The net result of our well-positioned in-place portfolio and the continued execution of our active and accretive investment program was a 5.8% increase in total revenues, a 13.2% increase in adjusted funds from operations, and a 6.4% increase in AFFO per share.
We invested $61.1 million in 25 properties during the quarter, and another $8.8 million just after quarter-end, bringing our year-to-date total investment activity to more than $144 million.
In addition, rent commenced on three redevelopment projects during the quarter including our second and third projects, with 7-Eleven for remodeled C&G locations in the Baltimore and Dallas-Fort Worth MSAs, bringing our completed projects to 22 since the inception of our redevelopment program.
We also announced yesterday that we successfully amended and extended our $300 million credit agreement, which now will mature in October 2021.
When combined with our active ATM program, which we've used to raise more than $50 million this year, and our strong balance sheet, we continue to have access to capital and the right credit profile to support our growth objectives.
Given our performance year-to-date, I am pleased that our Board approved an increase of 5.1% in our recurring quarterly dividend to $0.41 per share.
As of the end of the third quarter, our portfolio includes 1,011 net lease properties, five active redevelopment sites, and five vacant properties.
Our weighted average lease term was approximately 8.8 years, and our overall occupancy, excluding active redevelopments, remains constant at 99.5%.
Our portfolio spans 36 states across the country plus Washington, D.C., and our annualized base rents, 63% of which come from the top 50 MSAs in the U.S., continue to be well covered by our trailing 12-month tenant rent coverage ratio of 2.6 times.
In terms of our investment activities, we had a highly successful quarter in which we invested $61.1 million in 25 properties.
Subsequent to the quarter-end, we acquired two additional properties for $8.8 million, bringing our year-to-date investment activity to $144.5 million across 82 properties.
The first was a 15 property sale-leaseback with Flash Market, a subsidiary of Transit Energy Group.
In this transaction, we invested $35.1 million to acquire the properties, which are located throughout the Southeast United States with a concentration around the Raleigh-Durham, North Carolina MSA.
Properties acquired have an average store size of 3,600 square feet and an average property size of 1.7 acres.
In addition, 53% of the properties have sub-tenancies with either quick-serve restaurants or auto service operators.
Our total investment in the project was $4.5 million, including our final investment of $1.1 million during the third quarter.
We acquired two newly constructed properties from WhiteWater Express carwash in Michigan for $7 million.
We also acquired two additional properties for an aggregate purchase price of $8 million, which are leased to Go Car Wash in San Antonio, Texas, and Las Vegas, Nevada MSAs.
Our purchase price was $4 million for the property.
We invested $4.6 million to acquire the properties in the Chicago, Illinois MSA.
Getty also advanced $1.2 million of development funding from three new industry convenience stores with Refuel in the Charleston, South Carolina MSA, bringing the total amount funded by Getty for these projects to $8.9 million at quarter-end.
The weighted average initial lease term of our completed transactions for the quarter was 14.6 years, and our aggregate initial cash yield on our third quarter acquisitions was 6.7%.
Purchase price was $8.8 million, and the cap rate was consistent with our year-to-date acquisition activity.
During the quarter, we invested approximately $331,000 in both completed projects and sites, which remain in our pipeline.
In aggregate, we invested $0.5 million in these three projects and generate a return on investment capital of 43%.
In total, we have invested approximately $1.9 million in eight redevelopment projects in our pipeline and estimate that these projects will require a total investment by Getty of $7.4 million.
We sold one property during the quarter, realizing $2.3 million in gross proceeds, and exited five lease properties.
AFFO, which we believe best reflects the company's core operating performance, was $0.50 per share for the third quarter, representing a year-over-year increase of 6.4%.
FFO was $0.48 per share for the quarter.
Our total revenues were $40.1 million, representing a year-over-year increase of 5.8%.
Rental income, which excludes tenant reimbursements and interest on notes and mortgages receivables was 7.5% to $34.3 million.
Strong acquisition activity over the last 12 months and recurring rent escalators in our leases were the primary drivers of the increase, with additional contribution from rent commencements at completed redevelopment projects.
We ended the quarter with $567.5 million of total debt outstanding, including $525 million of long-term fixed-rate unsecured notes and $42.5 million outstanding on our $300 million revolving credit facility.
Our weighted average borrowing cost was 4% and the weighted average maturity of our debt was 6.3 years.
In addition, our total debt to total market capitalization was 29%.
Our total debt to total asset value was 37%, and our net debt-to-EBITDA was 5.1 times.
As Chris mentioned, yesterday, we announced the amendment and extension of our $300 million revolving credit facility, which is now set to mature in October 2025, with two 6-month extensions, where we have the option to extend to October 2026.
In addition to extending the term, we were able to reduce the interest rate by 20 to 50 basis points, depending on where we are in the leverage-based pricing grid, and amend certain covenant provisions to align with those generally applicable to investment-grade rated REITs.
With the credit facility extended, our nearest debt maturity is now the $75 million of senior unsecured notes that come due in June of 2023.
We continue to be selective with our equity issuance during the quarter, raising $19.8 million at an average price of $31.12 per share.
Year-to-date, we raised a total of $50.1 million through the ATM.
With respect to our environmental liability, we ended the quarter at $47.8 million, which was a decrease of approximately $300,000 from the end of 2020.
For the quarter, net environmental remediation spending was approximately $1.3 million.
And finally, as a result of our investment in capital markets activities in the first nine months of the year, we are raising our 2021 AFFO per share guidance to a range of $1.93 to $1.94 from our previous range of $1.89 to $1.91.

Summary:
AFFO, which we believe best reflects the company's core operating performance, was $0.50 per share for the third quarter, representing a year-over-year increase of 6.4%.
FFO was $0.48 per share for the quarter.
And finally, as a result of our investment in capital markets activities in the first nine months of the year, we are raising our 2021 AFFO per share guidance to a range of $1.93 to $1.94 from our previous range of $1.89 to $1.91.