For 2020, we expect more of the same, leveraging our platform to generate more cash flow growth and value creation.
Occupancy at year end was a very strong 97.6% and full year cash rental rate growth was 13.9%, a Company record.
According to CBRE Econometric Advisors, new supply for 2019 was 224 million square feet compared to net absorption of 183 million.
This marks the first time since 2009 that new supply exceeded net absorption.
We've signed leases for approximately 60% of our 2020 rollovers at a cash rental rate increase of more than 9%.
Included in these results is the long-term renewal of our largest rollover, a 675,000 square foot single tenant building in Central Pennsylvania.
For the full year, we expect cash rental rate growth of approximately 10% to 14% on our new and renewal leasing.
In the fourth quarter, we placed in-service seven developments totaling 2.1 million square feet with a total investment of $165 million.
Included in this total is our 556,000 square footer at First Aurora Commerce Center in Denver.
As evidence of the strength of this market, we signed a long-term lease for 100% of the space, which commenced shortly after completion of construction.
In total for 2019, we placed in service 13 buildings totaling 4.4 million square feet with an estimated investment of $325 million.
These assets are 91% leased with an estimated cash yield of 6.7%.
This represents an expected margin of 42% to 52%.
At the mid-point, that would translate to a little over $1 per share in NAV accretion.
At year end, our pipeline of completed developments in lease-up and under construction totaled 3 million square feet with a total estimated investment of $277 million and a projected cash yield of 6.9%.
They are 36% leased and have an expected margin of approximately 40% to 50%.
Starting on the West Coast, First Redwood Logistics Center II is a 72,000 square foot building in the Inland Empire West, with an estimated total investment of $12.6 million.
Completion is set for the third quarter with a cash yield of 5.2%.
In Los Angeles, one mile north of the Port of Long Beach, we acquired a 1.8 acre site for $6 million.
It's leased as a surface lot with an in-place yield of 5.4%.
In Northwest Dallas, we broke ground on our 435,000 square foot multi-tenant building at Phase 2 of our First Park 121 with an estimated investment of $31.2 million and a targeted cash yield of 6.7%.
This building is 77% pre-leased.
We broke ground on our First Cypress Creek Commerce Center, a three building park totaling 374,000 square feet on land for which we have a 50-year ground lease.
Our estimated total investment for the building is $35.6 million, with a targeted cash yield of 7.1% and completion is slated for Q4.
We also acquired seven acres of land and broke ground on First Sawgrass Commerce Center, a 104,000 square footer in Broward County, estimated investment is $15.3 million, with a targeted yield of 5.8%, completion is expected in Q3.
On our last call, we discussed our 19.6 acre covered land investment in South Florida for $19.8 million.
Recall this site has three below market ground leases that are currently yielding 3.5%.
We also added another 9 acre site in the Miami market for $8.6 million on which we can develop 131,000 square feet.
We acquired 63 developable acres in Medley, a great infill location where land is difficult to come by.
Our acquisition price was $48.9 million and we can build 1.2 million square feet in total on the site.
We will begin the first phase of development this summer, with three multi-tenant buildings totaling approximately 600,000 square feet.
Total estimated investment for these three buildings is approximately $90 million reflecting land, pre-development and construction costs.
For the year, building acquisitions totaled 542,000 square feet for $67 million with an expected stabilized cap rate of 5.4%.
The property is a 23,000 square footer in the I-880 Hayward submarket, purchase price was $4.9 million, and our expected yield is 5.3%.
We completed $155 million of sales in the fourth quarter, comprising 3.6 million square feet and one land parcel.
The largest portion of these dispositions came from the sale of substantially all of our Indianapolis portfolio which totaled $98 million and 2.7 million square feet.
Other notable sales included two buildings in St. Louis totaling $13 million and 245,000 square feet.
Thus far, in the first quarter, we sold 226,000 square feet in Tampa for $26.5 million.
For 2019, dispositions totaled $261 million and comprised 5.2 million square feet and four land parcels.
For 2020, our guidance for sales is $125 million to $175 million.
Based on our strong 2019 performance and outlook, which Scott will discuss shortly, our board of directors declared a dividend of $0.25 per share for the first quarter of 2020.
This is $1 per share annualized, which equates to an 8.7% increase from 2019.
This dividend level represents a payout ratio of approximately 64% of our anticipated AFFO for 2020 as defined in our supplemental.
At our last Investor Day in November of 2017, we discussed our opportunity to achieve adjusted funds from operations of $200 million in 2020.
This would represent compound annual growth of 9% over the period.
In the fourth quarter, diluted earnings per share was $0.76 versus $0.40 one year ago.
And for the full year, diluted earnings per share was $1.88 versus $1.31 for the prior year.
NAREIT funds from operations were $0.45 per fully diluted share compared to $0.42 per share in 4Q 2018.
Excluding a $0.01 of income related to insurance settlements for damaged properties, 4Q 2018 FFO was $0.41 per share.
For the full year, NAREIT FFO per share was $1.74 versus $1.60 in 2018.
As Peter noted, occupancy was 97.6% down 10 basis points for the prior quarter.
In the fourth quarter, we commenced approximately 4.1 million square feet of leases, 757,000 square feet were new, 1.3 million were renewals, and 2.1 million square feet were for developments in acquisitions with lease-up.
Tenant retention by square footage was 81.4%.
Same-store NOI growth on a cash basis excluding termination fees was 2.1% and for the full year 2019, cash same-store growth before lease termination fees was 3.1%.
Cash rental rates were up 9.7% overall, with renewals up 8.2% and new leasing 12.4%.
On a straight line basis, overall rental rates were up 20.4% with renewals increasing 18.5% and new leasing up 23.8%.
For the year, cash rental rates were up 13.9% overall which is a Company record and on a straight line basis, they were up 26%.
At the end of 4Q, our net debt plus preferred stocks to adjusted EBITDA is 4.6 times and at December 31st, the weighted average maturity of our unsecured notes, term loans, and secured financings was 5.8 years with a weighted average interest rate of 3.9%.
Our NAREIT FFO guidance is $1.77 to $1.87 per share with a mid-point of $1.82.
Excluding a $0.01 per share of costs related to severance from the closure of our Indianapolis office and costs related to projected vestings of equity awards for retirement eligible employees, FFO guidance is $1.78 to $1.88 per share with a mid-point of $1.83.
Quarter-end average in-service occupancy for the year of 97% to 98%, we anticipate first quarter occupancy will have a typical seasonal dip, which could be as much as 75 basis points to 100 basis points.
Our bad debt expense assumption for 2020 is $2 million consistent with last year's assumption.
One of our largest tenants, Pier 1 Imports has been in the news lately.
Our guidance assumes that Pier 1 will continue to occupy our 644,000 square foot facility in Baltimore for the entire year, as this facility is a critical part of their supply chain and I note that they are current on their rent.
Also for your information, the expected FFO from the lease to Pier 1 for the period of March through year end is approximately $2.5 million.
Same-store NOI growth on a cash basis before termination fees is expected to be 4% to 5.5%.
Our G&A guidance range is $31 million to $32 million which excludes a $0.01 per share of severance costs from the closure of our Indianapolis office and costs related to projected vesting of equity awards for retirement eligible employees.
In total, for the full year of 2020, we expect to capitalize about $0.03 per share of interest related to our developments.

Summary:
For 2020, we expect more of the same, leveraging our platform to generate more cash flow growth and value creation.
In the fourth quarter, diluted earnings per share was $0.76 versus $0.40 one year ago.
NAREIT funds from operations were $0.45 per fully diluted share compared to $0.42 per share in 4Q 2018.
Excluding a $0.01 of income related to insurance settlements for damaged properties, 4Q 2018 FFO was $0.41 per share.
Same-store NOI growth on a cash basis excluding termination fees was 2.1% and for the full year 2019, cash same-store growth before lease termination fees was 3.1%.
Cash rental rates were up 9.7% overall, with renewals up 8.2% and new leasing 12.4%.
Our NAREIT FFO guidance is $1.77 to $1.87 per share with a mid-point of $1.82.