Partners' Equity of the Operating Partnership

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2022 and June 30, 2021:

		Limited Partnership Units
	General Partnership Units	Class A	Class B	Total
Balance March 31, 2021	1,100,000	4,794,643	99,694,577	104,489,220
Options exercised	—	—	15,500	15,500
Issuance of units	—	—	2,810,503	2,810,503
Balance June 30, 2021	1,100,000	4,794,643	102,520,580	107,315,223
Balance December 31, 2020	1,000,000	4,794,643	92,569,801	97,364,444
Options exercised	—	—	15,500	15,500
Grant of restricted common share awards by the Company, net of forfeitures	—	—	469,675	469,675
Issuance of units	100,000	—	9,577,581	9,577,581
Units withheld for employee income taxes	—	—	(111,977)	(111,977)
Balance June 30, 2021	1,100,000	4,794,643	102,520,580	107,315,223
Balance March 31, 2022	1,100,000	4,761,559	103,369,061	108,130,620
Options exercised	—	—	800	800
Forfeitures of restricted common share awards by the Company	—	—	(13,062)	(13,062)
Units withheld for employee income taxes	—	—	(62,007)	(62,007)
Balance June 30, 2022	1,100,000	4,761,559	103,294,792	108,056,351
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	—	—	499,336	499,336
Options exercised	—	—	2,700	2,700
Units withheld for employee income taxes	—	—	(191,978)	(191,978)
Balance June 30, 2022	1,100,000	4,761,559	103,294,792	108,056,351