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 17 th 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. Read the rest of this transcript for free on seekingalpha.com