Some of the results the team produced include, funds from operations coming in above guidance up 14% compared to third quarter last year and ahead of our forecast.
This marks 34 consecutive quarters of higher FFO per share as compared to the prior year quarter, truly a long-term trend.
Our quarterly occupancy averaged 97.1%, up 50 basis points from third quarter 2020 and at quarter end, we're ahead of projections at 98.8% lease and 97.6% occupied.
Quarterly releasing spreads were at record levels at 37.4% GAAP and 23.9% cash and year-to-date, those results are 31% GAAP and 18.5% cash.
Finally, cash same-store NOI rose 5.2% for the quarter and 5.6% year-to-date.
I'm grateful we ended the quarter at 98.8% leased, our highest quarter on record and to demonstrate the market strength, our last four quarters marked the highest four quarterly rates in our company's history.
Looking at Houston, we're 96.7% leased.
It now represents 12% of rents, down 140 basis points from a year ago and is projected to continue shrinking.
Based on the market strength we're seeing today, we're raising our forecasted starts to $340 million for 2021.
FFO per share for the third quarter exceeded our guidance range at $1.55 per share and compared to third quarter 2020 of $1.36 represented an increase of 14%.
From a capital perspective, during the third quarter, we issued $49 million of equity at an average price over $176 per share.
In July, we repaid a maturing $40 million senior unsecured term loan.
And in September, we closed on the refinance of $100 million unsecured term loan that reduced the effective fixed interest rate from 2.75% to 2.1%, with five years of term remaining.
Our debt to total market capitalization was below 17%, debt-to-EBITDA ratio at 4.7 times and our interest and fixed charge coverage ratio increased to over 8.5 times.
Bad debt for the first three quarters of the year is a net positive $346,000 because of tenants whose balance was previously reserved but brought current, exceeding new tenant reserves.
Looking forward, FFO guidance for the fourth quarter of 2021 is estimated to be in the range of $1.54 to $1.58 per share and $6.01 to $6.05 for the year, a $0.15 per share increase over our prior guidance.
The 2021 FFO per share midpoint represents a 12.1% increase over 2020.
Among the notable assumption changes that comprise our revised 2021 guidance include: increasing the cash same-property midpoint by 8% to 5.6%, decreasing reserves for uncollectible rent by $900,000, increasing projected development starts by 24% to $340 million and increasing equity and debt issuance by combined $95 million.

Summary:
Finally, cash same-store NOI rose 5.2% for the quarter and 5.6% year-to-date.
FFO per share for the third quarter exceeded our guidance range at $1.55 per share and compared to third quarter 2020 of $1.36 represented an increase of 14%.