Having said that, I'd like to introduce management with us today. Eugene Landy, Chairman and Chief Executive Officer; Kevin Miller, Chief Financial Officer; and Michael Landy, Chief Operating Officer. It is now my pleasure to turn the call over to Monmouth's Chief Operating Officer, Michael Landy.Michael P. Landy Thank you very much, Susan. Good morning, everyone, and thanks for joining us. Following last quarter's results, which marked one of our strongest quarters in recent years, our third quarter results were satisfactory. We have now completed 7 acquisitions this year, representing a total of 1 million square feet and an aggregate cost of $70 million. These acquisitions were all new built-to-suit constructions. This brings our gross leasable area to 8.5 million square feet, consisting of 71 industrial properties and 1 shopping center located across 26 states. As of quarter-end, FedEx remains our largest tenant, representing approximately 42% of our gross leasable area and 50% of our rental revenue. We are currently working with FedEx on the expansion of 4 of our existing facilities totaling approximately 180,000 square feet and anticipate additional expansion requests from them over the next few years. With regards to our most recent acquisitions, on June 8, we acquired a 120,000-square-foot industrial building in Oklahoma City, Oklahoma for $9.5 million. This new built-to-suit facility is leased to FedEx Ground for the next 10 years and is ideally located midway between that city's airport and downtown. Subsequent to quarter-end, on July 18, we acquired a 103,000-square-foot industrial building in Waco, Texas, for $8.7 million. This new built-to-suit facility is also leased to FedEx Ground for 10 years. Both of these new acquisitions also have future expansion capabilities. We ended the quarter with an occupancy rate of 94%. Following 2 consecutive years of 100% tenant retention, this year, we had 12 lease expirations representing approximately 1.3 million square feet or 16% of our gross leasable area. We were successful in renewing 10 of our 12 leases, representing an 86% tenant retention rate. The average term for these renewals was 3.6 years and the average rent was $4.66 per square foot, representing a reduction of approximately 3% from prior rents.
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. Read the rest of this transcript for free on seekingalpha.com