Good morning. I’m Cyndi Holt, Assistant Vice President, Finance and Investor Relations, and I would like to welcome you to the Tanger Factory Outlet Centers' First Quarter 2012 Conference Call. Yesterday, we issued our earnings release as well as our supplemental information package and our investor presentation. This information is available on our Website under the Investor Relations tab. Please note that during this call, some of management’s comments will be forward-looking statements regarding the company's property operations; leasing; tenant sales trends; development, acquisition, expansion and disposition activities; as well as our comments regarding the company's funds from operations, funds available for distribution and dividends. These forward-looking statements are subject to numerous risks and uncertainties. Actual results could differ materially from those projected due to factors including but not limited to changes in economic and real estate conditions, the availability and cost of capital, the company's ongoing ability to lease, develop and acquire properties as well as potential tenant bankruptcies and competition. We direct you to the company's filings with the Securities and Exchange Commission for a detailed discussion of the risks and uncertainties. During the call, we will also discuss non-GAAP financial measures as defined by SEC Regulation G. Reconciliations of these non-GAAP measures to the comparable GAAP financial measures are included in our earnings release and in our supplemental information. This call is being recorded for rebroadcast for a period of time in the future. As such, it is important to note that management's comments include time-sensitive information that may be accurate only as of today's date April 25, 2012. [Operator Instructions] On the call today will be Steven Tanger, President and Chief Executive Officer; and Frank Marchisello, Executive Vice President and Chief Financial Officer. I will now turn the call over to Steven Tanger. Please go ahead, Steve.

Thank you, Cyndi, and good morning, everyone. Our ability to successfully increase rental rates and occupancy resulted in strong same-center net operating income growth of 6.2% in the first quarter of 2012. Continued positive comparable tenant sales allowed us to achieve a blended increase in base rental rates of 23.4% in the first quarter. Our tenant comparable sales are accelerating, up 5.1% for the 3 months ended March 31, 2012 compared to the first quarter of last year. Tenant comparable sales for the rolling 12 months, ended March 31, 2012, increased 3.4% to $371 per square foot. It is continued strong performance like this that builds shareholder value over the long term. Tanger ranked #2 in total return to REIT and real estate operating company shareholders over the 15-year period ended March 31, 2012, as reported by REIT wrap [ph] on April 22, with an 18% compounded annual total return. We are pleased to announce that on April 5 that our Board of Directors approved a 5% increase in our annual cash dividend rate from $0.80 to $0.84 per share. We are very proud of the fact that we have raised our cash dividend in each of the 19 years since becoming a public company in 1993. I know that many of you want to learn more about the progress we are making on the 2 Tanger Outlet Centers currently under construction, our domestic development pipeline and a status update on our Canadian expansion through the co-ownership agreement with RioCan. Later in the call, I will address these topics, along with a summary of our operating performance and our current expectations for the balance of the year. But first, let me turn the call over to Frank. He will take you through our financial results for the three months ended March 2012 and discuss the financing activity during the quarter that further strengthened our balance sheet. Please go ahead, Frank.

Thank you, Steve, and good morning everyone. Total funds from operations or FFO for the quarter ended March 31, 2012, increased 20.3% to $35.6 million compared to $29.6 million last year. Adjusted FFO of $0.37 per share surpassed last year and met the Street’s consensus expectations. Adjustments for AFFO during the first quarter of 2012 were related to our share of abandoned due diligence costs for the Halton Hills project, Cookstown acquisition costs and the write-off of deferred loan costs in connection with the repayment of the Cookstown mortgage. On a consolidated basis, our total market capitalization at March 31, 2012, was approximately $3.98 billion, including $1.04 billion of total debt outstanding, equating to a total -- debt-to-total market capitalization of approximately 26.1%. We also maintained a strong interest coverage ratio of 3.9x for the quarter. As of March 31, 2012, approximately 63.4% of our debt was at fixed rates. February 24, 2012, we closed on a $250 million 7-year unsecured bank term loan. Facility bears interest at LIBOR plus 180 basis points based on our current credit rating and is pre-payable without penalty, beginning in February of 2015. Net proceeds were used to reduce the outstanding balances under our unsecured lines of credit. This transaction improved our liquidity significantly. As of March 31, 2012, available capacity under our lines of credit was $398.9 million or 76.7% of the total committed amount, and we have no significant debt maturities until November of 2015. As Steve mentioned, our Board of Directors declared a dividend of $0.21 per common share for the first quarter ended March 31, 2012, payable May 15 to shareholders of record on April 30. As a result, our annualized cash dividend increased 5% and currently equates to $0.84 per share. We have paid cash dividends each quarter over the past 19 years since becoming a public traded entity in May 1993. We are only one of only a handful of REITs who have raised their dividend each year since going public. Our dividend is well-covered. Our 2012 FAD ratio is expected to be less than it was in 2011, which was 64%. We’ll generate incremental cash flow over our dividend, which we plan to use to help fund our new developments and to reduce amounts outstanding on our lines of credit. We strive to maintain a conservative approach to every aspect of our business, which we believe continues to build value for all of our stakeholders over time. And I will turn the call back over to Steve.

Thanks, Frank. I am pleased to report that positive leasing momentum has continued into 2012. So far this year, we are producing significant positive rent spreads on the renewal and re-leasing of space throughout our portfolio. As of the end of March, we executed 248 leases, totaling 1,141,000 square feet throughout our consolidated portfolio, with a blended average increase in base rental rates of 23.4%. Lease renewals for the quarter accounted for 921,000 square feet or about 50.8% of the square footage coming up for renewal during 2012 and generated an increase in average base rental rates on the executed renewals of 14.5% on top of a 16% increase last year. In addition, during the quarter, we re-tenanted approximately 220,000 square feet, with an increase in average base rental rates of 57.9%, up from 49.9% last year. The blended rent increases on lease renewals and re-tenanted space was 23.4% compared to 25.3% for the first quarter of 2011 and 23.4% for calendar 2011. Our tenant comparable sales performance has continued in 2012, with a 5.1% gain for the 3 months ended March 31, 2012, compared to the first quarter of last year. This compares favorably to both the 4.9% increase recorded last -- reported last quarter and the 4.8% increase in the first quarter of last year. Tenant comparable sales for the rolling 12 months ended March 31, 2012, increased 3.4% to $371 per square foot. These positive results were achieved without the benefit of extraordinarily high volume Apple stores and other high-priced, high-volume luxury retailers often found in regional malls. Same-center net operating income growth during the quarter was 6.2%, on top of the 6% growth reported in the first quarter of 2011. This growth was a result of continued increases in rental rates as well as higher occupancy…

[Operator Instructions] Your first question comes from the line of Craig Schmidt with Bank of America.

Steve, how will leasing differ in your Canadian outlets from your U.S.? Will there be different tenants or are some brands that don’t translate well out there?

Craig, it will be a blend of the best Canadian tenants with their outlet or other type of stores, retail stores, with American outlet stores that have Canadian distribution already. We are working with the co-owners RioCan and jointly leasing to Canadian and U.S. tenants.

Great. And then in terms of when I look at the 4 most recent U.S. acquisitions, is it your expectation the NOI growth from those centers will grow faster than your overall portfolio or in line?

Craig, we are in the process of Tangerizing those properties right now, reassigning -- rebranding them as Tanger Outlet Centers, providing appropriate marketing and generating the excitement that we hope will lead to higher sales and higher NOI. It’s really too early to make that prediction, but early indicators such as increasing traffic at the properties and, in some instances, dramatic increases in traffic would lead me to believe that, that will add significant shareholder value over time.

Your next question comes from the line of Christy McElroy from UBS.

Just regarding the new site in Toronto at Heartland Town Center, are you able to disclose any specifics on sort of expected costs or yields or timing at this point? Or have you just sort of started the pre-leasing process?

We are just in the early stages, having announced it literally days ago, and I think, in subsequent calls, we’ll probably have more information for you.

And you would expect, consistent with previous projects, that you would start disclosing more information when you’re about 50% pre-leased? Is that about right?

That’s correct.

And then just on Houston and Glendale, I noticed that you didn’t mention expected yield. Should we just assume that they would be consistent with historical targets of 10% to 12%, around?

I think you can expect 10% to11%. 12% will be a reach, but probably 10% to 11% will be consistent.

Your next question comes from the line of Samit Parikh from ISI.

I wasn’t sure if you can disclose this, but I wanted to know, what percentage of your lease roll is subject to renewal options versus market rent increases?

This is Frank. We don’t disclose that, but a rule of thumb that we typically tell people is anywhere from 50% to 60% that rolls has an option, and that will vary obviously year to year, but that’s a good range.

Okay. And then one asset that you didn’t comment on the development and redevelopment, at least I’m not sure if I heard it, but I know you were doing some rebranding at Ocean City outlets. I was just curious if there is any update on any sort of capital spend you expect to do there and anything that is going on period.

We are in the process of rebranding Ocean City, and a total renovation, we anticipate spending around $3 million. We are under construction, and the -- literally the new center will open in time for Memorial Day. The change will be quite dramatic. We’re happy to send you pictures if you’d like. We’re in the process of leasing space to high-volume outlet tenants that are in other parts of our portfolio, and probably in the next call, we would be delighted to announce those tenants once they’ve opened.

And I know it’s a small center. Is there any ability to expand there?

There really is not an ability to expand.

Your next question comes from the line of Rich Moore from RBC Capital Markets.

Steve, you had a very good same-store result in terms of NOI in the first quarter. What do you see so far in the second quarter in terms of leasing and in terms of traffic at the centers?

Rich, traffic continues to be accelerating. We’re delighted with the overall traffic increases throughout our -- virtually throughout our entire portfolio, which would lead normally -- increasing traffic leads to increasing sales, which leads to increasing NOI. We don’t even have April figures in yet. As you know, we are one of the first to announce. So it’s a little bit premature to give you any sort of guidance or look at the Q2.

Okay, good. And then as far as new tenants go, I guess probably everyone is wondering when the first Apple store is going to show up in an outlet center, but what are you seeing on the front for new tenants, coming from the regional malls into the outlet center format?

Virtually every tenant with a few exceptions in the regional mall format is looking at and considering an outlet distribution channel. We are delighted that H&M is expanding with Tanger in our portfolio. We have a store with them in Atlantic City, and they have signed a couple of additional leases with us. So they seem to be rolling out pretty large-format, high-volume stores.

You next question come from the line of Ben Yang from KBW.

Steve, one of your peers is starting construction today on an outlet center near here called the Heartland Project [ph] in Toronto, so just wondering if you can comment on how their plans could potentially impact your project there.

Well, I think you’d have to ask our friends in Simon Property Group what their plans are. We have announced our plans to develop, in a co-ownership with the Orlando Corporation, a site that is 10 miles closer, literally cutting off that site from the Toronto Metropolitan area in a 2 million square foot high-volume, well-known Heartland Center. So I really can’t comment on anything that our competitors are doing.

Okay. And then is Orlando going to take an equity stake in your outlet center with RioCan? Or are you guys just buying the land from them at that project?

There will be an equity stake. We will be co-partners or co-owners.

1/3, 1/3, 1/3? Is that how it’s looking at this point?

We will announce that at an appropriate time, but they will be co-owners with us.

You next question comes from the line of Carol Kemple from Hilliard Lyons.

I know your all’s venture into Canada is pretty new at this point? Are you seeing any success in getting any of the Canadian retailers interested in opening outlet stores in your U.S. centers?

We are in discussions with several of them. So far, none of them decided to move into the States, but yes, Carol, there will be some synergy in bringing U.S. tenants to Canada and some Canadian tenants to the United States.

Okay. And then earlier, you talked about growing in underserved market, either through development or acquisition. At this point, is there anything in the market that you all have an interest in?

There is nothing that we are aware of through a public process with regard to an outlet center for sale.

Your next question comes from the line of Todd Lukasik from Morningstar.

I was just curious on the re-leasing spreads and, in particular, the gap between the average rents you’re able to charge for re-tenanted space versus renewed space. I’m just wondering if there is anything fundamentally different about those tenants or if that’s a gap that has the potential to close over time.

Well, there are several answers to that question. Unfortunately, it’s a relatively small number, but we are able to mark to market our properties and the tenant suites when they do become vacant and we are able to recapture them. So the re-tenanting is the equivalent of our mark to real market. We expect that to narrow over time because our current leases and lease renewals have a clause in there which increases rents each year, instead of waiting for 5 years for the renewal to come up. So I think you will see the re-tenanting number still be high but not at that extraordinary level. We focus on the comp net operating income growth, which was pretty extraordinary, north of 6%, and that incorporates everything.

And this is Frank. I think renewal spreads are less because we have contractual obligations in renewal terms, when tenants have options, so we are unable to mark that space to market.

Right. Okay, so we can think about the rents on the re-tenanted space as sort of increasing with the market rent over time and then something additional on the renewed space as the options expire and as the impact of these new leasing terms take effect.

Right. That’s correct.

Okay. And I’m just wondering, do you guys have any plans for further international expansion beyond Canada or any thoughts about the potential beyond Canada?

We continue to monitor opportunities and joint ventures at various countries around the globe. Right now, there is significant growth opportunity for our stakeholders in the United States and Canada. So we’re going to go where we think we can get the highest return on our invested capital with the least risk, which right now is in the United States and Canada.

Your next question comes from the line of Todd Thomas with KeyBanc Capital Markets.

First, a real quick follow-up on Westgate in West Phoenix. Is the $77 million expected cost, is that just Tanger’s share? Or is that the overall expected project cost?

That’s the overall project cost.

Okay. Any additional detail on what that co-ownership of that project will look like?

We are happy to announce it at some future date.

All right. And then just in terms of occupancy, it ticked down a bit sequentially, which seems normal for the first quarter following the holiday season. But since demand for outlet space seems so strong, I was just wondering if you could help characterize the move-outs a bit. Is it largely due to some select retailers being unprofitable? Or is it because of renewal rent negotiations that are taking place? Is there anything that you can add to that?

Well, historically during the first quarter -- during the fourth quarter of every year, there are temporary seasonal tenants in all of our -- in our portfolio and other retail space. We -- at the end of the first quarter, we’re at, as far as I can recall, an all-time high occupancy for our company. So let’s put it in perspective. There really were no move-outs other than the temporary tenants.

[Operator Instructions] Your next question comes from the line of Michael Mueller from JPMorgan.

Steve, when you look at the organization and staffing, how many centers do you think you can comfortably handle going through the development process at one time, say, in the U.S. and in Canada?

We feel that we have an extraordinarily well-seasoned, well-trained, well-disciplined team of professionals. We have ramped up and hired appropriate professionals in various skill sets over the past several years. We feel right now that the team we have can support the additional development that we have contemplated with very few additional staff.

Michael, remember that the Canadian venture, RioCan is doing a lot of the heavy lifting for us up in that area.

Sure, got it. Okay. And then secondly, I’m not sure if you had mentioned this before, but what’s the occupancy cost for the portfolio?

Right now, about 8.4%. Let me put that also in perspective for you. Four or 5 years ago, it was 7.4%. We are executing leases now in new developments targeting 10% to 11% of projected cost of occupancy. So over time, it’s our goal to continue to increase the cost of occupancy but still provide a very profitable distribution channel for our tenant partners.

There appears to be no further questions at this time. I’ll turn it back over to Steven Tanger for any closing comments.

Thank you all for participating today and for your interest in our company. Tanger is the only public REIT with a pure outlet portfolio. We have a conservatively structured balance sheet, high brand recognition and a tenured management team with a disciplined development approach. Our strong portfolio of geographically diversified operating properties provides significant returns for our shareholders, and our pipeline of growth opportunities is enviable. Frank and I are always available to answer any other questions you may have. Thank you again, and have a great day.

Ladies and gentlemen, this concludes today’s conference call, and you may now disconnect.