Scott M. Brinker
President and Chief Investment Officer at Healthpeak Properties
Thank you, Tom. I'll begin with operating results then provide an update on our development and investment activities. Starting with life science. 2020 saw record-setting biotech capital raising. 2021 is on pace to exceed those records. Capital inflows are fueling scientific breakthroughs and leading to accelerating real estate fundamentals. Demand continues to exceed supply and vacancies are at all-time lows driving market rent growth of 10% or more over the past year.
During the quarter, we signed 233000 feet of renewals at a 22% cash mark-to-market plus 121,000 feet of new leases. We've already exceeded our full year internal leasing budget and 3Q is off to a strong start. In July we signed 90,000 feet of new leases and we currently have a large pipeline under signed letters of intent including 345,000 feet of renewals, 70,000 feet of new leasing and 415,000 feet on new developments.
Same-store NOI growth for the quarter was 7.4% and bringing year-to-date growth to 7.9%. The results were driven by in-place escalators, leasing activity, mark-to-market on renewals and burn off of free rent from the prior year. As discussed on the last call we do expect same-store growth to moderate in the second half of the year due to difficult comps and proactive early terminations that will benefit future years.
Moving to medical office. Same-store NOI growth this quarter was 4.1% driven by leasing activity ad rents strong collections and parking income. Hospital inpatient and outpatient volumes have returned to pre-COVID levels benefiting our unique on-campus portfolio. Leasing activity continues to outperform. We had more than 800,000 feet of commencements in the quarter which is 200,000 feet ahead of plan. Retention is strong at 78% for the trailing 12 months including 93% in June.
Year-to-date we've already completed 90% of our full year internal leasing budget. Note that total portfolio occupancy declined a bit last quarter. This was driven by recently completed development and redevelopment properties entering the portfolio that are still in lease-up, plus a few recent acquisitions lease-up opportunity. This gives us more NOI to capture in the future. Finishing with CCRCs where performance continues to recover.
Occupancy was up 90 basis points from March to June. Entry fee cash receipts were $24 million representing the highest level since 2019 and leading indicators are now in line with 2019 levels. With current occupancy at 80% we have significant upside to capture at least 500 basis points on the low end. Same-store cash NOI growth was negative 23% for the quarter driven by the CARES Act payments received in 2Q '20. Absent these onetime payments same-store growth was positive 23% this quarter.
Turning to our development pipeline. We've executed guaranteed maximum price contracts on all of our active development projects so we have very limited exposure to rising construction costs. Lease-up continues to exceed our underwriting on both rental rate and timing. In June, we signed a full building lease on our Callan Ridge densification project in San Diego. We expect to deliver the $140 million project in the first half of 2023 with a yield on cost in the low 9s based on the book value of our land. In July, we signed a binding term sheet for the entire 163,000 square foot rental gateway development also in San Diego. We expect to deliver the $117 million project in the first half of 2023 with a yield on cost in the mid-8s based on the book value of our land.
Those yields are far above what's achievable at today's land prices. If we mark our land to market, the yield on cost in the core markets where we play is more in the 6% to 7% range at today's construction costs and rental rates. Moving to investments. In July, we closed the off-market acquisition of three MOBs that are leased to Atlantic Health. The asset share a campus proximate to the Morristown Medical Center generally regarded as the number one hospital in New Jersey. The stabilized cash cap rate is in the mid-5s.
The acquisition also included a land parcel on the same campus that can accommodate up to 80,000 square feet of medical office development. Also in July, we acquired a $50 million medical building in Wichita that's 100% leased to HCA. The price represents a 6.1% initial cash cap rate. This was an off-market acquisition and expands our existing presence in the market. In June, we acquired a $16 million MOB located on the campus of HCA's Westside hospital in Fort Lauderdale. The initial cash cap rate is 5.5%. Again, this was an off-market acquisition and expand our existing presence on this campus.
Looking forward, we have a strategic acquisition and development pipeline across our business segments. Against the backdrop of compressing cap rates, we remain focused on using our relationships to create opportunities not available to the broader market. We also continue to advance densification opportunities across all three of our business segments, which will be a source of growth for the next decade plus on land we already own. Finally, we're balancing acquisitions that are immediately accretive with value-creating development opportunities that naturally come with short-term earnings track. As a result, our acquisition pipeline is a mix of stabilized assets, lease-up properties and covered land plays. The blended initial yield will depend on the relative mix of opportunities that ultimately proceed.
With that, I'll turn it to Pete.