To manage the call in a timely manner, questions will be limited to 2 per caller. If you have additional questions, please feel free to return to the queue. I will now turn the call over to Hossein.
Thank you, Chris, and good morning, everyone. Thank you for joining us on our second quarter 2012 earnings call.
As noted in our press release, we again delivered solid financial results, and also raised the midpoint of our guidance. Mark will discuss this in greater detail later in the call.Leasing continues to be our primary focus. So I would like to begin with an update.
Since our first call, quarter call, we signed 1 new lease for 1.14 megawatts in Santa Clara. As of today, SC1 is 44%leased and in line with our expectations. New Jersey remains at 36% leased. Chicago Phase II at 79% lease. Phase I at ACC6 at 83% leased and Phase II of ACC6 is 67% pre-leased. Our non-stabilized properties are 59% leased. We believe our year-end goal of being 70% leased on average for all the development properties remain obtainable. VA3, a 13-megawatt facility in Western Virginia is now 56% least. It has a lower power density per square foot compared to our recently developed facilities. This is ideal for cloud to resellers and enterprise tenants who do not require intense environment. There is good traffic for this space. We expect lease-up to occur over the next 12 months. Year-to-date, we have leased 24 megawatts of critical load. This compares with 25 megawatts in all of 2011, and 23 megawatts in all of 2010. Year-to-date, we have commenced leases totaling 26.3 megawatts as compared to 13.5 megawatts for the entire year of 2011. As I have said many times, leasing is always lumpy. Our sales team is tracking considerable demand in all our market, which could fill up our inventory. However, we continue to see enterprise businesses taking longer to make decisions, particularly in New Jersey. This is consistent to what we have stated over the past year. Power pricing in New Jersey has historically been about $0.12 per kilowatt and is now about $0.08 per kilowatt. This has resulted in some Internet-focused tenants considering New Jersey for their data center requirement. If power pricing continues at this level, it will likely increase the interest from a broader range of tenants for New Jersey.
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