Question-and-Answer Session
Operator
(Operator Instructions). We'll pause for just a moment to compile the Q&A roster. Your first question comes from the line of Quentin Velleley with Citi. Your line is now open.
Quentin Velleley - Citi
Steve, just a question -- given where your balance sheet is, how are your leverages? I know you’ve spoken about this before. But, could you maybe speak about some of the acquisition opportunities or maybe the other development projects that sort of [maybe] you are looking at?
Steven Tanger
We are in a position with our strong balance sheet and liquidity to be opportunistic and competitive when acquisition become avail. With regard to our development properties, we are very happy to have started construction on our site in Mebane, North Carolina, with an accretive expected return between 10.5% and 11%.
At this time, we're in the process of our development real estate group going around the country, we're identifying markets with our major tenants that could support a new Tanger Outlets Center. We're in the process of tying up appropriate land and hopefully before the ICSC convention in May, we’ll be announcing new additional new sites.
Quentin Velleley - Citi
Just in terms of utilizing spread, I noticed that for the third quarter, they were much weaker than what you've had for the earlier part of the year and also last year. Is this something which could be a trend running into 2010 slightly weaker leasing spreads?
Steven Tanger
I think it's too early to establish any sort of trend. As you can see from our supplement, we retenanted only 16 leases and we renewed only 18 leases at a 230 year-to-date. In managing the business, we focus on the year-to-date number as opposed to just one quarter's number.
Quentin Velleley - Citi
Perfect and just a last question with the (inaudible) occupancies sequentially flat at 80%, are you close to do any leasing running into the holiday period and maybe whether you're looking at putting temporary tenants into that asset as well?
Steven Tanger
We are in discussions putting temporary seasonal tenants into Deer Park and we are also in discussions with several tenants about opening permanent stores.
Operator
You next question comes from the line of Jay Habermann with Goldman Sachs. Your line is now open.
Unidentified Analyst
Good morning. It’s [Johan] here with [Jaswal]. Just going back for a second to Mebane, on the decision to close on the land, could you speak maybe a little bit more broadly to land costs today, how much costs have changed and maybe the impact that pricing had on your decision to actually move ahead here?
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