certainty, and we were able to acquire an asset, 50% lease, projected yield, 6%. We are an active investor. We've owned product in the Great Southwest for some time, so we really know that market. To your point, we're always looking for opportunities, whether it's in Dallas or you mentioned PA. Yeah, and so we're going to continue to look for those. but they have to meet our functional investment quality and yield criteria.

And the next question comes from Dave Rogers with Raymond James. Please go ahead.

Yeah, good morning, everybody. I just got one clarification on the Newcastle lease. Was that in the numbers you just talked about? I thought that was in the third quarter, so I didn't know if you were adding that in or not. And then just a bigger picture question. You mentioned that you started Newcastle, kind of the next phase of that project. I guess, where else are you excited today about kind of putting money to work in the second half of the year, as clearly you've leased up a good amount of your speculative space here in the first half?

Yeah, so, Dave, so First Park Newcastle, the lease start date on that was in June, so it was a second quarter start. First Park 121, that's a third quarter lease start date. We signed it in the second quarter, but it starts in August. So that lease, even though it starts in the third quarter, is factored in our guidance, and that's how you get to the 900,000 square feet of remaining development leasing.

Dave, for new starts, of course, our teams are actively pursuing new land acquisition opportunities like the one we just finished in the BW corridor. And with respect to perhaps more starts this year, we are evaluating opportunities in the portfolio and Pennsylvania and Florida, a smaller deal right here in Chicagoland. So we'll keep you posted.

And, of course, just want to not forget the $70 million worth of projects. There's two projects, one in First Arlington, we call it First Arlington Commerce Center in Arlington, Texas, and our first park Miami building. That's two projects sold in $70 million. That's not going to be completed until the end of this year and early next year. I'm looking excited about those.

That's great.

And the next question comes from Vikram Malhotra with Mizuho. Please go ahead.

Morning. Thanks for the questions. Maybe just first I wanted to see if there's any update on sort of the, you know, potential to sell more land or, I guess, data center conversion land and how that pipeline may look. I think I narrated you and mentioned there were a couple of opportunities. So that's just the first one. And then second, you know, as we think about sort of any big renewals in the back half that, you know, may, I guess, make or break the top end of the guide, the same thing you can call out that may be sizable, whether it's in SoCal or any other markets. Thank you.

So with respect to our efforts in the portfolio, with respect to trying to convert to data center use, our teams continue to work on those projects. They're going to be long-term, as I said at any rate, it's going to take a while. We are trying to pursue some power commitments, and, you know, there's really nothing else to report there. Nothing will happen ID close this year for sure, but we'll keep you posted on that.

And then on the renewal front, Vikram, we've taken care of 80% of the expirations for 2026, or taken care of the lion's share of it. If you look at the budgeted renewals that we have in our guidance, there's none that are over 100,000 square feet, so it's pretty granular.

And the next question comes from Blaine Heck with Wells Fargo. Please go ahead.

So maybe just to add on to the questions on development, I guess, how are you thinking about the best time to deploy your 410 million, roughly 410 of spec capital into development?

Is it now, while, you know, some of the private players might still be on the sidelines, given capital and land constraints, or do you guys feel as if you have a solid window of time to kind of be patient without running into the problem of excess competitive supply once you do deliver these projects? yeah so that's uh you know with respect to the cap that's a cap and not a target we focus solely on profitability and with respect to that as we evaluate our land holdings and future land acquisitions we're trying to deliver into the deepest part of the demand or unmet demand in a particular market so that's how we evaluate where we're going to go next we also as I think you probably know, don't really want to have too many projects in any one park going at the same time. I mean, first park Miami, we could start a couple of more buildings there, but we want to get some leasing as we go. So it's really not, we don't sit here and say, do we need to use that 400 million? We sit here and say, where is the demand? Where is it not being met? And where are we well positioned to deliver a property that's going to be competitive in that marketplace for the long term.

Yeah, that's fair. I guess the crux of the question was just, you know, do you feel like you have any impetus to put the money out, you know, soon before you have a lot of competition kind of coming into the marketplace and starting developments off?

Look, I think development is ticking up in some markets. The demand right now for larger, I mean, very large million footers is not being met. So, with respect to that, you know, that's something that we're looking at. As you know, we have some land holdings that can accommodate very large format properties.

Very helpful. And just sneaking in a quick second one, sorry if I missed this, but can you break out the driver or drivers of the increased same-store NOI given that occupancy guidance was held steady? Is that rent-related, bad debt-related, something else?

Yeah.

If you look at where we perform a little bit better, just our average occupancy is up slightly. And cash rental rates benefit of that. So that's really where the benefit was from. Great. Thanks, guys.

And the next question comes from Caitlin Burroughs with Goldman Sachs. Please go ahead.

Hi there, everyone. Maybe just to follow up to one of those recent questions. So it sounds like you guys are evaluating a few markets where you could start developments. You started one in the second quarter. I guess, what are you seeing the rest of the market do? It sounds, I imagine, like land is competitive. So that would suggest maybe the rest of the market's trying to get active. But are they? You're wondering if you can talk about what you're seeing kind of the rest of the market do.

Sure. I'll start and then Jojo and Peter can add, look, land is very, very difficult to come by. It's not getting any easier to get entitlements. There are real barriers there. We have seen, again, a tick up in starts, but it's a tough slog in terms of, again, getting entitlements, et cetera. So, you know, the market's going to re-