood at 89.9%, all of our markets saw increased quarter-over-quarter occupancy, led by our Dallas market at a 3.6% increase.
Austin and Phoenix both grew 0.8% from the first quarter, and Houston grew point 6% from the first quarter.
Reflecting the high collection levels, our reserve for uncollectible revenue for the quarter was $143,000, or approximately 1.5% of our revenue, down from 529,000 or 1.8% of revenue in the first quarter, and 2.3 million or 7.9% of revenue in the second quarter of 2020.
Our total tenant receivables improved 8.4% from the first quarter and 13.5% from a year-ago.
Our interest expense was 5% lower than a year-ago, reflecting our lower debt levels.
At quarter end, we had 21.3 million in accrued rents and accounts receivable.
Included in this amount is 16.4 million of accrued straight line rents and 1.5 million of agreed upon deferrals.
Our agreed upon deferral balance is down 34.4% from year end, reflecting tenants honoring their payment plans.
Our total net debt is 601.3 million down 48 million from a year-ago, improving our debt to gross book real estate cost ratio to 52% and improvement from 56% a year-ago.
Our debt-to-EBITDA ratio also improved 1.2 times from the first quarter to 8.2 times.
At quarter end, we have 160.5 million of undrawn capacity, and 55.1 million of borrowing availability under our credit facility.
During the second quarter, we sold approximately three million common shares under our ATM program, resulting in 25.4 million in net proceeds to the company.
After the quarter, we acquired Lakeside market in Plano, Texas for 53.2 million financing the acquisition with approximately 30 million in equity, 10 million in debt from our corporate credit facility, and 13 million from cash flow and cash on hand.

Summary:
And FFO core per share increase 13% to $0.26 a share from $0.23 in the prior quarter and increased to 18% from $0.22 in the prior year.
Total revenue for the second quarter was 30.6 million, up 5% from the first quarter and up 11% from the second quarter of 2020.
Funds from operations core was $0.26 per share in the quarter, an increase of 13% from the first quarter, and an increase of 18% from the 2020 second quarter.