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Management may also discuss certain non-GAAP financial measures. Reconciliations of each non-GAAP measure to the comparable GAAP measure are included in our earnings release and the financial reports we filed with the SEC.Members of management with us today are Michael Glimcher, Chairman and CEO; Marshall Loeb, President and COO; and Mark Yale, CFO. And now, I would like to turn the call over to Michael Glimcher. Michael Glimcher Thank you Lisa, good morning and thank you for joining us on today's call. We are quite pleased with the recent progress we have made on the liquidity and capital fund. The solid financial and operating results delivered during the first half of 2010 and more importantly how the company is positioned for the future. Let me begin by addressing the accomplishments made over the last several months and enhancing the company's balance sheet. First, we closed on the credit facility modification providing the company with enhanced flexibility and term through the end of 2012. Next, we closed on the Blackstone joint venture, a transaction that not only generated $60 million of net proceeds that were used to pay down our credit facility, but also aligned us with a world class institutional investor. Then we refinanced Polaris Towne Center, The Mall at Johnson City and most recently Grand Central Mall all through CMBS execution. The three loans have ten year terms are non-recourse with fixed interest rates in the 6% range. The refinancing also generated over $25 million in aggregate excess proceeds which were applied to our credit facility. Finally, we successfully executed on a $75 million preferred equity offering in April allowing us to secure permanent capital and reduce the balance of our credit facility. The debt was the greatest risk within our capital structure. When coupled with the September common equity offering, we've been able to reduce the credit facility balance from a high of $400 million in 2009, down to approximately $155 million outstanding today. Additionally, we have fully addressed all of our 2010 debt maturities.
We're excited about the significant progress but do understand that risk continue to remain within the marketplace. We also recognized that there is more work to be down on a de-levering front and even though we now have more flexibility and time to execute on our strategy, we're not going to lose our focus and our sense of urgency in terms of addressing our balance sheet.We are encouraged by the incremental improvement in both the capital and debt market so far this year and we'll continue to look at a host of options in raising capital. We also are starting to focus on growth opportunities and would like to be in a position not only to raise capital to continue to de-levering process but to be able to pursue strategic investments and acquisitions as well. We're also pleased with our financial results for the second quarter which felt towards the upper end of our guidance range and we're supported by stronger than expected property fundamentals. Orderly net operating income growth was positive for the first time since 2008 in both mall and inline occupancy increased from the prior year up 20 and 10 basis points respectively. Comparable store sales moderated a bit from the first quarter but we're still positive around 1% over the second quarter of last year. We also experienced a follow through in the leasing activities from the first quarter, signing leases for another 200,000 square feet during the second quarter, while maintaining positive year-to-date releasing spreads of 3%. Finally, tenant bankruptcy activity remains muted so far this year. In fact, we lost no national tenants to bankruptcy during the entire first half of 2010. We had a quite successful ICSC RECon Convention where we held over 350 retailer meetings which was up about 20% over the prior year.
During the convention we assessed a positive tone and growing confidence from the retailers. Where new opportunities make sense, we are seeing an enhanced openness to getting something done as evidence by our recent leasing activity. Retailers are certainly pleased with the progress made over the last year but fewer (inaudible) consumers fully recovered.Additionally, factoring in the macroeconomic concerns that have surfaced over the last 45 days or so, we will need to maintain our sense of urgency as we continue to focus on renewals and new leasing opportunities throughout our portfolio. Finalizing the leasing for Scottsdale Quarter, our only major development or redevelopment project in process is another significant priority for the company. Recent leasing momentum on the project has really picked up in advance of the Phase 2 opening. Additionally, as it has been publicly reported the ground underneath our Scottsdale Quarter project has been marketed for sale by our joint venture partner, through the supporting ground lease we have a right of first refusal on any potential sale of the land, at an acceptable price and terms we'd be very interested in purchasing the land and consolidating the fee into the project. Read the rest of this transcript for free on seekingalpha.com