Any of you who want to learn more about the progress we are making on the two Tanger Outlet Centers currently under construction, our domestic development pipeline, and our Canadian expansion plans through the co-ownership agreement with RioCan Real Estate Investment Trust, 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, who will take you through our financial results for the six months ended June 30, 2012. Please go ahead, Frank.
Thank you, Steve, and good morning, everyone. Total funds from operations or FFO for the quarter ended June 30, 2012 increased 30.4% to $38.6 million compared to $29.6 million last year. Adjusted FFO per share increased 18.2% to $0.39 per share from $0.33 per share for the second quarter of last year, and met Street's consensus expectations. This year-over-year increase in AFFO per share is a direct result of our ability to continue to drive rental rates and same center NOI growth, as well as the accretive impact of the acquisitions made during 2011.On a consolidated basis our total market capitalization at June 30, 2012 was approximately $4.2 billion, up from $3.4 billion last year. Our debt to total market capitalization was approximately 25% at June 30, 2012 compared to 26.2% last year. We also maintained a very strong interest coverage ratio of 4.08 times for the quarter. As of June 30, 2012, approximately 63% of our debt was at fixed rates. Our balance sheet strategy continues to be conservative targeting minimal use of secured financing and a manageable schedule of debt maturities. The dividend continues to be well covered. Our 2012 FAD payout ratio is expected to be less than 60%, generating significant incremental cash flow over our dividend, which will be used to help fund our new developments, or to reduce amounts outstanding on our lines of credit. We have started to maintain a conservative approach to every aspect of our business, and we believe will continue to build value for all of our stakeholders over time. Read the rest of this transcript for free on seekingalpha.com