Partners' Equity of the Operating Partnership

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2023 and September 30, 2022:

		Limited Partnership Units
	General Partnership Units	Class A	Class B	Total
Balance June 30, 2022	1,100,000	4,761,559	103,294,792	108,056,351
Options exercised	—	—	5,000	5,000
Forfeitures of restricted common share awards by the Company	—	—	(15,572)	(15,572)
Units withheld for employee income taxes	—	—	(37,792)	(37,792)
Balance September 30, 2022	1,100,000	4,761,559	103,246,428	108,007,987
Balance December 31, 2021	1,100,000	4,761,559	102,984,734	107,746,293
Options exercised	—	—	7,700	7,700
Grant of restricted common share awards by the Company, net of forfeitures	—	—	483,764	483,764
Units withheld for employee income taxes	—	—	(229,770)	(229,770)
Balance September 30, 2022	1,100,000	4,761,559	103,246,428	108,007,987
Balance June 30, 2023	1,100,000	4,737,982	104,085,781	108,823,763
Options exercised	—	—	44,300	44,300
Issuance of units	5,000	—	101,615	101,615
Forfeitures of restricted common share awards by the Company	—	—	—	—
Units withheld for employee income taxes	—	—	(5,505)	(5,505)
Balance September 30, 2023	1,105,000	4,737,982	104,226,191	108,964,173
Balance December 31, 2022	1,100,000	4,737,982	103,397,920	108,135,902
Options exercised	—	—	51,500	51,500
Issuance of units	5,000	—	101,615	101,615
Grant of restricted common share awards by the Company, net of forfeitures	—	—	1,042,932	1,042,932
Units withheld for employee income taxes	—	—	(367,776)	(367,776)
Balance September 30, 2023	1,105,000	4,737,982	104,226,191	108,964,173