Our portfolio remains about 15% to 20% occupied, which is comparable to our occupancy levels as of our October call.
Additional details on our COVID-19 approach are outlined on pages 1 to 5 of our Supplemental Package.
We exceeded our speculative revenue target by $400,000, executed lease volumes increased quarter-over-quarter, and our pipeline increased by 229,000 square feet.
For the fourth quarter, we posted strong rental rate mark-to-market of almost 19% on a GAAP basis, and 11% on a cash basis.
For the full year '20, our mark-to-market was a very strong 17.5% on a GAAP basis, and 9.3% on a cash basis.
In addition, we had 59,000 square feet of positive absorption during the quarter, which included 33,000 square feet of tenant expansions with no tenant contractions.
Our tenant cash collection efforts continue to be among the best in the quarter, in the sector rather, and we have collected over 98% of fourth quarter billings, and our January collection rate continues to track very well with 98.5% of office rents collected as of yesterday.
Tenant retention came in at 52%, slightly above our full year forecast, and our core occupancy and lease targets were below our ranges simply due to pandemic-related delays and targeted move-ins, and lease executions and negotiations sliding into early '21.
We did post FFO of $0.36 per share, which was in line with most consensus estimates.
Portfolio stability remains top of mind, and our progress on several key factors can be found on pages 1 to 3 of the SIP.
Those efforts have resulted in 79 active tenant renewal discussions, totaling about 750,000 square feet and to date have resulted in 62 tenants, aggregating 500,000 square feet actually executing leases.
These leases had an average term of 30 months with a roughly 4% cash mark-to-market and 4% capital ratio.
An important point to note is that this early renewal activity, when we exclude the large known roll-outs at 2340 Dulles and the retirement of 905 Broadmoor, we've reduced our remaining '21 rollover to just 4.2%.
Our cash mark-to-market range is between 8% and 10%, and our GAAP mark-to-market range is between 14% and 16%.
We do have several larger blocks of space to fill, particularly at Barton Skyway in Austin, 1676 International in Tysons, and several others.
But looking forward, achieving our leasing objectives on those spaces can be significant revenue boosters, and our '21 plan only has about $1 million of revenue coming in from those larger spaces.
Our GAAP same-store NOI growth of 0 to 2% and our cash same-store of 3% to 5% is primarily driven by Austin up about 8%, Pennsylvania suburbs close to 5% increase, and Philadelphia around 2%.
Our Metro D.C. region will continue to be negative, while the 1676 International Drive continues through its reabsorption phase.
With that renovation now complete, our overall leasing activity has really accelerated, and our pipeline is up significantly to about 600,000 square feet this quarter versus around 370,000 square feet last quarter.
And also, we will be retiring 905 Broadmoor permanently as part of our Broadmoor master plan development.
Spec revenue will range between $18 million and $22 million.
We have $14.7 million achieved or 74% achieved at this point.
This is the first time we're providing a spec revenue range versus $1 target, but given the lack of real forward visibility on the acceleration of leasing, we felt that it was warranted.
Occupancy levels, we think, will be between 91% and 93% at year-end and with leasing percentages being between 92% and 94%.
Capital will run about 11% of revenues, which is below our 2020 target range and we are forecasting a debt-to-EBITDA being between 6.3 and 6.5 times, and Tom will certainly talk about that.
It stands at 1.3 million square feet, including about 88,000 square feet in advanced stages of negotiations and as I mentioned before that pipeline is up about 230,000 square feet.
Interestingly too knowing that physical tours have yet to fully return for a variety of pandemic-related reasons, we have launched a virtual tour platform for all of our availabilities and to date, we're generating close to 300 tours per month with over 500,000 square feet being inspected.
We anticipate having $562 million on our line of credit available year-end.
The dividend remains extremely well covered with a 53% FFO and 68% CAD payout ratio.
We did execute a joint venture with an institutional partner on 12 properties totaling 1.1 million square feet.
The portfolio has added $193 million.
We retained a 20% ownership stake.
In addition to the $121 million first mortgage finance we put in place, we also elected to provide seller financing in the form of a $20 million preferred equity position that has a 9% current pay.
As a result of that, we did receive about $156 million of net cash proceeds and with all of our -- as with all of our ventures, we will generate an attractive fee stream by retaining property and asset management as well as leasing and construction management services.
On our previous calls, we had highlighted that we had about $250 million of remaining non-core assets in our wholly owned pool.
This partnership, similar to others we have done, did create a different capital structure that more than doubles our return on invested equity from a mid-single digit return to mid-teen return on our remaining invested capital and also avoids about a $20 million of direct capital investment by Brandywine.
It's interesting as well too, with this transaction, we now have over 80% of our revenue stream coming in from submarkets that are ranked A+ or A++ by Green Street's recent office Market Snapshot.
We had also made a preferred investment in 90% of lease to building portfolio, totaling 550,000 square feet in Austin, near the airport.
That preferred investment totaled $50 million, also has a 9% current pay, excellent cash coverage and a several year term, and this was similar to the type of transaction we did a number of years ago at Commerce Square here in Philadelphia.
This investment increases our revenue contribution from Austin toward our 25% goal and will enable us to take advantage of the market knowledge and position we have to create a structured well covered financial instrument.
Our partner will have a 45% preferred interest in the joint venture with Brandywine holding the remaining 55% equity interest.
The project will be built with 7% blended yield that will consist of 326 apartment units, a 100,000 square foot -- feet of life science and 100,000 square feet of innovative office along with underground parking and 9,000 square feet of street level retail.
We do have an active pipeline totaling over 300,000 square feet for the life science and office space component of this project and based on this level of interest, we do plan a construction start in March of '21.
We are currently sourcing construction loan financing and plan to have a loan in place for the next 90 days at a targeted 55% to 60% loan-to-cost, and given the front-loading of the equity commitment of about $115 million assuming a 60% loan-to-cost construction financing.
Our share of the equity will be about $63 million of which about $35 million is already invested.
As we've noted every quarter, each of these projects can be completed within four to six quarters and cost between $40 million to $70 million.
The pipeline on those production assets is around 450,000 square feet and we are continuing actively our marketing efforts along those lines to hopefully get some pre-leasing done there as the market recovers.
And looking at the two existing development projects, 405 Colorado is on track for a Q1 '21 completion.
We have a pipeline that has built since our last call that approaches 360,000 square feet, including 53,000 square feet in advanced discussions.
We've increased our cost by approximately $6 million, primarily due to additional TI and leasing commissions, a bit longer absorption schedule, which has resulted in our targeted yield being reduced to 8%.
3000 Market construction is under way on this building, which will be fully occupied by Q4.
The building is fully leased for 12 years and will deliver a develop yield of 9.6%.
The commencement date did slide one quarter due to COVID-related construction delay, but we have increased our yield on the project by 110 basis points due to some design scope modifications and success on the buyout.
The overall master plan is about 3 million square feet, it can be life science space, so we can really build on the work we've done at 3000 Market, The Bulletin Building, and now Schuylkill Yards West.
Plans for 3151, which is our 500,000 square foot life science dedicated building is well under way.
We do have a leasing pipeline of over 500,000 square feet for that project and the goal would be to start that later this year, assuming if pre-leasing market conditions permit.
In Broadmoor, we are advancing Blocks A and F, which is a total of 350,000 square feet of office and 870 apartments.
Block A had $164 million, 350,000 square foot office as part of that phase, along with 341 multi-family units at a cost of $116 million.
Our fourth quarter net income totaled $18.9 million or $0.11 per diluted share and our FFO totaled $61.4 million or $0.36 per diluted share.
Portfolio operating income fell about $75.5 million and exceeded our $74 million previous estimate, primarily due to lower operating costs benefited by lower tenant physical occupancy.
Termination and other income totaled $1.6 million or $3 million below our third quarter guidance.
FFO contribution from unconsolidated joint ventures totaled $6.3 million or $1.2 million below our third quarter guidance number primarily due to some co-working tenant write-offs, and that was slightly offset by the JV announced at the end of the year.
Our cash and GAAP same-store results came at 126[Phonetic] basis points lower, again due to lower parking revenue and some tenant leasing slides, all of which have commenced.
Our fourth quarter fixed charge and interest coverage ratios were 3.8 and 4.1 respectively.
Our fourth quarter annualized net debt-to-EBITDA decreased to 6.3 at the lower end of our 6.3 to 6.5 range.
Our overall collection rate continues to be very strong above 38 -- 98%.
Additionally, our fourth deferred billings were less than $100,000.
For cash same-store is outlined on Page 1 of our Supplemental.
At the midpoint, net income will be $0.37 per diluted share and FFO will be $1.37 per diluted share and that includes roughly $0.04 of dilution related to the fourth quarter transactions we announced.
Portfolio operating income, our property level GAAP income will be roughly $285 million or a decrease of about $30 million compared to 2021 due to the following items.
2340 Dulles Corner and the retirement of 905 Broadmoor will generate about $10 million reduction from '20 to '21.
The Mid-Atlantic portfolio JV results in another $17 million decrease.
The full year effect of Commerce Square results in a $19 million decrease, those are partially offset by the full year effect of one Drexel park and Bellet Building being about $4 million, the 2021 completions of 405 Colorado and 3000 Market for about $3 million and about $3 million increase in our same-store portfolio GAAP NOI.
FFO contribution from our unconsolidated joint ventures will total $20 million to $25 million.
G&A will be between $31 million and $32 million.
Interest expense will decrease to approximately $67 million to $68 million, that's primarily due to the payoff of our two remaining mortgages as higher interest rates.
Capitalized interest will approximate $4 million as we complete the 405 Colorado building but also commence Schuylkill Yards West.
Investment income will increase to $6.5 million, primarily due to the new structured finance investment in -- at Austin, Texas.
Land sales and tax provision will net to about $2 million as we anticipate selling some non-core land parcels.
Termination and other income totaling $7.5 million, which is above the 2020 amount primarily due to one-time items, and again, were being moved from the fourth quarter of 2020 into the first half of '21.
Net management leasing and development fees will be $16 million, which is just above our 2020 actual due to the full year effect of Commerce Square and the JV for the Mid-Atlantic properties.
Looking close -- more closely at the first quarter, we anticipate portfolio of property NOI totaling about $70 million and will be about -- sequentially about $5.5 million lower primarily due to 2340 Dulles as well as the Mid-Atlantic JV.
FFO contribution from our unconsolidated joint ventures will be $6.5 million.
G&A for the first quarter will increase from $6.3 million to $8 million.
Interest expense will approximate $16 million, capitalized interest will be roughly $1.5 million, termination and other income, we continue to anticipate that to be $4 million with some of those transactions moving to '21.
Net management fee and development fee income will be $4.5 million with investment income being $1.6 million.
We expect some land gains potentially in the first quarter of about $0.5 million.
Our capital plan is very straightforward and totals to $350 million.
Our 2020 CAD ratio is between 75% and 81%, the main contributors to the lower coverage ratio is going to be the property level NOI reductions, as well as anticipated lease up in upcoming -- with the upcoming rollovers.
Using that as a guide, our uses in 2021 will be $145 million of development and redevelopment.
That does include the additional cash that is going to be necessary to complete our equity contribution into Schuylkill Yards West, $130 million of common dividends, $35 million of revenue maintain and $40 million of revenue creating capex.
The primary sources will be $185 million of cash flow after interest payments, $99 million use of the line, $46 million of using the cash on hand and roughly $20 million in proceeds from land in other sales.
Based on the capital plan outlined, our line of credit balance will be 5 -- roughly $500 million.
We have projected that our net debt-to-EBITDA range of 6.3 to 6.5 with the main variable being timing and scope of our development activities.
In addition, our net debt-to-GAV will approximate 14%.
In addition, we anticipate our fixed charge ratio and -- to be 3.7 and our interest coverage ratio to be 3.9.

Summary:
Our fourth quarter net income totaled $18.9 million or $0.11 per diluted share and our FFO totaled $61.4 million or $0.36 per diluted share.