Good morning. I am Cyndi Holt, Vice President, Investor Relations, and I would like to welcome you to the Tanger Factory Outlet Centers Second 2015 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 Web site, investors.tangeroutlet.com. Please note that during this conference call, some of management's comments will be forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties and actual results could differ materially from those projected. We direct you to the company's filings with the Securities and Exchange Commission for a detailed discussion of these 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 most directly 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, August 5, 2015. At this time, all participants are in listen-only mode. Following management's prepared remarks, the call will be opened for your questions. We ask that 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. The second quarter of 2015 was an outstanding quarter for Tanger Outlets. For the quarter, adjusted funds from operation per share increased 14.9% to $0.54 per share, compared to $0.47 per share for the second quarter of 2014. This growth exceeds all other mall REITs that have reported second quarter earnings to-date. In addition, same center net operating income increased 4.6% during the quarter. Any of you, who are interested in updates on the two new Tanger Outlet Centers that have opened since our last call, and the two new Tanger Outlet Centers, that are currently under construction. First, let me turn the call 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, second quarter AFFO increased 14.9% to $0.54 per share from $0.47 per share for the second quarter of 2014. For the first half of 2015, AFFO per share increased 13% to $1.04 compared to $0.92 per share for the same period of 2014. Our balance sheet strategy remains conservative, targeting minimal use of secured financing, and a manageable schedule of debt maturities. Our debt to total market capitalization ratio was 32%, and we also continue to maintain a strong interest coverage ratio for the quarter of 4.67 times. As of June 30, 2015, there was $343.7 million of available capacity under our unsecured lines of credit, and approximately 85% of our consolidated square footage was unencumbered by mortgages. The next significant debt maturity on our balance sheet is in October 2017, when our unsecured lines of credit mature, but which we can extend by one year at our auctions. We have paid a cash dividend for 88 consecutive quarters, and have raised our dividend, each of the 22 years since becoming a public company in May 1993, resulting in our inclusion in the S&P High Yield Dividends Aristocrat Index. 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 continue to invest in our business, by upgrading our properties and funding most of the equity required to complete our current development pipeline. In addition, we and our Board of Directors remain focused on maintaining a balanced capital allocation strategy. We continue to consider alternatives, including the possible use of internally generated cash flows to repurchase our common shares. I will now turn the call back over to Steve.

Thanks Frank. As I mentioned earlier, same center net operating income increased 4.6% during the quarter, exceeding last year's second quarter increase of 3.3%. on a year-to-date basis, same center net operating income increased 4.3% compared to 3.3% in the first half of 2014. We were able to achieve this growth with occupancy of 96.8% as of June 30, 2015. Although this occupancy level exceeds that reported by each of the eight other mall REITs, it is slightly lower than is typical for Tanger, due largely to a disproportionate amount of store closings during the second half of 2014, and the first half of 2015. This quarter's increase in the same center net operating income extends our streak to 42 consecutive quarters of same center net operating income growth, dating back to the first quarter 2005, when we first began fracking this metric. One of the key drivers of this year's same center net operating income increase is the addition of high volume tenants in 2014, that are now comping, and as a result, are producing higher average rents. Other major driver of our same center net operating income growth, is leasing spreads. I am pleased to report, that our leasing spreads continue to grow in the second quarter. Our blended base rental rates increased 25.8% during the first half of 2015, on top of a 24% increase for the first half of 2014. We believe our ability to drive rents higher is a function of retailer demand for outlet space, and our leases being at the low market rents on average. With the lowest average tenant occupancy cost ratio in the mall peer group at just 8.9% of our consolidated portfolio in 2014, we have been successful in raising rents, while maintaining a very profitable distribution channel for our…

[Operator Instructions]. Your first question comes from Samir Khanal with Evercore ISI. Your line is open.

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

Your next question comes from Todd Thomas with KeyBanc Capital Markets. Your line is open.

Your next question comes from Christy McElroy with Citi. Your line is open.

Your next question comes from the line of Jeremy Metz with UBS. Your line is open.

Your next question comes from Rich Moore with RBC Capital Markets. Your line is open.

We have a question from Christy McElroy with Citi. Your line is open.

There are no further questions at this time.

Thank you all for participating in our call today, and for your interest in Tanger Outlet Centers. We are very pleased with our second quarter results, and believe we are well positioned to continue the momentum in the second half of 2015. Frank and I are always available to answer any questions you may have. Have a great day, and enjoy the rest of the summer.

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