Partners' Equity of the Operating Partnership

6 Months Ended

Jun. 30, 2024

Partners' Equity of the Operating Partnership [Abstract]

Partners' Equity of the Operating Partnership

Partners’ Equity of the Operating Partnership

All operating partnership units 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 amount of Class B common limited partnership units 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, 2024 and June 30, 2023:

		Limited Partnership Units
	General Partnership Units	Class A	Class B	Total
Balance March 31, 2023	1,100,000	4,737,982	104,216,253	108,954,235
Options exercised	—	—	4,600	4,600
Forfeitures of restricted common share awards by the Company	—	—	(73,440)	(73,440)
Units withheld for employee income taxes	—	—	(61,632)	(61,632)
Balance June 30, 2023	1,100,000	4,737,982	104,085,781	108,823,763
Balance December 31, 2022	1,100,000	4,737,982	103,397,920	108,135,902
Options exercised	—	—	7,200	7,200
Grant of restricted common share awards by the Company, net of forfeitures	—	—	1,042,932	1,042,932
Units withheld for employee income taxes	—	—	(362,271)	(362,271)
Balance June 30, 2023	1,100,000	4,737,982	104,085,781	108,823,763
Balance March 31, 2024	1,150,000	4,707,958	108,216,452	112,924,410
Options exercised	—	—	900	900
Forfeitures of restricted common share awards by the Company	—	—	(13,816)	(13,816)
Units withheld for employee income taxes	—	—	—	—
Balance June 30, 2024	1,150,000	4,707,958	108,203,536	112,911,494
Balance December 31, 2023	1,150,000	4,707,958	107,643,251	112,351,209
Options exercised	—	—	25,000	25,000
Grant of restricted common share awards by the Company, net of forfeitures	—	—	774,715	774,715
Issuance of deferred share units	—	—	136,469	136,469
Units withheld for employee income taxes	—	—	(375,899)	(375,899)
Balance June 30, 2024	1,150,000	4,707,958	108,203,536	112,911,494