Leasing spreads continue to improve compared to prior years. On the total property portfolio level, at quarter-end, we had a weighted average lease maturity of 5.3 years, with in-place leases going out as far as 2024. Subsequent to quarter-end, we were successful in leasing out 1 of the 2 buildings that did not renew this year by entering into a 5-year lease with hepdirect for 100% of our 107,000-square-foot facility in Winston-Salem, North Carolina. This lease commenced on August 1 and brings our current occupancy rate up to 95%.
With regards to our capital markets activities, in June, we announced the closing of a preferred equity offering, which generated net proceeds of approximately $55.5 million. This offering positions us well to continue to execute our growth strategy going forward. In addition, subsequent to quarter-end, on August 2, we reinstated our dividend reinvestment and shareholder investment plans.
Looking at the overall U.S. industrial market, we have now observed 7 consecutive quarters of positive net absorption, with approximately 26 million square feet of positive absorption over the most recent quarter. This marks the highest quarterly total in 4 years. The 10 billion-square-foot U.S. industrial market is currently 89% occupied. National average rents remained unchanged at approximately $4.50 per square foot. There is currently approximately 26 million square feet of industrial properties under construction. While this represents a low level relative to historic norms, it is the largest quarterly number since 2009. Although our nation's broad economy has recently slowed, looking at the industrial sector as a whole, a modest portfolio in particular, all indicators point to continued solid performance for our property type. Now, Kevin will provide you with greater detail on our results for the third quarter of fiscal 2012.