You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: We caution you that such statements reflect our best judgment based on factors currently known to us and that actual events or results could differ materially.
With Josh and me on the call today are Mark Olear, our Chief Operating Officer; and Brian Dickman, our Chief Financial Officer.
I will lead off today's call by providing an overview of our performance for the third quarter of 2021 and highlight the company's investment and capital markets activities.
And then I'll pass the call to Mark and Brian to discuss our portfolio and financial results in more detail.
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.
The company benefited from the stability of its portfolio of convenience and automotive retail assets, which continued to perform well, meaning that we had another quarter of full rent collections, including all amounts owed to us as a result of our 2020 COVID-related rent deferments.
The success of our investment strategies year-to-date has been a key contributor to our earnings growth.
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.
This accelerated pace of investment activity was highlighted by our ability to bring new high-quality tenants into our portfolio, including Flash Market with sites located across the Southeastern U.S. and Splash Carwash, whose footprint spans the Northeast.
We also continue to successfully execute on our multiple investment strategies, which include [Indecipherable] leasebacks, accretive acquisitions of net leased properties, and development funding for new industry assets.
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.
The improved terms of our facility further validate the company's platform and strong performance over the last several years.
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.
This represents the eighth straight year with a dividend increase.
Our Board believes this annual increase is appropriate, as it maintains a stable payout ratio and is tied to the company's growth over the past year.
Furthermore, we are again pleased that our year-to-date accretive investment activity has positioned the company to raise its 2021 AFFO per share guidance.
I want to reiterate our commitment to effectively executing on both new investment activity and the active asset management of our portfolio.
Our teams continue to work diligently to source and underwrite new opportunities to invest across our target asset classes including convenience stores, car washes, automotive-related retail properties in strong metropolitan markets across the country as well as to unlock embedded value through selective redevelopments.
We believe our success year-to-date demonstrates our ability to source opportunities that align with our investment strategies, and that will continue to drive additional shareholder value.
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.
We completed two transactions in the convenience and gas sector during the quarter.
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.
We also completed our first development funding project with Refuel in the Charleston, South Carolina MSA.
Our total investment in the project was $4.5 million, including our final investment of $1.1 million during the third quarter.
As per the terms of our development funding transactions, we acquired the property upon completion of development in conjunction with our final funding payment and simultaneously entered into a long-term triple net lease.
In the carwash sector, we completed three transactions in the quarter.
We acquired two newly constructed properties from WhiteWater Express carwash in Michigan for $7 million.
These properties were added to our existing unitary lease with WhiteWater.
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.
Additionally, we acquired our first property with Splash car wash, which is located in New Haven, Connecticut MSA.
Our purchase price was $4 million for the property.
In the auto service sector, we acquired our first Mavis Tire 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.
As part of this transaction, we will accrue interest on our investment during the construction phase of the project, and we will expect to acquire the properties via sale-leaseback transaction upon completion and final funding.
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%.
Subsequent to quarter-end, we acquired two properties in the Boyington, Vermont MSA from Splash Carwash.
Purchase price was $8.8 million, and the cap rate was consistent with our year-to-date acquisition activity.
We ended the quarter with a strong investment pipeline and remain highly committed to continuing to grow our portfolio of convenience and automotive retail real estate, and we expect to pursue that growth through continued sourcing of direct sale-leaseback, acquisitions of net lease properties, and development funding for new-to-industry assets.
Moving to our redevelopment platform.
During the quarter, we invested approximately $331,000 in both completed projects and sites, which remain in our pipeline.
In addition, rent commenced on three redevelopment projects during the quarter, including two 7-Eleven convenience stores and one property leased to BJ's Wholesale Club, which is adjacent to one of our newly constructed superstores.
In aggregate, we invested $0.5 million in these three projects and generate a return on investment capital of 43%.
At quarter-end, we had eight signed leases or letters of intent, which includes five active projects and three projects at properties, which are currently subject to triple net leases and have not yet been recaptured from the current tenants.
The company expects rent to commence at two additional development sites during the fourth quarter of 2021.
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 project these redevelopments will generate incremental returns to the company in excess of where we can invest these funds in the acquisition market today.
Turning to our asset management activities for the quarter.
We sold one property during the quarter, realizing $2.3 million in gross proceeds, and exited five lease properties.
We expect the total net impact of these activities will have de minimis impact on our financial results.
As we look ahead, we will continue to selectively dispose the properties that we determine are no longer competitive in their current format or do not have compelling redevelopment potential.
Let me start with a recap of earnings.
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.
On the expense side, G&A costs increased in the quarter, primarily due to employee-related expenses, including noncash and stock-based compensation.
Property costs decreased marginally due to reductions in real estate tax expense and environmental expenses, which are highly variable due to a number of estimates and non-cash adjustments, increased in the quarter due to certain legal fees and changes in net remediation costs and estimates.
We turn to the balance sheet and our capital markets activities.
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.
Each of these leverage metrics are calculated according to the definitions in our loan agreements.
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.
We also amended each of our outstanding unsecured notes to conform to the new credit facility covenant provisions.
All in all, this is a good transaction for Getty.
We reduced our cost of capital, improved some terms, and importantly, demonstrated the continued support of our bank group and unsecured noteholders.
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.
Moving to ATM activity.
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.
We think about our future capital needs more broadly, we remain committed to maintaining a strong credit profile with meaningful liquidity and access to capital, low-to-moderate leverage, and a well-laddered and flexible balance sheet.
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.
Our guidance includes transaction activity completed year-to-date but does not otherwise assume potential acquisitions or capital markets activities for the remainder of 2021.
Factors which may impact our guidance include variability with respect to certain operating costs and our expectation that we will remain active in pursuing acquisitions and redevelopments, which could result in additional expenses, including certain property demolition costs and transaction costs for deals that are ultimately not completed.

user
q3 adjusted ffo per share $0.50.
q3 ffo per share $0.48.
increasing its 2021 affo guidance to a range of $1.93 to $1.94 per diluted share.

assistant