Partners' Equity of the Operating Partnership

3 Months Ended

Mar. 31, 2023

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, 2023 and March 31, 2022:

		Limited Partnership Units
	General Partnership Units	Class A	Class B	Total
Balance December 31, 2021	1,100,000	4,761,559	102,984,734	107,746,293
Options exercised	—	—	1,900	1,900
Grant of restricted common share awards by the Company, net of forfeitures	—	—	512,398	512,398
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
Balance December 31, 2022	1,100,000	4,737,982	103,397,920	108,135,902
Options exercised	—	—	2,600	2,600
Grant of restricted common share awards by the Company, net of forfeitures	—	—	1,116,372	1,116,372
Units withheld for employee income taxes	—	—	(300,639)	(300,639)
Balance March 31, 2023	1,100,000	4,737,982	104,216,253	108,954,235