Good morning. This is Cyndi Holt, Vice President, Finance and Investor Relations, and I would like to welcome you to the Tanger Factory Outlet Centers First Quarter and 2014 Year-End 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 Investor Relations Webpage, investors.tangeroutlet.com. Please note that during this conference call, some of management's comments will be forward-looking statements, including statements regarding the Company's property operations, leasing, tenant sales trends, development, acquisition, expansion, and disposition activities, as well as their comments regarding the Company's funds from operations, adjusted funds from operations, funds available for distribution, and dividends. These forward-looking statements are subject to numerous risks and uncertainties and 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, acquire or sell properties and obtain public financings, the expected timing and yields related to development projects, 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 only be accurate as of today's date, April 29, 2015. At this time, all participants are in listen-only mode. Following management's prepared comments, the call will be opened for your questions. We ask you to limit your questions to two so that all callers will have the opportunity to ask questions. On the call today will be Steven Tanger, President and Chief Executive Officer; Frank Marchisello, Executive Vice President and Chief Financial Officer; Tom McDonough, Executive Vice President and Chief Operating Officer; and Jim Williams, Senior Vice President and Chief Accounting Officer. I will now turn the call over to Steven Tanger. Please go ahead, Steve.

Thank you, Cyndi and good morning everyone. Tanger started 2015 with outstanding performance in the first quarter. Same-center net operating income increased 4% and average tenant sales for the 12 months ended March 31, 2015 increased 3% to $395 per square foot. Adjusted funds from operation per share increased 11.1% to $0.50 per share from $0.45 per share in the first quarter of 2015. Many of you are interested in an update on our newest property in Savannah, Georgia, the three new developments that are currently under construction and our pre-development phase projects. First, let me turn you over to Frank who will take you through our financial results. I will then follow-up with a discussion of our operating performance, our external growth opportunities and our outlook for the balance of the year.

Thank you Steve and good morning everyone. As Steve mentioned first quarter adjusted funds from operations increased 11.1% to $0.50 per share compared to $0.43 per share for the first quarter of 2014. On a consolidated basis our total market capitalization at March 31, 2015 was $5 billion up 2% from 4.9 billion last year. Our debt to total market capitalization ratio was 29%. We also continued to maintain a strong interest coverage ratio for the quarter of 4.35 times. Our balance sheet strategy remains conservative, targeting minimal use of secured financing and a manageable schedule of debt maturities. As of March 31, 2015 it was $404.3 million of available capacity under our unsecured lines of credit or about 78% of the total 520 million commitment. Approximately 86% of our consolidated square footage was unencumbered by mortgages as of March 31, 2015. The next significant debt maturity on our balance sheet is in October 2017 when our lines of credit mature and which we can extend for an additional one year at our option. On April 1, 2015 our Board of Directors approved an 18.8% increase in the annualized cash dividend on our common shares from $0.96 per share to $1.14. Simultaneously a $0.285 per share dividend was declared for the quarter-ended March 31, 2015, which will be paid May 15, 2015 to shareholders of record as of April 30, 2015. The above average percentage increase in our dividend is directly related to our current expectations regarding our 2015 taxable income and our long-term view of recurring cash flow. And it is without regard to the pending asset sales. We have paid a cash dividend each quarter and have raised our dividend each of the 22 years since becoming a public company in May of 19, 1993. We take pride in our inclusion in the S&P High Yield Dividend Aristocrats index, which recognizes companies within the S&P Composite 1500 that have followed a managed dividend policy of consistently increasing dividends every year for at least 20 years. Cumulatively we have increased our annualized dividend by 35.7% over the last three years, the equivalent of a compound annual growth rate of 10.7%. Our dividend is well covered with an expected FAD payout ratio for 2015 in the mid-50% range. At these levels, we expect to generate more than $100 million in excess cash flow over our dividend, which we plan to use to reinvest in our business and to help fund the development of new properties and the expansion of accessible properties. I’ll now turn the call back over to Steve.

Thank you, Frank. I am pleased to report that we continued to generate positive rent spreads during the first quarter of 2015, which surpassed the rent increases we recorded in the first quarter of last year on a blended basis. Our blended base rental rates increased 24.1% during the first quarter of 2015 on top of a 23.9% increase for the first quarter of 2014. We believe our ability to drive rents higher is a function of retailer demand for outlet space, increasing tenant sales and our leases being at below market rents on average. With the lowest average tenant occupancy cost ratio in our mall peer group at just 8.9%, our consolidated portfolio in 2014, we believe that our average occupancy cost ratio is well below market. Under these conditions, we have been successful in raising rents while maintaining a very profitable distribution channel for our tenant partners. Lease renewals during the first quarter of 2015 accounted for 869,000 square-feet or about 56.1% of the space coming up for renewal during 2015, and generated a 22.5% average increase in base rental rates. Re-tenanting activity accounted for an additional 269,000 square-feet of leases executed during the first quarter 2015. This was space was released at an average increase in base rental rates of 28.8%. This quarter’s average re-tenanting spread was negatively impacted by two leases totaling 30,000 square-feet executed with magnet tenants. We believe these leases will strengthen our portfolio in the long run by upgrading the tenant mix of the Tanger Outlet Centers at Atlantic City, New Jersey and San Marcos, Texas. In Atlantic City, we are replacing a low volume tenant that lacked brand recognition with Off Broadway Shoe Warehouse. In San Marcos, Texas, we are differentiating our property by opening a West Elm Outlet, which is unique…

[Operator Instructions] Your first question is from Christy McElroy with Citigroup. Your line is open.

Steve I realize you're still in the due diligence phase on projects slated for completion for 2016 and beyond the Columbus project. You can't really disclose specific projects but can you give us a sort of a general sense for a pace of development spend and deliveries that we could expect in 2016 relative to what you have going on in 2015 where you've four projects?

We expect to deliver one to two new projects in each of the next two to three years as we have previously discussed, so we have several projects where we're in our internal due diligence and our underwriting process right now for 2016 and 2017 and we hope certainly before the end of the year to be able to announce at least one more for 2016.

So you're thinking probably one more beyond Columbus and then the rest will be 2017 delivery?

That's our plan right now.

And then you mentioned the two magnet tenants where the lease has impacted your spreads in the quarter, to what extent do you expect to do more of these larger magnet leases during the balance of 2015 that could further impact your releasing metric?

I don't think we're going to have many more because those were unique sizes, we may have one or two more but we certainly wanted to report the good news that we have a large magnet tenant going into Atlantic City and we have high hopes now for Atlantic City which we've just -- we're contiguous with a brand new Bass Pro Shops, large Bass Pro Shops which opened to a lot of fanfare and a lot of traffic. So that's reinforcement of our long-term view of Atlantic City. San Marcos the West Elm store is unique to the market which is great and we continue to talk to a lot of unique tenants to fill the space. Look when we were 80, and 98% to 99% occupied some people suggested that we hold space off the market to try to upgrade or generate more rent. This is a unique opportunity for us to do that and we're happy to pursue that strategy.

And would you expect to see a pickup in rents from further leasing in those sectors following the opening of these new stores?

That's the plan, it's worked in the past and that's what we expect in the future.

Your next question is from Samir Khanal with Evercore ISI. Your line is open.

On the assets that are held for sale can you provide any color kind of on the prior buyer as to why that deal did not go through. Just trying to get a sense of whether it was more sort of buyer-specific reasons or there were other, did the buyer have any other concerns about the assets itself or maybe the tenants, just any color around this would be helpful?

I think you'd have to ask the buyer but we heard nothing other than they just decided that they had other investment opportunities and other property types and decided that they just didn’t want to move forward.

And just moving on, for the assets that you under JV are you happy with kind of the current ownership structure or are there further opportunities to simplify the structure like you did with, possibly selling some of your interest like you did with Wisconsin Dells at this point?

We're very happy with our partners today. The projects that we have in joint venture structure are successful and growing. Each of the properties in a joint venture though has an exit scenario that either partner can exercise after a period of time. I don’t know what the future will bring but right now the properties are doing well and there's no need to change it.

Your next question is from Todd Thomas with KeyBanc Capital, your line is open.

Just first question, in terms of guidance so the adjustment to the range was due to a better core performance but the same-store NOI growth forecast remained unchanged, I mean what specifically are the drivers of the guidance increase?

Hi Todd it's Frank. A couple of things really jumped out at us, one is that on our new developments opening this year, we felt a little better visibility on the opening occupancies that would be higher than we originally had expected. So we’re going to get a little additional pop from our new development openings. We also completed a negotiation of some termination rents with a couple of the tenants that are closing stores slightly over $1 million that will bring into income over the remaining lease term now which will be between now and the end of the year. As well as the fact that we started off pretty strong in the first quarter with regards to same-center NOI. We weren’t comfortable enough to raise our NOI guidance per se but I think we’re more comfortable that we may end up at the higher end of that range. But it’s still early in the year so we do want to adjust the same-center NOI guidance per se.

And then Wisconsin Dells just based on some of the information that you’ve disclosed historically it looks like that’s all equated to about a 7.8% cap rate on 2014 NOI, maybe slightly higher on ’15. Can you just comment on that pricing? Is that the right number? And sort of given that there are not many traditional outlet assets that really trade hence what’s the read-through on the appraised value and the sale of Wisconsin Dells for sort of asset pricing in the outlet space in general?

I don’t think you can extend a negotiated price between partners in an off market transaction in a small center located in Wisconsin to value of a national portfolio going forward it was a unique transaction and I don’t think you can read through anything with regard to pricing. It was the standalone small asset sale that was not meaningful or significant, but in transparency we disclosed it and you can draw whatever conclusions you’d like. But we don’t feel it’s indicative of anything.

Are you able to share at all just in terms of where that property sort of performed relative to your consolidated portfolio? Maybe in terms of sales productivity or just recent operating history, I mean it was generally 100% occupied or very highly occupied over the last several years. How was same-center growth trending at that asset?

Hi Todd it’s Frank, I think one of the things that we focused on is looking out longer term and we did not feel that the long-term growth prospects within this particular property were as high as they would be at any of our other properties. It’s constrained as the size there was some tenant turnover we were able to fill and keep it occupied. But as we look longer term and that’s what we focused on, we just didn’t see that the growth was there again no expansion capacity. We thought there was limited rent increases that were associated with the property, so we just felt like from a long-term perspective it’d be best to go ahead and divest at it and move on.

Your next question is from Tayo Okusanya with Jefferies. Your line is open.

Just a general mobile high level question I mean there is a thought out there right now that in the outlet space you are going to end up seeing a bifurcation very much as you’ve seen in the mall space within Class As and Bs again where the A outlets are again closer to town and some of the B ones are 40-60 miles out from town as they traditionally have been in the past 20-30 years. Steve I was just wondering if you could just comment on that idea, if you expect that to happen, if retailers are demanding outlets closer to town. What that could imply for pricing for again this kind of new breed Class A outlets versus the traditional ones that people are expecting may become B outlets over the next five to 10 years?

That’s a multipart question. I’ll do the best I can to feel the way at it. You’re right 15 years ago outlets were 30 to 60 miles away, but that’s yesterday’s news, most of the new properties that are being delivered now are maybe five to 10 miles away. And that’s been consistent for the past five to seven years. As far as closer to town, there is various strategies and we can talk about that. But our major competitor whom we respect has some fabulous shopping centers that are A plus properties like Libre Commons and Cabazon out in California which are not near the market but are still A plus properties. Woodbury is about 55 miles from the city and it’s got a world-class tenant mix. And I think people would say it’s a world-class asset. Some of our properties are like Sevierville, Tennessee, Rehoboth Beach, Delaware, River Head, New York are certainly world-class A plus assets and wouldn’t be considered close to market. So, that I think is the answer to one question. Whether the investment community bifurcates outlet centers into A, B, C. Keep in mind there's only about 200 outlet centers in the country versus about 1,100 regional malls, so we feel that our properties are all A and B properties going forward and I'm sure our major competitor feels the same way. But like any industry there's the bottom 10%, fortunately we don't feel like we own any of them, but that's just our opinion. But going forward we are careful to recycle our assets and allocate capital to centers that we feel will be in A markets and produce A shopping centers with high growth potential and so far over our 34 year history and 22 or 23 years of being a public company we've been able to do that.

Your next question is from Michael Mueller with JPMorgan. Your line is open.

I guess putting aside the impact of asset sales or development openings, where do you see occupancy ending this year relative to the end of 2014 just given the store closings that you announced previously and just this round that you announced on the call?

Hi Mike it's Frank. We ended last year at around 98% and I really don't see any reason that that could not be consistently applied to this year. We do have the vacancies from the bankruptcies that we will work through and provide again additional tenants into this spaces if we don't see any additional store closings in coming on the horizon so currently I would believe that we could get back to the 98% that we had last year.

And then I guess in the previous question you talked about one to two new outlet centers a year and how should we think of that in terms of either being wholly-owned versus joint ventures. Is it most of what you're looking at in the joint venture still?

We are opportunistic as we have mentioned before. The property in Columbus, Ohio is in a partnership with the Simon Property Group it’s our joint venture of which we're very happy with the structure and the previous other two properties are doing extremely well. In the markets we're looking at our preference is to do them as a wholly-owned venture but if the way to get the appropriate land is to deal with a joint venture partner we will do that, but our preference is wholly-owned.

[Operator Instructions] Your next question is from Rich Moore with RBC Capital Markets. Your line is open.

Hi guys, this is James Frederick on for Rich. So I was curious if you could give some color on what tenants are thinking going in the ICSE coming up in a couple of weeks here and then how your schedule was shaping up for that as well?

The tenants in the outlet world are optimistic, looking to continue to grow their outlet distribution channel. We continue to talk to the CEO’s of most of our major tenants who are continuing to allocate a disproportionate share of capital to the outlets which is in most instances their highest and best return on invested capital. So the mood is optimistic, our calendar is full and we've added leasing reps so you might say it's even more than the previous years.

And we have no further questions at this time. I'll turn the call back over to Mr. Tanger for any closing remarks.

Thank you operator and I appreciate all of you participating today and for your continued interest in Tanger Outlets. Frank and I and Tom and Cyndi and the rest of our team here are delighted to answer any questions you may have in the future. And I'd like to invite all of you to come visit with us at the Foxwoods Casino at the end of May as we open. It'll be a fun weekend and I look forward to seeing you. So thanks everybody and have a great day, goodbye.

This concludes today's conference call. You may now disconnect.