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Executives

Steven Tanger - President & Chief Executive Officer

Frank Marchisello - Executive Vice President & Chief Financial Officer

Mona Walsh - Assistant Vice President of Corporate Communications

Analysts

Quinton Falelli - Citibank

Todd Thomas - KeyBanc Capital Markets

Lindsay Schroll - Bank of America/Merrill Lynch

Steve Sakwa - ISI Group

Carol Campbell - Hilliard Lyons

Ben Yang - Keefe, Bruyette & Woods Ltd.

Dabid Leibowitz - Horizon Asset Management

Wes Golladay - RBC Capital Markets

Sarah King - JP Morgan

Tanger Factory Outlet Centers Inc. (SKT) Q2 2010 Earnings Call July 28, 2010 10:00 AM ET

Operator

Good morning and welcome to the Tanger Factory Outlet Centers’ second quarter 2010 conference call.

I will now turn the call over to Ms. Mona Walsh, Assistant Vice President of Corporate Communications.

Mona Walsh

Thank you Amanda. Good morning and welcome to the Tanger Factory Outlet Centers’ second quarter 2010 conference call. On the call today will be Steven Tanger, President and Chief Executive Officer; and Frank Marchisello, Executive Vice President and Chief Financial Officer.

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 their 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.

This call is being record 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 maybe accurate only as of today's date, July 28, 2010.

At this time all participants are in listen-only mode. Following management's prepared comments, the call will be opened up for your questions. Again, 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.

Steven Tanger

Thank you Mona and good morning everyone. Our operating results were strong, with adjusted funds from operation increasing by 14.2% for the first six months of 2010 and 9.1% for the second quarter. Our tenant partners continue to right size their inventories and consumers continue to find everyday value for their dollars in Tanger Outlet Centers.

Our tenant comparable sales for the rolling 12 months ended June 30, 2010 increased 4.6% to $345 per square foot. Comparable sales for the second quarter increased 4.8% compared to the second quarter of 2009.

Notable events occurring during the second quarter include on October 8, the approval from our Board of Directors to increase our annual cash dividend rate from $1.53 to $1.55 pre share was announced. This is the 17th consecutive year that we have raised our cash dividend.

On May 20, Tanger received an upgrade from Moody’s from Baa3 to Baa2, becoming the only retail REIT to receive a rating agency upgrade such far this year. On July 7, we took the opportunity to further strengthen our balance sheet when we announced the closing of $300 million senior notes transaction which netted Tanger $295.5 million in proceeds, after deducting the underwriter discount and offering expenses.

The proceeds from this offering as outlined in our press release and 8-K filing were used to retire debt maturing in 2011, to terminate related interest rate swap agreements and to reduce the amounts outstanding on our unsecured lines of credit. The notes will pay interest semiannually at a rate of 6.125% per annum and mature on June 1, 2020.

Yesterday, we announced that the Board of Directors of Tanger Outlet Centers approved the expansion of our Board to eight members and appointed Thomas Reddin as the new Director. Tom brings to Tanger, 30 years of consumer marketing and e-commerce background that will add immediate value and perspective to our Board.

He has spent many years at the helm of divisions of iconic brand and consumer product companies such as Kraft Foods, Coca Cola USA and LendingTree.com, where he coined the phrase, “When banks compete, you win” and the resulting highly successful marketing campaign. We are very pleased to have Tom join us on the Tanger Board of Directors.

I will now turn the call over to Frank, who will take you through our financial results for the quarter and then I will follow with a summary of our operating performance and our current expectations for the balance of 2010.

Frank Marchisello

Thank you Steve and good morning everyone. Total adjusted funds from operations or FFO for the second quarter ended June 30, 2010 increased approximately 9.1% for the period. As expected adjusted FFO per share decreased approximately 5.9% to $0.64 per share, compared to $0.68 per share in the second quarter ended June 30, 2009.

The decrease in FFO per share was due to the issuance of 8.3 million additional common shares, associated with the two successful equity transactions completed during 2009. More information on these transactions maybe found in our Form 10-K for the year ended December 31, 2009.

On a consolidated basis, our total market capitalization at June 30, 2010 was approximately $2.6 billion, including $605 million of debt outstanding, equating to a debt to total market capitalization of approximately 23.2%. We also maintained a strong interest coverage ratio of 4.68 times for the quarter, compared to 3.98 times last year and 4.82 times last quarter.

As of June 30, 2010 approximately 91.6% of our debt was at fixed rates. Our only floating rate debt is the $50.8 million outstanding on our $325 million in unsecured lines of credit, which mature between June and August of 2011. Our balance sheet strategy has always been conservative. Following our senior notes offering we have no significant debt maturities until November 2015 and June 2020.

As of June 30, our wholly owned portfolio of properties had no mortgages and was 100% encumbered. Our dividend is well covered. We will generate incremental cash flow over our dividend, which we plan on using to help fund our new development in Mebane, North Carolina and reduce amounts outstanding on our lines of credit. In addition, the single tenant accounts are more than 8.4% of our gross leasable area or 6.8% of our base and percentage rents.

Most of our tenants have very strong balance sheets. The conservative approach that Tanger has brought to all aspects of our business, whether it be financial or development continues to build value for our stakeholders.

I will now turn the call back over to Steve. Go ahead, Steve.

Steven Tanger

Thanks Frank. I am pleased to report that as we reach the midpoint of 2010 we continue to see positive rent spreads on the renewal and releasing of space within our portfolio. As of the end of June, we executed 294 leases, totaling 1,222,000 square feet throughout our wholly owned portfolio. New tenants to Tanger in 2010 include brands such as PS by Aeropostale, Ed Hardy, Narchie, New Balance, Pampolina and Joseph A. Bank.

Lease renewals during the first six months accounted for 899,000 square feet or about 60.5% of the space coming up for renewal during 2010, and generated an increase in average based rental rates on the executed renewals of 8.7% as compared to 8.8% last quarter.

In addition, during the second quarter we re-tenanted approximately 323,000 square feet, with an increase in average based rental rates of 22.4%. Our low cost of occupancy and our tenants increasing sales allow us the opportunity to continue to drive up rents, while maintaining a very profitable distribution channel for our tenant partners.

Same center NOI growth increased 1.7% for the first six months of 2010 and 2.4% during the second quarter, compared to 0.7% in the first quarter of 2010. Our overall occupancy rate for our wholly owned stabilized properties was 96.9% at the end of the second quarter up from 94.8% at the end of March 2010 and 96.0% at year end 2009.

Reported tenant comparable sales within our wholly owned portfolio increased 4.6% for the rolling 12 months ended June 2010 to $345 per square foot. Sales for the second quarter increased 4.8% compared to the second quarter of 2009.

We are fast approaching the completion of construction on our new center to be located in Mebane, North Carolina, scheduled to open on November 5 in time for the 2010 holiday season. The center is now 90.5% leased or with leases out for signature. Tanger field personnel are now onsite in temporary headquarters trailers and the excitement continues to build throughout the State of North Carolina, as we get near to the grand opening of this fantastic $65 million 3,17,000 square foot center.

Among the stores that will open at this outlet center are Saks Fifth Avenue OFF Fifth, Coach Factory Store, Banana Republic Factory Store, Levi’s, GAAP Outlet, J Crew, BCBG, Nike, Izod, QBC, Rue 21, Carter’s, Osh Kosh B'Gosh, Nine West and Tommy Hilfiger. Our expected initial return on cost is 10% to 10.5%.

We are also in the process of building our shadow pipeline of potential new developments in over 17 markets across the country should tenant demand continue to escalate. These markets are currently either under served or not served at all by the outlet industry.

At the recent ICSC conference in May, we announced new sights that we are exploring in West Phoenix, Scottsdale and Houston markets. We remain excited about the growth prospects of our industry. Demolition is now complete and the redevelopment in process at one of our two centers in Hilton Head, South Carolina. Upon the completion, Hilton Head I will be approximately 176,000 square feet, plus four restaurant land parcels facing highway 278, two of which we have already obtained signed leases from major restaurant food users.

The tenant community is excited about the rebuild of this center in this up scale tourist location. Hilton Head I currently has 53.6% of its leases signed or out for signature. Our expected $50 million investment will create the first LEED certified green shopping center in Beaufort County. The new center is currently scheduled to open in the second half of 2011.

Last week Liz Claiborne Inc. announced their plans to exit the Liz Claiborne Branded Outlet Stores concept in the United States and Puerto Rico by early 2011. Liz Claiborne has been for the past 25 years and will remain a valued Tanger Outlet Center business partner. We look forward to continuing our long-standing relationship with them in the future.

We will work closely with the Liz Claiborne management team to facilitate their new strategy for this brand, and to provide an orderly transition of the space they occupy in our portfolio over the next 12 months. In the past five years, we have successfully reduced our exposure to the Liz Claiborne Branded Outlet Store footprint in our centers by approximately one-third, from 316,000 to 233,000 square feet.

Through out portfolio we currently have 22 Liz Claiborne Outlet Stores, which represent approximately 2.6% of the total Tanger portfolio. The combined annualized base and percentage rent revenue to us from these Liz Claiborne Outlet Stores currently represents less than 1.5% of our total base in percentage rent revenue.

The lease expirations range from July 2010 to August 2016. As we work through the negotiations with Liz Claiborne, we will have a better understanding of how they plan to exit this business. At this juncture, it will be premature for us to make any comments about sales levels, rental rates, termination fees and the like, until an agreement is reached. We are delighted that Liz Claiborne Inc. has decided to continue to own and operate outlet stores for there Juicy Couture, Lucky Brand Jeans, Kenzie and Kate Spade brands.

With respect to earnings guidance for 2010, based on our current view of market conditions and the recent bond offering, we believe our estimated diluted net income per share for 2010 will be between $0.63 and $0.71 per share, and our FFO for 2010 will be between $2.39 and $2.47 per share.

In our earnings guidance we continue to assume that same-center NOI grows between 0.5% to 1.5%, while tenant sales will remain constant at their current levels. If the second quarter positive trend continues, fueled impart by higher sales productivity, we may revisit this estimate based on our third quarter results.

As a result of the two successful common equity transactions during 2009, our earnings estimate for 2010 is based upon 46.2 million diluted weighted average common shares outstanding. Our 2010 guidance includes the full-year impact of the dilution caused by the issuance of 8.3 million common shares in 2009, as well as the issuance of $300 million of unsecured bonds in 2010.

Our 2010 earnings estimate do not include any additional rent termination fees, the impact of any potential future refinancing transactions, the sale of any additional out parcels of land or the sale or acquisition of any properties.

We plan to continue to thoughtfully use our resources and to maintain a conservative financial position. Our solid balance sheet with no upcoming debt maturities until November 2015 and no mortgages encumbering our assets puts us in a very strong position going into the second half of 2010.

I’d like to now open the call to any of your questions. Operator.

Question-and-Answer Session

Operator

(Operator Instructions). Your first question comes from Quinton Falelli at Citibank. Your line is now open.

Manny - Citibank

Good morning guys. This is actually Manny here with Quinton. Just had a question for you on your release in spreads and I am wondering if you can give me some details on why those look like year-to-date they are lower than they were in 2009 year-to-date.

Steven Tanger

It just is a matter of which lease has come up at which team. There is not a large universe of leases that have been executed. We continue to compound the rent increase as we were one of the few groups, few companies in the retail world to get increases last year and the year before and we continue to get increases this year. We are very satisfied with the increases. Our cost of occupancy to our tenants allow this distribution channel to be profitable for both our company and our stakeholders and for our tenant partners.

Manny - Citibank

Thank you. And can you give me an update on Deer Park, where leasing stands there?

Steven Tanger

Right now we are at about, I think it’s 84% leased.

Manny - Citibank

Okay, and I noticed on your balance sheet, you’ve now added an asset to held-for-sale. Is that the Georgia property that you previously impaired?

Frank Marchisello

That’s correct. That’s the Commerce One property.

Manny - Citibank

Any details on where you are on in that process?

Steven Tanger

The Commerce property was sold subsequent to the end of the quarter and that has now closed.

Manny - Citibank

Great. Thank you, guys.

Operator

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

Todd Thomas - KeyBanc Capital Markets

Hi, good morning. I am on with Jordan Tyler as well. Regarding the news from Liz Claiborne, can you talk about or characterize what the backlog of demand looks like from tenant today for similarly lease sized basis?

Steven Tanger

I hope you understand we are in the process of negotiating an agreement with Liz Claiborne to facilitate their new strategy to exit this distribution channel. I would prefer not to comment any further than the prepared remarks and we will of course announce complete details of our agreement with Liz Claiborne and any plans to re-lease the space that Liz Claiborne is exiting when we have more details.

Todd Thomas - KeyBanc Capital Markets

Okay, understood. I noticed in the quarter that Phillips-Van Heusen store count increased pretty noticeably. Was it a specific brand and is there more growth coming from PVH and what are your expectations there?

Steven Tanger

Phillips-Van Heusen as you maybe aware purchased Tommy Hilfiger. So the combined Tommy Hilfiger, Phillips-Van Heusen store count now is included under Phillips-Van Heusen.

Todd Thomas - KeyBanc Capital Markets

Okay. And then just lastly, in terms of the monthly comparable store sales that you receive, how do they trend throughout the quarter? Did you see any indications that they were beginning to moderate throughout the quarter from April through June?

Steven Tanger

You had in the first quarter a shift of Easter from April to March. So we do not announce individual month trends, but anecdotally June was a very good month. So we are seeing a positive trend.

Todd Thomas - KeyBanc Capital Markets

Okay, thank you.

Operator

Your next question comes from Lindsay Schroll of Bank of America/Merrill Lynch. Your line is open.

Lindsay Schroll - Bank of America/Merrill Lynch

Good morning. I was just wondering if you could discuss the leasing progress at Mebane in more detail. Sort of what caused the leasing to pick up so significantly between April and July. If that was in line or better than your expectation.

Steven Tanger

This is consistent with our 30-year experience. Once we lead the threshold of 50% to start construction, the tenant community knows for certain that the shopping center will be delivered at a specific time and discussions turn into leases out for negotiation, which turn into signed leases, and this is consistent with our past experience.

Lindsay Schroll - Bank of America/Merrill Lynch

Okay, and then speaking with leasing, how has the lease in momentum in the last month or so compared to the beginning of the year? Have you seen retailers growing any more cautious on expansion plans or negotiating tougher deals in light of the recent macro weakness?

Steven Tanger

Well, macro weakness is your term; I don’t know what you are referring to. In the outlet distribution channel, our sales have continued to grow. Our tenant partners find it a profitable distribution channel. Conversations with the senior management of our tenant partners leaves me to believe that they will continue to grow their outlet divisions and we are in the process of announcing new sites for new developments, to meet that new demand.

Lindsay Schroll - Bank of America/Merrill Lynch

Okay. And then finally, given the relative strength of the outlet business during the downturn, are you concerned about competitors entering the outlet development business as things improve?

Steven Tanger

We’ve been doing this for 30 years. We are always aware of what our competitors are saying. This is a business that requires a special skill set of operating and marketing this property type, which is different than other retail property types. We certainly welcome competition from high quality operators, because the more outlet centers with high quality tenants and well-maintained and well-marketed assets, provides a better presentation to all of the consumers, which we welcome.

Lindsay Schroll - Bank of America/Merrill Lynch

Great! Thank you.

Operator

Your next question comes from Steve Sakwa at ISI Group. Your line is open.

Steve Sakwa - ISI Group

Thank you, good morning. Steve, could you just comment a little bit more on the shadow pipeline, the 17 markets and specifically you talked about West Phoenix, Scottsdale and Houston. What do you think the timing looks like for those and how confident are you that you can begin to get some shovels in the ground for delivery starting in 2012?

Steven Tanger

Hi Steve. We are very confident of the three sites that we mentioned, the one in West Phoenix, Scottsdale and Houston. We have been the visited. We’ve gotten early commitments and letters of intents from fabulous tenants that want to go to that market.

We are in the process and have a real estate group led by a senior manager, going to the 14 markets in addition to the two that I just mentioned, identifying sites. We are in the process of tying those sites up and when we do, they’ll be announced.

I can’t give you any color on our thoughts on the markets until we announce them and show our major tenants the specific sites. I can tell you though that the senior management of the tenants we are talking to are very excited that we are growing in this manner with new development.

Steve Sakwa - ISI Group

Just to kind of remind me, to get let’s say your delivery sometime by the middle of 2012 or certainly maybe opened by the holiday season of 2012, kind of walk us through the time line of kind of when you would need to start construction, and how much I guess lead time do you have to get something that’s actually deliverable in 2012.

Steven Tanger

Assuming no extraordinary permitting issues, it takes anywhere from nine to 12, maybe 15 months to get the necessary leases signed, which internally we want 50% of the space actually signed leases and all the permits in a non appeal able form. So anyway, if you want to use the midpoint, about a year to do the predevelopment, pre-leasing and then it takes anywhere from nine to 12 months to build the site, turn it over to the tenants and get them opened. So you are looking at approximately a two to two and a half year lead-time.

Steve Sakwa - ISI Group

Okay, so just given that we are kind of the middle of ten and you haven’t signed anything, you might be talking to tenant, I guess is it even possible to get one of these new sites open in calendar 2012.

Steven Tanger

We have not announced the delivery yet Steve for the two sites in the Phoenix market or the site in Houston market. To our knowledge there are no extraordinary development issues. We are working with our tenant partners right now to attempt to get the leases necessary to begin construction.

So I would not want to speculate, but these three sites are now tied up and we have six months till the end of the year. We are hoping to get enough leases signed to start construction. If we start, in the three sites I mentioned there is a 12-month building season. So if we can start by the first of 2011, certainly there is a chance that it will be delivered by the middle part of 2012.

Steve Sakwa - ISI Group

Okay. Thank you.

Operator

Your next question comes from Carol Campbell at Hilliard Lyons. Your line is open.

Carol Campbell - Hilliard Lyons

Good morning. At this point are you seeing any impact on traffic from any of your sites due to the oil spill?

Steven Tanger

The only site that is impacted and our hearts go out and we are doing what we can to help the local communities is fully Alabama, which has done a lot of marketing such as the Jimmy Buffet concert and various other events to bring people to the area, to show them that business is opened.

Fortunately today in the New York Times, above the fold or big pictures showing aerial views that the oil spill now appears to be dissipating rapidly since the last cap went on. We have worked with a very strong local management team that’s worked with our tenants and the State and the local community to get the word out that business is good, the beaches are good and unfortunately in this month, in the month of July, traffic is down, maybe 7%, 8%. It was flat in April and up in May. So we are down a little bit but not as much as one might imagine.

Carol Campbell - Hilliard Lyons

Okay, and then I know on the last quarter call you all talked about how you would be interested in acquisitions, but you just didn’t see anything of the quality you want on the market right now. Is the acquisition environment basically the same? Have there been any changes?

Steven Tanger

There haven’t been any changes that I am aware of. If you know of anything, please let me know.

Carol Campbell - Hilliard Lyons

Okay. Thanks.

Operator

Your next question comes from the line Ben Yang at Keefe, Bruyette & Woods. Your line is open.

Ben Yang - Keefe, Bruyette & Woods

Hi, good morning. I am just curious, are the Liz Claiborne stores typically in good locations within your outlet centers. I mean how will you characterize, I guess their real estate within your real estate?

Steven Tanger

It’s great.

Ben Yang - Keefe, Bruyette & Woods

Very desirable to potential tenant.

Steven Tanger

Liz Claiborne has been a very valued business partner for 25 years. We worked closely with them over that period of time in identifying sites. Liz’s as management team executed leases immediately and in a lot of our properties, they have a very desirable space.

Ben Yang - Keefe, Bruyette & Woods

Okay, good for you and then you exclude the commerce Georgia asset from the occupancy statistic. Are you also excluding this property in the sales and NOI numbers as well?

Frank Marchisello

It’s excluded from the cost prior year and current year numbers.

Ben Yang - Keefe, Bruyette & Woods

And I know it’s a small project, but any idea how much that’s helped the growth number that you reported for the quarter?

Frank Marchisello

Well because we excluded it from the NOI in both the comparative period and the current period, the percent increases actually comparable.

Ben Yang - Keefe, Bruyette & Woods

Okay. Great. Thank you.

Operator

Your next question comes from Dabid Leibowitz from Horizon. Your line is open.

Dabid Leibowitz - Horizon Asset Management

Good morning. A couple of unrelated items if I may; first, what percentage of your leases do you believe are below market rates at the moment?

Steven Tanger

Hi David. If one looks at the retenanted leasing spreads, although it’s a relatively small amount, that’s where we’ve marked-to-market, the assets, the space we get backed, it will be tough to guess how much is under market, but over a period of time, because we have such a large renewal with the existing tenants and the existing space, we don’t get a lot of space back. But this is a way for us to add value for our shareholders, but I can’t give you a percentage.

Dabid Leibowitz - Horizon Asset Management

Okay. Also you may have touched on this but I missed it. Did you say what percentage of leases are up for renewal next calendar year?

Frank Marchisello

In our supplement, we have the lease expiration table in 2011, that’s about 17% of the leaseable space and about 15% of the base rent.

Dabid Leibowitz - Horizon Asset Management

And the last question, in times past you’ve discusses industries that you would like to have or categories you would like to have represented in your centers. Have you been able to have success in attracting those particular types of tenants to your centers since January 1 of this year? I know you closed too perhaps, adding some as this year goes forward.

Steven Tanger

We think right now if housing starts increase and families continue to buy houses, there will be more demand for furniture and table top and bedding and products like that, which one way we lost about half a million square feet, two to three years ago when the housing bubble burst. We are monitoring and talking to a lot of people in those categories and that will build more demand. But to-date we opened restoration hardware, but there really have not been a lot of stores coming back from those categories.

Dabid Leibowitz - Horizon Asset Management

Thank you very much.

Steven Tanger

Candidly our portfolio is 96.9% occupied. I don’t know where we’d put them.

Dabid Leibowitz - Horizon Asset Management

Well, everybody should have such problems, but thank you very much.

Operator

Your next question comes from Wes Golladay at RBC Capital Markets; your line is open.

Wes Golladay - RBC Capital Markets

Good morning everyone. Who are some of the tenants who are looking to expand into the Outlet Center space, assuming there is space for them?

Steven Tanger

I hope you understand for competitive reasons we’ve not announced potential new tenants coming in to the market. We’d like to go ahead and get them signed up and open their first store and then announce them once the lease is signed.

Wes Golladay - RBC Capital Markets

Okay, I guess on the little bit broader picture, are you seeing a lot of demand from international tenants?

Steven Tanger

We are seeing demand from international and from domestic tenants. Virtually, in apparel and footwear, most business models today include an outlet center distribution channel.

Wes Golladay - RBC Capital Markets

Okay. Thank you.

Operator

Your next question comes from the line of Michael Mueller at JP Morgan. Your line is open.

Sarah King - JP Morgan

Good morning guys, its Sarah King here for Mike. Two questions, one is regarding Commerce one. Could you give the economics around that or just any details there and to do regarding the Deer Park luxury wing? Any plan to change your strategy for that part of the project?

Steven Tanger

The commerce transaction is not a significant event and I don’t think that we’ve announced the details of it. With regard to the Deer Park collections area, which we had contemplated as the designer wing, it is anchored by Neiman Marcus and we are in discussions with various types of tenants; some luxury very upscale tenants and some upper moderate to luxury tenants. When we have leases signed, we will be happy to announce them.

Sarah King - JP Morgan

Okay. Thank you.

Operator

(Operator Instructions) There are currently no questions in the queue.

Steven Tanger

Okay. Thank you all for participating today and for your interest in our company. Tanger is the only public reach with a pure outlet portfolio. We have a conservative lease structure and balance sheet, high brand recognition and a tenured management team. Tanger has always had and will continue to maintain a disciplined development approach. We currently have a strong portfolio of operating properties across the country.

As always, Frank and I will be available to answer any of your questions during the day Goodbye.

Operator

Thank you. This concludes today’s conference call. You may now disconnect.

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Source: Tanger Factory Outlet Centers Inc. Q2 2010 Earnings Call Transcript
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