Across our portfolio, physical occupancy has remained at approximately 15% since early June.
We reported FFO of $0.66 a share.
We collected 97% of total rents and 98% of office rents.
We leased 303,000 square feet with a weighted average lease term of 7.6 years.
Second generation cash rents grew by 20.6%.
In fact, I recently asked the leadership of a Fortune 500 company with a growing Sun Belt footprint to share their perspective on the impact of COVID on their real estate strategy with the Board of Directors here at Cousins.
After a deep dive into the real estate strategy, this growing Fortune 500 company concluded that while the layout of the office would likely change post COVID, their overall space needs would not.
100% of our portfolio is located in the best amenitized submarkets across the Sun Belt, 100% is Class A. Our portfolio is among the newest vintage in the office sector, with an average building age of 2002.
Our average building size is just 347,000 square feet with the overwhelming majority having multiple elevator banks.
77% of the portfolio is near mass transit while also enjoying an average parking ratio of 2.9 per 1,000.
Net debt to EBITDA of only 4.4 times and liquidity in excess of $1 billion.
A $566 million development pipeline that's 82% committed and projected to add approximately $66 million of incremental NOI by year-end 2022.
Given that I'm especially pleased to say that our team executed 303,000 square feet of leases in the second quarter with an average lease term of 7.6 years.
Further, 32% of our leasing activity this quarter was new and expansion leasing.
I'm also pleased to report that rent growth remained exceptionally strong with second generation net rents increasing 20.6% on a cash basis, a level not seen since 2015.
Net effective rents for the quarter came in at $25.43 per square foot, even higher than in the first quarter.
We also ended the second quarter at 92.5% leased with in-place gross rents posting another company record of $39.48 per square foot.
Finally, our same property portfolio leased percentage came in at a solid 94.4%.
You will recall that our second quarter leasing activity did include the previously announced 74,000 square foot new lease with DLA Piper at Colorado Tower in Austin.
Our second quarter activity also included significant long-term renewals of a 112,000 square foot customer at The Domain in Austin and a 42,000 square foot customer at the Pointe in Tampa.
On a similar note, we are also thrilled with Microsoft's recent decision to lease over 500,000 square feet in a new project in Midtown Atlanta, adding 1,500 new technology jobs in our hometown.
97% of our customers overall paid rent during the second quarter and the collection rate among our traditional office customers was 98%.
Further 100% of our top 20 customers paid rent in the second quarter.
As of today, 98% of our customers overall have paid July rent charges.
The total cash rent deferred to date stands at $7.5 million or 1.1% of our annualized contractual gross rents.
As a reminder, those two segments only represent 1.7% and 1.9% of our overall operating portfolio respectively.
Despite being open, the physical occupancy of our properties is currently only at about 15% on average with usage of our parking facilities at similarly low levels.
Looking specifically at our same-property performance, cash net operating income during the second quarter declined 1.6% compared to last year.
This was driven by a 4% decline in revenues and a 7.8% decline in expenses.
Adjusting for the impact of these deferrals, cash net operating income declined 0.1% during the second quarter.
Fewer customers coming to the office mean fewer cars and as a result, same-property parking income was down 30% compared to last year's second quarter.
This is comprised of a 12% decline in contractual parking and a 76% decline in transient parking.
Adjusting for the impact of both rent deferrals and reduced parking income, same property cash NOI was up 3.7% during the second quarter.
During the second quarter FFO was reduced by approximately $400,000 due to a combination of rent write-offs and an increase in our allowance for uncollectible rents.
The comparable number for the first quarter was approximately $500,000.
To put these numbers in perspective, charges related to collectability averaged approximately $170,000 per quarter during 2019.
We closed one acquisition during the second quarter, the purchase of 1,550 space parking deck in Uptown Charlotte for $85 million.
Not only did we extend the maturity of this loan, we also reduced the interest spread from 190 basis points to 125 basis points and eliminated our repayment guarantee.
Not only do we have low leverage, our liquidity position of over $1 billion at the end of the quarter represented over 15% of our total market cap at quarter-end and is more than enough to fund the remaining $160 million necessary to complete our current development pipeline.
First, we currently anticipate the parking deck that we purchased in early May to generate net operating income of between $1.5 million and $2 million during calendar year 2020.
We anticipate the annual stabilized NOI on this parking deck to be between $4.5 million and $5 million going forward.
Our current 2020 forecast assumes corporate G&A expenses net of capitalized salaries of between $27 million and $29 million.
As we sit here at the end of July at 15% fiscal occupancy, we clearly need to adjust low end of our range in this metric.
The total earnings impact of the amendment remains unchanged at $2.1 million.
Specifically, instead of recognizing $2 million as a termination fee in 2020 and an additional termination fee of $100,000 in 2021, we will recognize $300,000 as property level NOI in 2020 and $1.8 million as property NOI over the course of the remaining lease term through mid-2025.
The positive impact of the parking deck purchase of approximately $1.7 million, if you use the midpoint of our guidance, combined with a reduction in G&A of $1 million equals the negative earnings impact of accounting for the Parsley lease as a modification and the commensurate $1.7 million reduction and the adjusted range in parking revenue of $1 million, again at the midpoint.

Summary:
We reported FFO of $0.66 a share.
First, we currently anticipate the parking deck that we purchased in early May to generate net operating income of between $1.5 million and $2 million during calendar year 2020.