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: Joining us today on the call are Jordan Kaplan, our president and CEO; Kevin Crummy, our CIO; and Peter Seymour, our CFO.
You can also find our earnings package at the investor relations section of our website.
You can find reconciliations of non-GAAP financial measures discussed during today's call in the earnings package.
Our actual results will be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control or ability to predict.
Although we believe that our assumptions are reasonable, they are not guarantees of future performance, and some will prove to be incorrect.
Therefore, our actual future results can be expected to differ from our expectations, and those differences may be material.
When we reach the question-and-answer portion, in consideration of others, please limit yourself to one question and one follow-up.
I'm pleased to report that our rent collection and leasing activity improved during the fourth quarter, despite continued headwinds from the pandemic and tenant-oriented lease enforcement moratoriums.
In recent months, we have started to see movement on tenant payment plans for rent deferred under the pandemic.
To date, we have reached agreements with tenants who own about 15% of the outstanding balances.
These deals are exempt from the moratorium protections, and we have already begun collecting deferred rent under them.
Except for immaterial amounts, we have not forgiven rent and we still expect to collect a large majority of all past due amounts.
In prior downturns, the impact of personal guarantees and small business owners' commitment to their companies have kept our default rate extremely low.
Our cash collections have also improved.
As of today, we have collected 92.7% of our rent from the three quarters affected by the pandemic, including 96% of our residential rent, 95% of our office rent and 45% of our retail rent.
We saw stronger leasing demand last quarter, driven primarily by small tenants.
We signed an impressive 197 leases, and retention was also above average.
We see the economy beginning to recover with tenants increasingly confident about their future.
As more tenants engage, we should shift back to positive absorption.
Of course, predicting the pace of recovery remains challenging at this early stage.
And because occupancy is a lagging indicator, we expect to see some further decline during the first half of this year.
Overall, we remain confident over the longer term.
As I've said throughout the pandemic, I believe that companies will return to the office.
Our tenants generally have short commutes, and they don't face significant mass transit, parking or vertical transportation barriers to reoccupancy.
In the meantime, Douglas Emmett remains well capitalized, with no debt maturities before 2023.
We own a dominant share of the best buildings in the best markets in LA, and there is no threat of material new office supply in the near future.
Our integrated operating platform is built to withstand recessions, and our team continues working to get better every day.
Our two multi-family development projects continue to make impressive headway.
The demand for new units at 1132 Bishop, our office to residential conversion project in downtown Honolulu, remains robust.
As I previously mentioned, we have fully leased the first phase of 98 units, and by year end, it already leased 29 out of the 76 units in the second phase.
Construction at our Brentwood high-rise apartment is nearly topped off, and delivery of the first units remains on schedule for early 2022.
In December, one of our joint ventures sold an 80,000-square foot Honolulu office property for $21 million.
Our decision to close the health club as a result of the pandemic triggered interest from a number of owner users targeting that type of space.
The buyer will use the club for space for youth vocational training and after-school programs.
Property transactions in our markets remain slow as many potential sellers are in a watch-and-wait mode given current uncertainties.
In Q4, we signed 197 office leases covering 612,000 square feet, including 202,000 square feet of new leases and 410,000 square feet of renewal leases.
As Jordan said, the recovery in demand from our tenants last quarter was led by our smaller tenants.
As a result, the average size of the leases we signed last quarter was 3,100 feet compared to our overall portfolio average of 5,600 square feet.
This resulted in our office lease percentage declining to 88.6%.
The leases we signed during the fourth quarter will provide almost 10% more rent than the expiring leases for the same space.
Although the initial cash rents were 5.8% lower as a result of large annual rent bumps over the term of the prior leases.
On the multifamily side, our lease rate improved to 98.2% from 97.5%, with gains in both West LA and Hawaii.
The fourth quarter reflected the continuing impacts from the pandemic.
FFO was $0.46 per share, down 15% from Q4 2019.
AFFO declined 16% to $76 million, and same-property cash NOI declined by 20%.
Compared to the third quarter, FFO increased by $0.06 from fire insurance proceeds and $0.02 from better collections and lower expenses.
Those increases were partly offset by $0.02 of issue advocacy expenses for the November election.
As a result, FFO increased by a net $0.06 per share compared to Q3.
At only 4.6% of revenues, our G&A for the fourth quarter remains well below that of our benchmark group.
Given the continuing uncertainties around the pandemic and local government ordinances, we are not providing guidance.
However, I do want to share some general observations based on what we currently see.
We expect further improvements in collections and parking revenue as the economy opens up and local moratoriums are lucent.
These will be gradual at first, but prior history suggests that we will collect a large majority of past due amounts in the end.
We expect that leasing will recover over the course of the year.
Because it is a lagging indicator, we expect occupancy to decline at least through the first half of the year.
We expect straight-line rent to be minimal in 2021, largely as a result of tenants who were put on a cash basis in 2020.
We expect revenue from above and below market leases to resume its normal decline.
As usual, these observations do not assume the impact of future acquisitions, dispositions or financings.

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douglas emmett quarterly ffo per share $0.46.
quarterly ffo per share $0.46.
expect straight line revenue to be minimal in 2021 and revenue from above/below market leases to resume its normal decline.

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