Tanger Factory Outlet Centers Inc. said Wednesday it continues to develop, build and lease its South Strabane Township site, which is expected to open in late August.

In response to strong tenant demand for space, Tanger announced in November it was increasing the size of the initial phase of the South Strabane center from 308,000 square feet to 370,000 square feet. On Wednesday, it said leases for 74 percent of the first phase have been signed, and an additional 8 percent is under negotiation or out for signature.

The company said it expects delivery of the initial phase in the second quarter of 2008, with stores opening by the end of the third quarter of 2008. The center will be wholly owned by Tanger.

News of the local development was presented as part of the company's first quarter financial report. For the three months ended March 31, the Greensboro, N.C. company, which operates as a Real Estate Investment Trust, said funds from operations available to common shareholders, a widely accepted supplemental measure of REIT performance, was $22.8 million, or 61 cents per share, as compared to FFO of $21.3 million, or 57 cents per share, for the three months ended March 31, 2007, representing a 7 percent increase in both total FFO and FFO per share.

Net income available to common shareholders for the three months ended March 31 was $5.6 million, or 18 cents per share, as compared to net income of $1.9 million, or 6 cents per share for the first quarter of 2007.

Tanger presently owns and operates 29 outlet centers in 21 states coast to coast, totaling approximately 8.4 million square feet of gross leasable area. It also operates two outlet centers containing approximately 667,000 square feet in which it owns a 50 percent interest.

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