To date, we have reached agreements with tenants who own about 15% of the outstanding balances.
As of today, we have collected 92.7% of our rent from the three quarters affected by the pandemic, including 96% of our residential rent, 95% of our office rent and 45% of our retail rent.
We signed an impressive 197 leases, and retention was also above average.
The demand for new units at 1132 Bishop, our office to residential conversion project in downtown Honolulu, remains robust.
As I previously mentioned, we have fully leased the first phase of 98 units, and by year end, it already leased 29 out of the 76 units in the second phase.
In December, one of our joint ventures sold an 80,000-square foot Honolulu office property for $21 million.
In Q4, we signed 197 office leases covering 612,000 square feet, including 202,000 square feet of new leases and 410,000 square feet of renewal leases.
As a result, the average size of the leases we signed last quarter was 3,100 feet compared to our overall portfolio average of 5,600 square feet.
This resulted in our office lease percentage declining to 88.6%.
The leases we signed during the fourth quarter will provide almost 10% more rent than the expiring leases for the same space.
Although the initial cash rents were 5.8% lower as a result of large annual rent bumps over the term of the prior leases.
On the multifamily side, our lease rate improved to 98.2% from 97.5%, with gains in both West LA and Hawaii.
FFO was $0.46 per share, down 15% from Q4 2019.
AFFO declined 16% to $76 million, and same-property cash NOI declined by 20%.
Compared to the third quarter, FFO increased by $0.06 from fire insurance proceeds and $0.02 from better collections and lower expenses.
Those increases were partly offset by $0.02 of issue advocacy expenses for the November election.
As a result, FFO increased by a net $0.06 per share compared to Q3.
At only 4.6% of revenues, our G&A for the fourth quarter remains well below that of our benchmark group.
We expect straight-line rent to be minimal in 2021, largely as a result of tenants who were put on a cash basis in 2020.

Summary:
FFO was $0.46 per share, down 15% from Q4 2019.
We expect straight-line rent to be minimal in 2021, largely as a result of tenants who were put on a cash basis in 2020.