Partners' Equity of the Operating Partnership

9 Months Ended

Sep. 30, 2025

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, 2025 and September 30, 2024:

		Limited Partnership Units
	General Partnership Units	Class A	Class B	Total
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 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
Balance June 30, 2025	1,250,000	4,662,904	111,924,006	116,586,910
Options exercised	—	—	25,400	25,400
Settlement of Forward Equity Sale Agreements	—	—	1,915,762	1,915,762
Balance September 30, 2025	1,250,000	4,662,904	113,865,168	118,528,072
Balance December 31, 2024	1,250,000	4,707,958	111,488,633	116,196,591
Options exercised	—	—	31,400	31,400
Grant of restricted common share awards by the Company, net of forfeitures	—	—	595,924	595,924
Exchange of Class A Limited Partnership Units	—	(45,054)	45,054	—
Settlement of Forward Equity Sale Agreements	—	—	1,915,762	1,915,762
Units withheld for employee income taxes	—	—	(211,605)	(211,605)
Balance September 30, 2025	1,250,000	4,662,904	113,865,168	118,528,072