Quarterly report pursuant to Section 13 or 15(d)

Partners' Equity of the Operating Partnership

v3.19.3
Partners' Equity of the Operating Partnership
 9 Months Ended
Sep. 30, 2019
Tanger Properties Limited Partnership [Member]  
Schedule of Partners' Equity of the Operating Partnership [Line Items]  
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, 2019 and September 30, 2018:
 
 
 
 
Limited Partnership Units
 
 
General Partnership Units
 
Class A
 
Class B
 
Total
Balance December 31, 2017
 
1,000,000

 
4,995,433

 
93,560,536

 
98,555,969

Grant of restricted common share awards by the Company, net of forfeitures
 
—

 
—

 
355,184

 
355,184

Repurchase of units
 
—

 
—

 
(919,249
)
 
(919,249
)
Units withheld for employee income taxes
 
—

 
—

 
(89,437
)
 
(89,437
)
Balance September 30, 2018 (1)
 
1,000,000

 
4,995,433

 
92,907,034

 
97,902,467

 
 
 
 
 
 
 
 
 
Balance June 30, 2019
 
1,000,000

 
4,960,684

 
92,544,267

 
97,504,951

Repurchase of units
 
—

 
—

 
(650,929
)
 
(650,929
)
Balance September 30, 2019
 
1,000,000

 
4,960,684

 
91,893,338

 
96,854,022

 
 
 
 
 
 
 
 
 
Balance December 31, 2018
 
1,000,000

 
4,960,684

 
92,941,783

 
97,902,467

Grant of restricted common share awards by the Company, net of forfeitures
 
—

 
—

 
242,167

 
242,167

Repurchase of units
 
—

 
—

 
(1,209,328
)
 
(1,209,328
)
Units withheld for employee income taxes
 
—

 
—

 
(81,284
)
 
(81,284
)
Balance September 30, 2019
 
1,000,000

 
4,960,684

 
91,893,338

 
96,854,022


(1)
There was no activity in outstanding partnership units for the three months ended September 30, 2018.