He literally started work here the day we went public in 1993 and took over as our CIO in 2020.
We acquired these two properties for $96 million, and approximately, a 3.9% cap rate and about $195,000 per unit.
SkyHouse South in Midtown for $115 million with a 3.6% cap rate.
We acquired this new property for $135 million, and it is about half occupied.
And once it completes lease-up, we expect it will stabilize at a 4.1% cap rate.
We also continued adding to our Denver presence by purchasing an asset in the suburban Central Park area of Denver for $95 million.
We expect this property, which is also in lease-up currently, to stabilize at a 4.2% cap rate.
We're also pleased to add to the portfolio of property each in the suburbs of Boston and Washington, D.C. The Boston property is located in Burlington, Massachusetts, and is a new asset that we acquired for $134.5 million at a 4.1% cap rate.
The D.C. asset is located in Fairfax, Virginia, and is a 2016 asset that we acquired for $70 million at a 4.3% cap rate.
Year-to-date, we have bought $645 million of properties and expect to close on another $850 million in acquisitions, a good number of which are in various states of advanced negotiation by the end of the year.
And our current estimates are that these three projects will stabilize at a development yield of approximately 5%, considerably higher than prevailing acquisition cap rates.
Portfoliowide, physical occupancy is currently 96.5%, which is back to 2019 levels.
At this point, we expect to run the portfolio above 96% through the remainder of the third quarter.
From March to December of 2020, pricing trend, which includes the impact of concessions, declined approximately $500 per unit.
From January 2021 to today, pricing trend has grown $660, and is now not only above prior year levels in all markets but every market, except for San Francisco is also above 2019 peak pricing trend levels.
Today, the portfolio is approximately $100 higher per unit than our peak 2019 levels.
At the end of the first quarter, about 20% of applications were receiving on average four weeks in concessions.
As of July, we are now running with less than 3% of our applications receiving on average just over two weeks, and we expect this to continue to drop-off even further.
To give you perspective, the total dollar of concessions granted peaked in the month of February at just north of $6 million for the same-store portfolio.
For July, we will be at $1.5 million for the month, and August should be less than $750,000.
Last week, only 12 properties had any concessions being offered.
The percent of residents renewing has stabilized around 55%, which is very much in line with historical averages but below the record high 60% levels that we had in 2019 and early 2020.
That said, occupancy is 95.4% today in San Francisco and is growing as is pricing trend.
As we've discussed on previous calls, approximately $50 billion in rental assistance for those impacted financially by the pandemic was made available in the various relief bills.
Processing to date has been relatively slow in our markets, but we were able to recover approximately $5 million in the quarter.
The continued strong operating momentum from this leasing season has led us to raise our annual same-store revenue guidance from negative 6% to negative 8% to negative 4% to negative 5%, an improvement at the midpoint of 250 basis points.
Strong expense controls and favorable real estate tax outcomes, which I will talk about in a moment, also allowed us to reduce our same-store expense guidance range to an increase of 2.75% to 3.25%, resulting in an NOI range of negative 7.5% to negative 8.5%, which is a 400 basis point improvement at the midpoint relative to our prior guidance.
Drivers of our revenue guidance increase of 250 basis points are roughly 150 basis points of improving operating fundamentals that Michael just outlined; 60 basis points or $15 million for the full year in related lower bad debt, primarily due to anticipated rental assistance collections; and the remaining 40 basis points is due to improved performance in our nonresidential business.
The back half of the year has about $10 million of additional assumed rental assistance collections on top of the $5 million we've already received.
On the expense side, we have also seen improvements versus prior expectations, which led us to center the midpoint of expense guidance at 3%, which was the low end of our prior guidance range.
We expect that 2021 will be our third consecutive year of low payroll growth, having delivered a three-year average below 1%, while keeping other controllable expenses like repairs and maintenance in check.
As a result of these same-store guidance changes, we raised the midpoint of our normalized FFO from $2.75 to $2.90.
Despite unprecedented pressure on operations, our credit metrics have remained well within our stated net debt-to-EBITDA leverage policy of between 5.5 times to 6.5 times.

Summary:
Strong expense controls and favorable real estate tax outcomes, which I will talk about in a moment, also allowed us to reduce our same-store expense guidance range to an increase of 2.75% to 3.25%, resulting in an NOI range of negative 7.5% to negative 8.5%, which is a 400 basis point improvement at the midpoint relative to our prior guidance.