The first, Sunset Glenoaks, will be the largest purpose-built studio in the Los Angeles area in over 20 years.
We're going to build approximately 240,000 square feet, adding another seven stages to our portfolio for a total investment of approximately $170 million to $190 million.
This is a 50-50 joint venture with Blackstone and we're on point for development, leasing and property management.
The site comprises 91 acres on undeveloped land, about 17 miles north of London and Box Borne Harpeture, minutes from public transit and close to the Heathrow Airport as well as Central London.
We purchased the site for GBP120 million through a 35-65 JV with Blackstone.
Our second quarter rent collections remained strong at 99% for our overall portfolio and 100% for office and studio properties.
We've collected 100% of our deferred rents due today.
Physical occupancy at our office buildings currently ranges from 5% to 55%, depending on the asset.
As physical occupancy has improved, so has our parking revenue, which grew 12% in the second quarter compared to the quarter prior.
In line with these trends, our deal pipeline that is deals in leases, LOIs or proposals stand slightly above our long-term average at 1.4 million square feet.
That's up 75% compared to the second quarter last year and 35% year-to-date, despite our having completed over one million square feet of deals so far in 2021.
To that end, we signed 510,000 square feet of deals in the quarter, once again, in line with our long-term average with 19% GAAP and 12% cash rent spreads.
Our weighted average trailing 12-month net effective rents are up close to 10% year-over-year.
There are two primary drivers of this increase: First, our effective rents are up slightly, about 8%; and second, our annual TIs per square foot are down 30% and mostly due to executing more renewal leases.
Separately, our trailing 12-month lease term and renewal deals also increased from 4.5 to about five years year-over-year and term has also extended from pandemic lows.
We maintained our stabilized lease percentage at 92.7%.
Our in-service lease percentage dipped 30 basis points due to the inclusion this quarter of Harlow, which we delivered a company three in April.
But for Harlow, which is 54% leased.
Our in-service lease percentage would have risen 40 basis points to 91.8%.
We have 4.4% of our ABR expiring over the rest of the year with about 55% coverage on that space.
Our remaining 2021 expirations are about 12% below market.
For expirations, we addressed in the first half of the year, we renewed or backfilled close to 70%.
We're also set to close on the podium for Washington 1000 late in the fourth quarter at which point, we'll have a year to further evaluate tenant interest and broader market conditions and to finalize our time line to start construction.
In the second quarter, we generated FFO, excluding specified items, of $0.49 per diluted share compared to $0.50 per diluted share a year ago.
Second quarter specified items consisted of $1.1 million or $0.01 per diluted share of transaction-related expenses and $0.3 million or $0 per diluted share of onetime prior period supplemental tax expense related to Sunset Gower compared to $0.2 million or $0 per diluted share of transaction-related expenses a year ago.
FFO beat our own expectations at the midpoint of our guidance by $0.02 per diluted share.
Second quarter NOI at our 44 consolidated same-store office properties decreased 2.1% on a GAAP basis, but increased 4.9% on a cash basis.
For our three same-store studio properties, NOI increased 17% on a GAAP basis and 29.3% on a cash basis.
Adjusting for the onetime supplemental property tax expense at Sunset Gower, NOI for our same-store studio properties would have increased by 22.8% on a GAAP basis and 35.8% on a cash basis.
At the end of the second quarter, we had $0.9 billion in liquidity with no material maturities until 2023, but for the loan secured by our Hollywood Media portfolio.
This loan matures on Q3 2022 and has three 1-year extensions, our average loan term is 5.2 years.
In late July, in preparation of funding our U.K. Blackstone JV, we drew down $50 million on our revolver, resulting in $550 million of undrawn capacity, we funded our remaining pro rata acquisition costs with cash on hand.
Our AFFO continued to grow in the second quarter, increasing by $11.4 million or nearly 24% compared to Q2 2020.
This occurred even while FFO declined by $3.6 million for the same period.
That said, we're providing both full year and third quarter 2021 guidance in the range of $1.90 to $1.96 per diluted share excluding specified items and $0.47 to $0.49 per diluted share excluding specified items, respectively.
Specific items for the full year 2021 are the $1.1 million of transaction-related expenses and the $1.4 million of prior period supplemental property tax expense referenced in our second quarter SEC filings.

Summary:
In the second quarter, we generated FFO, excluding specified items, of $0.49 per diluted share compared to $0.50 per diluted share a year ago.
That said, we're providing both full year and third quarter 2021 guidance in the range of $1.90 to $1.96 per diluted share excluding specified items and $0.47 to $0.49 per diluted share excluding specified items, respectively.