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: Listeners to any replay should understand that the passage of time by itself will diminish the quality of the statements made.
We had another very strong quarter, resulting in another raise in our 2021 operating FFO guidance.
We experienced balanced success across all our disciplines as we continue to refresh our portfolio, tenant mix, liquidity and balance sheet, all of which position us to deliver on future earnings growth.
We closed on several high-quality acquisitions across all three of our strategic investment platforms, bringing our gross acquisition volume to $500 million in 2021.
We continue to see strong demand for space in our centers and signed a number of key leases with well-capitalized tenants, driving our accelerated signed not opened balance to almost $4 million.
And lastly, we raised or received commitments on $670 million of capital from our equity, debt and joint venture partners, strengthening our liquidity profile and balance sheet.
Starting off with our capital-raising efforts.
I am very pleased with GIC's recent commitment of an additional $500 million to our core grocery-anchored R2G platform, positioning that platform to scale up to $1.7 billion.
We believe this is an endorsement of RPT and our ability to create value.
We are grateful to be in the company of top-tier REITs, like Ventas, Boston Properties, Equinix and others, that have partnered with GIC.
The new commitment provides us with the firepower to further accelerate our portfolio transformation while enhancing our management fee income stream.
We also recently obtained commitments for $130 million in the debt private placement market and received another $40 million through our ATM, demonstrating our ability to access multiple sources of capital to accretively fund our growth plans.
The size of our portfolio is an advantage as it allows us to rapidly reshape our geographic exposures toward higher-growth and more durable markets like Boston, which is now our third-largest market.
We also increased our exposure to Atlanta and Tampa while reducing our concentrations in Detroit, Cincy and Chicago.
This real-time shift in our mix not only improves our geographic diversification but also increases our visibility with retailers, brokers and other stakeholders, which is leading to increased deal flow on both the leasing and acquisition fronts.
To support our data-driven investment decisions, we have an in-house data scientist who developed a proprietary asset scoring model that combines advanced data analytics with a collective knowledge and experience of our investments, leasing, property management and portfolio management teams.
With this dynamic tool, we can continually assess our existing and potential future properties in real time to inform our capital allocation decisions.
Our scoring model was a key advantage for us as we underwrote our recent acquisitions and will continue to be used as we assess our future acquisitions and dispositions through the lens of quality, balance sheet and earnings accretion.
Regarding the acquisition environment, we are currently experiencing a very competitive landscape to acquire high-quality shopping centers, where cap rates for grocery-anchored centers in top U.S. metros are down approximately 50 basis points over the past few months.
As a result, we believe the $500 million of acquisitions that we closed on so far could be up as much as 10% relative to our transacted prices.
Despite the recent cap rate compression, our three investment platforms provide us a competitive advantage to acquire at higher returns, allowing us to remain active on the acquisition front in our target markets.
We continue to work tirelessly, sourcing additional acquisitions, focusing primarily on off-market, relationship-driven opportunities and expect 2022 to be another active year.
We continue to see a healthy pipeline of deals for grocery-anchored centers, smaller strips and wealthy infill suburbs in our core communities and larger high-quality centers over $70 million, where we can allocate the real estate between our platforms.
We also see unique opportunities to acquire value-add or opportunistic centers, where we can utilize our tenant relationships to create significant value after the purchase.
For example, we are currently under negotiation to buy an asset in the Southeast that has an empty anchor box related to a recent tenant bankruptcy.
We are in lease negotiation with a premier investment-grade grocer to take that space, which will drive the occupancy to about 99%, resulting in an estimated stabilized yield on cost of 7% in a 5% cap rate market.
On the other side of the coin, current market demand is also creating opportunities for us to monetize assets at attractive yields in non-core markets.
Earlier this week, we closed on the sale of Market Plaza in the Chicago market for $30 million.
We received 11 offers and sold the property at a high 5% buyer's cap rate.
Chicago is not a market that we are looking to expand in due to the less-than-business-friendly political environment.
We are also exploring other opportunities to further reduce our exposure to nonstrategic markets and take advantage of the current frothiness in the private markets.
Now turning to operations.
We continue to drive rent and sign leases with high-credit essential tenancy.
This quarter, we signed a lease with a new investment-grade grocer at our Crofton Centre in Baltimore, which is replacing a Shoppers Food Warehouse.
In October, we signed an expansion lease with Publix at The Crossroads in Palm Beach.
This will be a brand-new flagship prototype store, demonstrating Publix' commitment to the center and cementing the anchor tenancy for years to come.
In both cases, we locked in strong credit anchors, thereby enhancing the durability of the cash flows at these centers.
We also signed a new medical tenant, Piedmont Urgent Care, that replaces a sit-down restaurant at Promenade at Pleasant Hill just outside of Atlanta, swapping a high-COVID-risk tenant for an essential tenant at a mid-20% spread to the old brand.
Not only were we able to reduce tenant risk, but we were able to do so at attractive economics.
Lastly, we signed a new deal for a Ferguson gallery showroom at Providence Marketplace in the Nashville market.
This will be Ferguson's first showroom in Nashville, which we think will be a premier destination for residents to access the latest concepts in quality home fixtures and appliances.
With only five to six Ferguson showroom openings in a typical year, we think this deal is a testament to the strength of our center.
For those of you that are not familiar with Ferguson, they are a $34 billion market cap, BBB+-rated credit and the largest U.S. distributor of plumbing and second-largest distributor of industrial products.
We think they will be an attractive regional draw for the property based on the strong demographic match between the center and the Ferguson customer profile.
Looking forward, our leasing team remains active with a solid pipeline of deals lined up for the fourth quarter.
Notably, we are seeing strong demand in Florida, Boston and Detroit, where we are in negotiations on a number of major box deals, ranging from grocer to off-price retail as well as several national small shop deals.
Notably, we have seen a major pickup in demand in Detroit over the past few quarters and are in negotiations on over half a dozen grocery deals and another eight to 10 box leases with discount apparel, pet, outdoor recreation and homegood retailers.
Today, I'll discuss our third quarter results, provide an update on our balance sheet and end with commentary on our increased guidance.
Third quarter operating FFO per share of $0.27 was up $0.05 over last quarter primarily due to about $0.04 of higher NOI from acquisitions, $0.01 from lower rent not probable of collection and about $0.01 from higher lease termination fees, partially offset by lower straight-line rent.
The better-than-expected rent not probable of collection was primarily driven by the reversal of a prior period reserve following an unplanned payment from a theater tenant.
As we look ahead, we expect bad debt to continue to moderate as our collection rate tracks toward pre-COVID levels.
Notably, our collection rate for the third quarter was 98% as of the end of October.
As Brian mentioned, our operational performance in the quarter remained strong.
We signed 52 leases totaling 280,000 square feet at a blended comparable releasing spread of 8.2%, including a 5.2% renewal and 16% new lease spread.
Our renewal spread is the highest level it's been in over a year, and along with the continued strength of our new leasing spreads, is reflective of the increasing demand for our centers and the embedded mark-to-market opportunity within our portfolio.
These spreads are on a cash basis.
They don't capture future contractual rent steps, which were 160 basis points for the leases signed during the quarter.
Leasing activity in the third quarter pushed our signed not opened balance to $3.8 million, up 19% over last quarter's $3.2 million backlog, which we expect to open over the next 15 months.
On the remerchandising and outlet front, we delivered two projects totaling $3.3 million during the quarter at almost a 12% yield, which was ahead of budget.
We also added one new project, Ferguson gallery showroom at Providence Marketplace in Nashville, totaling $1.3 million at an expected yield in the 20% to 22% range.
This brings the active remerchandising and outlet project total to $14 million with expected yields in the 10% to 12% range.
We are in active negotiations on a number of other pipeline deals totaling about $30 million with strong box demand in Boston, Florida and Detroit.
Turning to the balance sheet.
We ended the third quarter with net debt to annualized adjusted EBITDA of 6.8 times, down from seven times last quarter.
This is a bit better than expected as a result of the $40 million raised through our ATM and due to better NOI performance.
We continue to expect our leverage to fall toward our target range of 5.5 to 6.5 times as bad debt and occupancy normalize to pre-COVID levels.
Despite the heavy level of acquisition activity in the quarter, our liquidity remains strong.
We ended the third quarter with a cash balance of approximately $10 million and have $295 million available on our unsecured line of credit.
We expect to repay the vast majority of the outstanding balance on the line of credit by the end of the year or shortly thereafter.
One of the core tenets of our balance sheet strategy, in addition to managing overall leverage, is to proactively address our pending debt maturities.
During the fourth quarter, we expect to refinance $177 million of debt.
Included in this amount are all of our private placement notes that mature in 2023 and 2024 and our Bridgewater mortgage that matures in 2022.
We expect to use proceeds from our recent private placement of unsecured notes totaling $130 million, our share of expected proceeds from mortgages placed on R2G assets that we locked rate on totaling $15 million and proceeds from the sale of Market Plaza totaling $30 million to fund these debt repayments.
Following all this activity, we will have reduced debt maturities through 2024 to just 16% of our debt stack.
Over the next two quarters, we also expect to generate $96 million in disposition proceeds from parcel sales to RGMZ, including sales from our recently acquired Northborough and Newnan Pavilion assets and the remaining seed portfolio sales.
These proceeds will effectively be used to fund our share of the debt of acquisition of $68 million and to repay amounts outstanding on our revolving line of credit.
Moving to our increased guidance for 2021.
We initiated a new range for operating FFO of $0.90 to $0.94 per share, which is up $0.02 or 2% over prior guidance.
The primary drivers of the upside were $0.01 from a prior period bad debt reversal and about another $0.01 of lease termination fees recognized in the third quarter.
The key factors that would drive results to the high or low end of the range are the timing of closing of the net lease parcel sales and bad debt reserves.
In addition, our incentive compensation is not finalized until the fourth quarter, which could result in an uptick in G-and-A expense, similar to what we experienced in late 2019.
But I wanted to provide insight into a couple of items as you start to establish your quarterly run rate for 2022.
Our third quarter operating FFO per share of $0.27 benefited from $0.02 related to nonrecurring items, including a prior period favorable bad debt adjustment and a one-time lease termination fee.
In addition, relative to our third quarter results, 2022 G-and-A is expected to increase by approximately $0.01 per quarter related to an uptick in travel-related expenses, similar to 2019 levels, and continued investments in talent to support our growth platforms.
Our framework can be summarized with three questions.
Does the property improve our overall portfolio quality?
How much future value-creation potential is there?
And can we fund the acquisition in a way that's both accretive to earnings and pushes us closer to our target leverage range of 5.5 to 6.5 times?
No deal is as simple as this.
And each has its own unique set of circumstances.
But we think it is important to understand our framework as you build out your own forecast.
Also, as a reminder, it is our normal practice not to include speculative acquisitions unless we have a strong line of sight on a potential close.

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q3 operating ffo per share $0.27.
raising its 2021 operating ffo per diluted share guidance to $0.90 to $0.94.

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