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Equity-Based Compensation of the Company (Tables) - Tanger Factory Outlet Centers, Inc. [Member]
6 Months Ended
Jun. 30, 2021
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs
We recorded equity-based compensation expense in general and administrative expenses in our consolidated statements of operations as follows (in thousands):
Three months endedSix months ended
June 30,June 30,
 2021202020212020
Restricted common shares (1)
$1,539 $1,895 $4,112 $4,121 
Notional unit performance awards (1)
1,147 1,461 2,296 2,982 
Options77 75 200 116 
Total equity-based compensation$2,763 $3,431 $6,608 $7,219 
(1)    The six months ended June 30, 2021 includes the accelerated recognition of compensation cost.

Equity-based compensation expense capitalized as a part of rental property and deferred lease costs were as follows (in thousands):
Three months endedSix months ended
June 30,June 30,
 2021202020212020
Equity-based compensation expense capitalized$$101 $66 $202 
Schedule of Nonvested Performance-based Units Activity
The following table sets forth 2021 PSP performance targets and other relevant information about the 2021 PSP:
Performance targets (1)
Absolute portion of award:
Percent of total award33.3%
Absolute total shareholder return range26.0 %-40.5%
Percentage of units to be earned20 %-100%
Relative portion of award:
Percent of total award66.7%
Percentile rank of peer group range(2)
30 th-80th
Percentage of units to be earned20 %-100%
Maximum number of restricted common shares that may be earned642,423 
February grant date fair value per share $9.65 
(1)The number of restricted common shares received under the 2021 PSP will be determined on a pro-rata basis by linear interpolation between total shareholder return thresholds, both for absolute total shareholder return and for relative total shareholder return amongst the Company’s peer group.
(2)The peer group is based on companies included in the FTSE NAREIT Retail Index.
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The fair values of the 2021 PSP awards granted during the six months ended June 30, 2021 were determined at the grant dates using a Monte Carlo simulation pricing model and the following assumptions:
Risk free interest rate (1)
0.2 %
Expected dividend yield (2)
6.5 %
Expected volatility (3)
61 %
(1)Represents the interest rate as of the grant date on US treasury bonds having the same life as the estimated life of the restricted unit grants.
(2)The dividend yield is calculated utilizing the dividends paid for the previous five-year period.
(3)Based on a mix of historical and implied volatility for our common shares and the common shares of our peer index companies over the measurement period.