Thank you, Mona, and good morning, everyone. Our first quarter results came in strong with funds from operation increasing by 17.4%. The retail sector is growing as we had anticipated when compared to last year. Benefiting from strong March results and aided by the early Easter holiday shift, our tenant comparable sales for the rolling 12 months ended March 31, 2010 increased 3.1% to $342 per square foot. Sales for the first quarter increased 10.3% compared to the first quarter of 2009.
We are pleased to announce on April 8th that our Board of Directors approved an increase in our annual cash dividend rate from $1.53 to $1.55 per share. Our budget for 2010 currently anticipates yearend funds available for distribution ratio in the mid 60% range. That means our existing cash dividend is over 150% covered from operating cash flow and that we do not use our lines of credit to fund our cash dividend. We are very product of the fact that we have raised our cash dividend in each of the 17 years since becoming a public company in 1993.
If you would like to view the entire earnings call transcript from Tanger Factory Outlet Centers, Inc. Q1 2010 follow this link.
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