Partners' Equity of the Operating Partnership

3 Months Ended

Mar. 31, 2022

Partners' Equity of the Operating Partnership [Abstract]

Partners' Equity of the Operating Partnership

Partners’ Equity of the Operating Partnership

All units of partnership interest issued by the Operating Partnership have equal rights with respect to earnings, dividends and net assets. When the Company issues common shares upon the exercise of options, the grant of restricted common share awards, or the exchange of Class A common limited partnership units, the Operating Partnership issues a corresponding Class B common limited partnership unit to Tanger LP Trust, a wholly-owned subsidiary of the Company. Likewise, when the Company repurchases its outstanding common shares, the Operating Partnership repurchases a corresponding Class B common limited partnership unit held by Tanger LP Trust.

The following table sets forth the changes in outstanding partnership units for the three months ended March 31, 2022 and March 31, 2021:

		Limited Partnership Units
	General Partnership Units	Class A	Class B	Total
Balance December 31, 2020	1,000,000	4,794,643	92,569,801	97,364,444
Grant of restricted common share awards by the Company, net of forfeitures	—	—	469,675	469,675
Issuance of deferred units	100,000	—	6,767,078	6,767,078
Units withheld for employee income taxes	—	—	(111,977)	(111,977)
Balance March 31, 2021	1,100,000	4,794,643	99,694,577	104,489,220
Balance December 31, 2021	1,100,000	4,761,559	102,984,734	107,746,293
Grant of restricted common share awards by the Company, net of forfeitures	—	—	512,398	512,398
Issuance of units	—	—	—	—
Options exercised	—	—	1,900	1,900
Units withheld for employee income taxes	—	—	(129,971)	(129,971)
Balance March 31, 2022	1,100,000	4,761,559	103,369,061	108,130,620