Outlet shopping is fashionable and the Tanger Outlets brand continues to garner the respect of shoppers and retailers. The value proposition is embedded in the lifestyle of today's consumer, and outlets are the natural destination of choice for branded apparel. The old adage is true: in good times people love a bargain and in tough times people need a bargain. It is the value proposition that makes the outlet distribution channel profitable and sustainable for our retail partners and for our company. We are thrilled to celebrate this achievement today.Tanger has increased its dividend by an average of 5% over the last three years. The company's FFO payout ratio of 46.67% indicates the company could increase its dividend even more. In addition, Tanger's dividend is well covered; its FAD payout ratio for 2012 was approximately 56%. At these levels, Tanger generates significant incremental cash flow over its dividends, which enhances Tanger's ability to fund growth and/or to reduce amounts outstanding under its lines of credit. Today, Tanger is trading at $35, down around 4% from last week. The total capitalization is around $4.66 billion and the dividend yield is 2.5%. Given Tanger's robust development pipeline and strong growth potential, I would expect to see the company return 20% year-over-year. Not bad for a "blue-chip" brand.