Dean A. Shigenaga
President & Chief Financial Officer at Alexandria Real Estate Equities
Thanks, Peter, Dean here. Good afternoon, everyone. 2021 was a historic and record year of financial and operating performance for Alexandria. We are very well positioned for another exceptional year. We are the go-to brand. Our team delivers a very high level of operational excellence. We benefit from our important and strategic life science industry relationships plus over 850 tenant relationships.
We generate strong core growth through same-property NOI growth. We have tremendous visibility into future growth with $610 million of incremental annual rental revenue from our value creation pipeline. Our team has delivered consistent execution of bottom line FFO per share growth year-to-year, and we have one of the strongest sheets in the REIT industry.
We reported total revenues of $2.1 billion, up 12.1% over 2020 and FFO per share as adjusted per diluted share of $7.76 for the full year, outperforming our initial outlook for 2021 by $0.06 per share. 2021 generated many financial metrics that reflect outperformance relative to our initial guidance for the year, which I'll cover throughout my commentary.
Core growth in key financial statistics were exceptional. Growth in cash NOI of $280 million to $1.4 billion for the fourth quarter annualized was supported by one of the highest quality tenant rosters in the REIT industry with 51% of our annual rental revenue from investment-grade rated or large-cap public companies.
We had an industry-leading EBITDA margin of 71%, highlighting efficient execution by our team. We had 100 basis points growth in occupancy for the full year of 2021, excluding the impact of vacancy from recently acquired properties. Now importantly, 48% of the 1.8 million rentable square feet of vacancy from recently acquired properties is expected to commence occupancy and rental revenue over the next two quarters. That's pretty amazing execution by our team.
Now turning to 2022, the midpoint of our occupancy guidance is 95.5%, which is 150 basis points higher than occupancy of 94% as of 12/31/21. Now demand for space from our life science industry relationships and tenant relationships drove record leasing volume with over 9.5 million rentable square feet executed, double the rentable square feet of leases executed annually in recent years. And we achieved record rental rate growth of 37.6% and 22.6% on a cash basis.
Now rental rate growth outperformed our initial outlook for 2021 by 740 basis points and 510 basis points above the midpoint of the range of our guidance, again, pretty spectacular results. And importantly, for 2022, we expect continued strong rental rate growth on lease renewals and releasing the space at roughly 32.5% and 20% on a cash basis at the midpoint of our guidance.
Same-property NOI growth was very strong for 2021 at 4.2% and 7.1% on a cash basis. GAAP rental rate growth was about double and cash results were up about 40%, above the midpoint of our initial outlook for 2021. Our outlook for 2022 same-property NOI growth at the midpoint of our guidance is also very strong at 6.5% and 7.5% on a cash basis, above our strong performance in 2021 and reflects 170 basis point growth in same-property occupancy for 2022.
Now leasing activity in the fourth quarter continued to reflect a very favorable environment for Alexandria. Occasionally, though, there is a lease or two that skews this particular statistic in the quarter. The fourth quarter included lease extensions with two tenants with higher tenant improvement allowances and leasing commissions. But the key takeaway is that net effective rent, which is GAAP rent less the impact of tenant improvement allowances and leasing commissions, is up 50% on average for these leases.
Now TIs and leasing commissions for leased renewals and releasing of space, excluding these leases, was about $34 per square foot and consistent with historical amounts. Now we are in an outstanding position today with tremendous visibility for future growth in annual rental revenue of over $610 million from 7.4 million rentable square feet of development and redevelopment projects that are 80% leased or under executed LOI or advanced lease negotiations. Now what truly stands out as exceptional is that 94% of the 7.4 million rentable square feet that is leased or negotiating is from existing relationships, highlighting the strength of our brand, operational excellence, our mega campus offerings and many other features.
Now during 2021, we completed a record level of leasing with 3.9 million rentable square feet of development and redevelopment space leased, including a whopping 1.8 million rentable square feet in the fourth quarter. We delivered about 2 million square feet of development and redevelopment projects in the year with about $1.6 billion in basis that was on average completed in July of 2021. Now looking forward, NOI from development and redevelopment projects is expected to increase significantly in 2022 in comparison to 2021, and we expect significant year-over-year increases in NOI from development and redevelopment projects to continue into 2023.
Turning to venture investments, the investments performed really well in 2021 and generated $216 million in realized gains, including $106 million that was included in FFO per share. Now unrealized gains as of December 31 was almost $800 million, up about $44 million from the beginning of the year and looking forward into 2022, venture investment gains, we expect to include an FFO per share, should be relatively consistent with 2021 at roughly flat to up 10%.
Turning to our balance sheet. Looking back, actually, it was about 10 years ago that our team completed our debut investment-grade bond offering of 10-year notes at 4.66%. Now 10 years later, our team is very pleased with Alexandria's corporate rating that ranks in the top 10% of the REIT industry. So congratulations, team. Now thinking about where rates are today, we could issue 10-year bonds at an all-in rate just under 3% today, highlighting very attractive long-term fixed rate debt for our company.
In October, S&P upgraded our credit rating outlook to positive, highlighting our unique and differentiated business model, strong brand and execution, high-quality cash flows and strong credit profile among many other items. Now we met or exceeded our strong balance sheet goals with net debt-to-adjusted EBITDA at 5.2 times and our fixed charge coverage ratio at 5.3 times, and we ended 2021 with over $3.8 billion in liquidity.
Now turning to guidance, there were no changes in the detailed disclosures for 2021 guidance. We reaffirmed our strong outlook for 2022 -- oops 2022 included EPS diluted ranging from $2.65 to $2.85 and FFO per share as adjusted diluted ranging from $8.26 to $8.46. Now as a reminder, please refer to Page 8 of our supplemental information for detailed underlying assumptions included in our guidance for 2022.
And with that, I'll turn it back to Joel.