This increase was partially offset by a decrease in our daily weighted average interest rate to 3.08% during the three months ended March 31, 2021 from 3.41% during the three months ended March 31, 2020.
Liquidity and Capital Resources
Discussion of Cash Flows
Three Months Ended March 31, 2021, Compared to the Three Months Ended March 31, 2020
Operating Activities
Net cash provided by operating activities was $70.4 million for the three months ended March 31, 2021, compared to $54.6 million for the three months ended March 31, 2020. The increase of $15.8 million, or 29.1%, was driven by organic growth of our operating cash flows from completing and placing approximately 157,000 NRSF of new data center space into service and successfully leasing a portion of the new space during the twelve months ended March 31, 2021. The increase was partially offset by the timing of vendor payments and customer receipts.
Investing Activities
Net cash used in investing activities decreased by $55.6 million, or 63.8%, to $31.5 million for the three months ended March 31, 2021, compared to $87.2 million for the three months ended March 31, 2020. This decrease was primarily due to lower construction expenditures after placing SV8 Phase 3, CH2 Phase 1, and LA3 Phase 1 into service during the year ended December 31, 2020.
Financing Activities
Net cash used in financing activities was $40.7 million during the three months ended March 31, 2021, compared to $32.9 million provided by financing activities during the three months ended March 31, 2020.
During the three months ended March 31, 2021, we received cash proceeds, net of payments, of $20.5 million from the revolving credit facility. During the three months ended March 31, 2020, we received cash proceeds, net of payments, of $93.0 million from the revolving credit facility.
We paid $61.1 million in dividends and distributions on our common stock and Operating Partnership units during the three months ended March 31, 2021, compared to $60.0 million during the three months ended March 31, 2020, as a result of an increase in our quarterly dividend to $1.23 per share or unit paid during the three months ended March 31, 2021, from $1.22 per share or unit paid during the three months ended March 31, 2020.
Analysis of Liquidity and Capital Resources
We have an effective shelf registration statement that allows us to offer for sale various unspecified classes of equity and debt securities. As circumstances warrant, we may issue debt and/or equity securities from time to time on an opportunistic basis, dependent upon market conditions and available pricing. We make no assurance that we can issue and sell such securities on acceptable terms or at all, especially in light of the market volatility and uncertainty as a result of the COVID-19 pandemic.
Our short-term liquidity requirements primarily consist of funds needed for interest expense, operating costs, including utilities, site maintenance costs, real estate and personal property taxes, insurance, rental expenses, sales and marketing and general and administrative expenses, certain capital expenditures, including for the development of data center space, discussed below, and future distributions to common stockholders and holders of our common Operating Partnership units during the next twelve months.
We expect to meet our short-term liquidity requirements through net cash on hand, cash provided by operations, and the $274.9 million available for us to borrow as of March 31, 2021, under our revolving credit facility