For a more detailed description of the risks and uncertainties that may cause future events to differ from the results discussed in the forward-looking statements please refer to our earnings release and to our various SEC filings.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’d like to turn the call over to Michael Glimcher. Michael Glimcher Thank you, Lisa Good morning everyone and thank you for joining us on today’s call. Once again it has been another busy quarter here at Glimcher as we continue to aggressively execute our 2011 business plan. Notwithstanding non-cash impairment charges, we delivered solid financial results for the second quarter supported by down property operating fundamentals. We also continue to make meaningful progress on as in the company’s liquidity and balance sheet finishing the quarter with less than a $100 million and over $150 million of available capacity on our credit facility. Throughout the year we have been actively evaluating numerous strategic investment opportunities including redevelopment within our portfolio as we as acquisitions and ground up development. Finally we continue to make tangible progress at Scottsdale Quarter as we work towards the stabilization of phases I and II and the finalization of planning for phase III. To start our adjusted FFO per share of $0.14 for the second quarter came in towards the upper end of our guidance range driven by solid property performance in all of our key operating metrics. Net operating income growth was positive again slightly better than our expectations going into the quarter. Total mall occupancy also increased over the prior year levels up 90 basis points to 93.6% as of quarter-end.
We have more great news on the sales front as productivity continues to increase. Aggregate sales were up over $390 per square foot which was another record for the portfolio and a 15% rise over prior year levels, the third double-digit increase in a row. Additionally, we have experience minimal fallout for tenant bankruptcy activity which has remained near historic lows within our portfolio.Leasing activity for the first half of the year has been robust with signed leases up 27% over last year's activity and a positive spreads to the previous rates. We do expect the continuation of positive releasing spreads throughout the remainder of the year especially as we make progress at Polaris with this year being the 10 year anniversary of the mall. With the improving leasing environment, higher sales and lower occupancy costs, we are excited about the potential opportunity associated with addressing these renewals over the coming months at Polaris as well as throughout the rest of the portfolio. We are focused on several significant redevelopment opportunities that will strengthen our ability to deliver future growth from our Core mall portfolio. Within the existing outlet segment of our portfolio, we see the potential to generate high single-digit returns on a total of 40 to $50 million of investment in Jersey Gardens and our SuperMall property. As we have previously discussed there is an opportunity to enhance the current tenant mix at Jersey Gardens by adding higher end luxury to our operating at the center. This push will be coordinated with a major interior and exterior renovation. We are also making an aggressive move on solidifying the outlet component of our SuperMall based upon feedback from retailers we believe there is an opportunity to enhance this asset into a fashion outlet center serving the southern half of the Seattle market.
We believe investing in our core through this type of redevelopment along with smaller opportunities throughout the portfolio represent a great use of capital. In addition to this redevelopment activity we continue to focus on finding the right opportunities to enhance portfolio quality through acquisitions and development of highly productive properties. We are working hard and being creative in order to make this happen and since our last conference call we have been actively looking at many opportunities.While we are disappointed to pass on several of these opportunities due to pricing levels, we are proud of our disciplined approach to capital allocation. On the other hand we do appreciate with the tightening in cap rate needs to the implied valuation as a company’s Core mall portfolio. We are also excited about the opportunities that remain within the pipeline. With respect to our balance sheet, we are pleased with the continued progress made during the quarter and enhancing our liquidity. Through the opportunistic use of the company’s ATM program launched in May and the successful refinancing of our Ashland Town Center property, we finished the quarter with substantial capacity on our credit facility giving us the flexibility to pursue the strategic investment opportunities we discussed previously. That being said, we remain committed to continuing solid progress made on the deleveraging front even as we move forward with the funding at potential investment opportunities. Another key 2011 priority is finalizing phase III planning for Scottsdale Quarter. We are excited about the potential and varied options available. The current plan includes about 85,000 square feet of retail and a hotel as well as (inaudible) multi-family sites. As previously discussed our plan most likely will involve selling a portion of the land to multi-family or hotel developers while retaining a condominium interest in the first four retail. In that regard the two corner parcels have now been formally listed with the broker. We expect the market process to continue through the early fall. Read the rest of this transcript for free on seekingalpha.com