On the earnings front, the team delivered $0.69 per share in FFO.
We leased over 484,000 square feet with a 12.9% increase in second-generation cash rents.
Same property NOI on a cash basis increased 7.1%.
And our net debt-to-EBITDA at quarter end was 4.55 times.
And G&A expenses as a percentage of total assets were at just 0.36%.
Importantly, we are seeing activity in our higher profile vacancies, including 1200 Peachtree and 3350 Peachtree as well as in our development projects like Domain 9, 10000 Avalon and 100 Mill.
Through our relationships, we sourced an off-market transaction that includes the recapitalization of Neuhoff, an exciting development project in Nashville and the acquisition of 725 Ponce in Atlanta.
Construction has already commenced on Phase one of the project which will consist of approximately 388,000 square feet of office space, 542 multifamily units and 60,000 square feet of experiential retail.
Cousins investment of $275 million represents a 50% ownership interest and includes a Phase II office site that can accommodate 275,000 square feet of additional space as well as rights to future adjacent land parcels.
We also acquired 725 Ponce, a 372,000 square foot office asset in East Midtown Atlanta for $300.2 million.
725 Ponce is currently 100% leased to customers, including BlackRock, McKinsey & Company and Chipotle.
Cousins also acquired a 50% ownership interest in adjacent land site for an additional $4 million that can accommodate 150,000 to 200,000 square feet of additional development.
We also announced that we sold One South at the Plaza, a 891,000 square foot, 58% leased office property in Charlotte for a gross sale price of $271.5 million.
In summary, through these creative transactions, we have entered Nashville, an exciting new market for Cousins; acquired 725 Ponce, one of the best buildings in Atlanta with an additional pad for future development; and funded these transactions, in part through the sale of an older vintage property.
For now, physical customer utilization in our portfolio sits around 30%.
Our total office portfolio lease percentage and weighted average occupancy both came in at 89.4% this quarter.
Our leased percentage declined 80 basis points this quarter which was mainly attributable to the previously known move-out of Anthem at 3350 Peachtree in Atlanta.
As a reminder, Norfolk Southern will vacate 370,000 square feet at 1200 Peachtree at the end of December, representing a fantastic value-creation opportunity going forward.
And looking forward to 2022, I would note that we have only 6.5% of our annual contractual rent expiring with no expirations greater than 100,000 square feet.
As for leasing activity, we executed a solid 39 leases, totaling 484,000 square feet this quarter, surpassing our level of reported activity in the first quarter of 2020.
Leasing mix was much improved with new and expansion leases accounting for 74% of total activity.
Recall that new and expansion leasing combined hit a pandemic low of just 14% of activity two quarters ago.
Net effective rents were $23.77 this quarter, an improvement over the first quarter and only $0.05 lower than our reported net effective rents for the full year of 2019.
Rent growth remained remarkably strong as well, with second-generation net rents increasing 12.9% on a cash basis.
And finally, our average lease term bounced back to 6.7 years on average.
In our Austin portfolio, second quarter tour activity was up 53% versus the first quarter.
While not specific to our portfolio, CBRE also recently noted that in Phoenix, June 2021 tour volume was 240% greater than the average monthly volume in 2019.
Of CBRE's 2021 development opportunity watchlist, eight out of the 10 biggest development opportunities are located in the Sun Belt region.
Among the metropolitan areas with populations larger than 750,000 people, large Sun Belt cities led the way in terms of nominal population growth last year.
Austin's population increased by more than 67,000 new residents over the past year, second to Atlanta.
For JLL, overall leasing activity in Austin has increased every quarter since the pandemic began with this quarter's activity reaching 80% of pre-pandemic levels.
Further, according to Morgan Stanley, Austin was the only market to have a consecutive quarter improvement in sublease listings posting a decrease of 18%.
JLL estimated the quarterly decline was even greater at 29%.
In fact, JLL's second quarter office submarket reports for Buckhead stated that overall leasing activity was up 200% year-over-year.
Cousins bucket portfolio opportunity -- excuse me, Cousins Buckhead portfolio participated in this demand, signing 65,000 square feet of expansions with high-quality, publicly traded technology companies this past quarter alone.
For example, per CBRE 74% of new leasing activity in Phoenix this year has been in Class A projects.
By comparison, over the past five years, this percentage hovered under 50%.
At $0.69 per share, FFO was up almost 5% compared to last year, and the important operating metrics that we all focus on were very strong.
And same property NOI on a cash basis increased 7.1% over last year.
Numbers were driven by improving revenue, which increased 6.6% on a cash basis.
After bottoming during the fourth quarter of 2020, same-property parking revenues are up 14%, but they still remain 23% below pre-COVID levels.
One asset, 120 West Trinity, a mixed-use property in the Takeda submarket of Atlanta that we developed in a 20/80 joint venture was moved off our development pipeline schedule and into our portfolio statistics, while another asset, Domain 9, an office property in the Domain submarket of Austin, commenced development during the second quarter and was added to our schedule.
The current development pipeline represents a total Cousins investment of $492 million across 1.3 million square feet in four assets.
Our remaining funding commitment for this pipeline is approximately $210 million, which is more than covered by our existing liquidity and future retained earnings.
Domain nine represent over $1.1 billion in transaction activity year-to-date.
In addition, our joint venture partner at Dimensional Place in Charlotte has exercised their option to purchase our 50% interest in the property with the closing expected at the end of the third quarter.
As this series of transactions unfold, we intend to maintain our net debt to EBITDA around 4.5 -- excuse me, 4.5 times as we have done with very few exceptions since 2014.
In addition, it's a small transaction, but we do want to call your attention to the sale of the land parcel adjacent to our 100 Mill development in Tempe, subsequent to quarter end.
The site was sold for $6.4 million earlier in July and will be developed into a Hyatt branded hotel.
This new hotel will be an important amenity for our 100 Mill customers as well as the customers and the other five buildings we own within two blocks of that site.
On the capital markets front, we closed on a $350 million unsecured term loan during the second quarter, replacing a $250 million term loan that was scheduled to mature later this year.
The new loan matures in 2024 and the applicable LIBOR spread was reduced by 15 basis points.
We currently anticipate full year 2021 FFO between $2.70 and $2.78 per share.
This is up $0.01 at the midpoint from our previous guidance.

Summary:
On the earnings front, the team delivered $0.69 per share in FFO.
At $0.69 per share, FFO was up almost 5% compared to last year, and the important operating metrics that we all focus on were very strong.
We currently anticipate full year 2021 FFO between $2.70 and $2.78 per share.