Partners' Equity of the Operating Partnership

9 Months Ended

Sep. 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 nine months ended September 30, 2024 and September 30, 2023:

		Limited Partnership Units
	General Partnership Units	Class A	Class B	Total
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
Balance June 30, 2024	1,150,000	4,707,958	108,203,536	112,911,494
Options exercised	—	—	45,625	45,625
Issuance of units	—	—	818,943	818,943
Forfeitures of restricted common share awards by the Company	—	—	(4,450)	(4,450)
Units withheld for employee income taxes	—	—	(5,267)	(5,267)
Balance September 30, 2024	1,150,000	4,707,958	109,058,387	113,766,345
Balance December 31, 2023	1,150,000	4,707,958	107,643,251	112,351,209
Options exercised	—	—	70,625	70,625
Issuance of units	—	—	818,943	818,943
Grant of restricted common share awards by the Company, net of forfeitures	—	—	770,265	770,265
Issuance of deferred share units	—	—	136,469	136,469
Units withheld for employee income taxes	—	—	(381,166)	(381,166)
Balance September 30, 2024	1,150,000	4,707,958	109,058,387	113,766,345