We have moved our speculative revenue target of 6.2% to $34.4 million and we are 94% executed on that planned component. Our same-store has improved from our original forecast and from last quarter. We are now projecting a same-store GAAP NOI decline of 3% to 4% versus our originally forecasted 4% to 6%, and a cash-based decline of 4.4% to 5.5% versus 5% to 7% previously forecasted.

Capital costs are up quarter-over-quarter, George will outline the detail in a few minutes, but note that we have accelerated leasing activity and while doing so, have increased the average length of our lease by about 20%. We’re up to 5.4 years on average versus our 2011 business plan. More importantly, we’re up 35% from the 4.0 year average lease term that we experienced in 2010.

For leases commencing in Q2, the average lease term was 6.5 years. Additionally, as George will outline the size of our four leasing commencements as an early paying of commissions on leases that will not commence for a number of quarters.

We continue to make progress on managing rental rate declines, even as we are aggressively pursuing tenants, our GAAP rental rate decline has remained at 1.5% to 3%, which is in line with last quarter, but a significant improvement over earlier projections. On a cash basis we continue to anticipate a range of between 6 to 8% which has tightened a bit from last quarter and the upper limit is down from the 10% we originally forecast.

Increasing market share remains a major objective and on that front the plan also continues to progress well. By way of example, in Southern New Jersey we experienced a 51% increase in activity Q2 over Q1 but more importantly our leasing teams did 36% of all the deals in the market place compared to 19% ownership stake. In the Pennsylvania suburbs we had similar results where we captured 58% of the market share for leasing activity versus a 14% ownership stake.

Read the rest of this transcript for free on seekingalpha.com

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