And our centers have significant adjacency advantages with 186 life science companies within a 10-mile radius of the four Boston properties that will soon be part of the portfolio.
Once the remainder of our deals close and net of expected parcel sales, Boston will become our third largest market at just under 8% of ABR.
Let me give you a few highlights on our investments in Boston that will fit in nicely with our previously acquired Wegmans-anchored Northborough Crossings property and collectively boast a robust $148,000 household income within a 3-mile radius.
Bedford Marketplace in the Boston MSA is situated in a highly affluent suburb right outside the 128 loop with a 3-mile average household income of $193,000.
This is a center where Whole Foods is doing over $1,000 per square foot and has a fresh, newly renewed 15-year lease term.
Marshalls has been here since 1973 and is also doing extremely well.
Shoppes of Canton, this has $133,000 household income within a 3-mile radius.
The expected NOI CAGR on this asset is about 4%.
Lastly, we are in negotiations on a true infill grocery-anchored center inside the 128 loop with above-average household incomes and population densities versus our portfolio averages with the potential for future densification opportunities, given its size and proximity to Boston.
In total, since our last call, we closed or are under contract on eight multi-tenant deals and are in advanced contract negotiations on a ninth asset with a gross value of $500 million, covering 2.6 million square feet, which will increase our AUM by over 20%.
To put this in context, this level of activity equates to almost 50% of our equity-marketed cap, which is quite remarkable.
RPT's pro rata share of all this activity and after expected parcel sales are complete will be around $285 million.
We were only able to execute at this scale because of the power of the platforms that we put together over the last 18 months.
As we discussed last quarter, Northborough is a $104 million deal we might not have pursued without RGMZ, given the large ticket size.
In the Southeast region, we acquired $115 million 4-property portfolio that was split between all three platforms: RPT, R2G and RGMZ.
This center is anchored by a high-volume Walmart neighborhood market and over 65% essential or investment-grade tenancy.
We are selling the Home Depot and LongHorn to RGMZ and RPT is left with an Aldi-anchored center at an 8.6% yield with almost 80% essential or investment-grade tenancy.
Woodstock has also demonstrated great stability over the years and has retained its original anchor tenants since it was developed in 2001.
We signed 58 leases covering 442,000 square feet in the second quarter, which is 59% above the trailing 12-month quarterly average leasing volume we reported last quarter, highlighting the strong demand for our high-quality open-air centers.
Our increased guidance and the 60% increase in our quarterly dividend reflects our accelerated growth trajectory.
Against the backdrop of an improving macro environment, second quarter operating FFO per share of $0.22 was up $0.03 from last quarter, driven by lower rent not probable collection and abatements of $0.02 and the reversal of prior period straight-line rent reserves of about $0.01 per share.
For some context, our rent not probable collection, including abatements, peaked at $5.9 million in the second quarter 2020 and have fallen quickly to the $1.1 million we reported this quarter.
We continue to experience accelerating leasing demand with one million square feet signed year-to-date, which is just below the 1.2 million we completed for the entire year in 2019.
Our positive leasing momentum resulted in sequential increases for our leased and occupancy rates of 50 and 40 basis points, respectively.
Blended releasing spreads on comparable leases signed in the quarter were 6.6%, including another strong new lease spread of 17.8%, reflecting once again the embedded mark-to-market opportunity in the portfolio.
Over the past four quarters, our comparable new lease spread was 30%.
These products were completed in an average return on capital of 17%.
We also started our new REI remerchandising project at Town & Country and an expansion project for Burlington at the Shoppes at Lakeland, where we expect returns of 9% to 13%.
We ended the second quarter with net debt to annualized adjusted EBITDA of 7.0 times, down from 7.2 times last quarter.
Leverage should fall toward our target range of 5.5 to 6.5 times as our bad debt reserve normalizes to pre-COVID levels and we restabilize occupancy.
From a liquidity perspective, we ended the second quarter with a cash balance of $38 million and our fully unused $350 million unsecured line of credit.
Subsequent to the end of the quarter, we drew down $135 million on the revolver to fund acquisitions, which we expect will be repaid by the end of the year as we close on parcel sales to RGMZ that are expected to generate roughly $142 million in proceeds.
During the quarter, we repaid our $37 million private placement note with cash on hand.
Looking ahead, we have no remaining debt maturing in 2021 and only $52 million maturing in 2022.
We updated our operating FFO range to $0.88 to $0.92, which is up $0.05 or 6% than last quarter's guidance and about 10% from our initial 2021 guidance provided back in February.
We have closed on or under contract or are in advanced contract negotiation on $285 million of acquisitions at our share, which is above the $100 million of acquisition that was embedded in our prior guidance.
Also, given the strength in our core business and our accretive acquisitions, our Board of Trustees has increased the dividend by 60% to $0.12 per share quarterly.

Summary:
Against the backdrop of an improving macro environment, second quarter operating FFO per share of $0.22 was up $0.03 from last quarter, driven by lower rent not probable collection and abatements of $0.02 and the reversal of prior period straight-line rent reserves of about $0.01 per share.