Annual report pursuant to Section 13 and 15(d)

Partners' Equity of the Operating Partnership

v3.19.3.a.u2
Partners' Equity of the Operating Partnership
 12 Months Ended
Dec. 31, 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 issuance of restricted 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 corresponding Class B common limited partnership units held by Tanger LP Trust.

The following table sets forth the changes in outstanding partnership units for the years ended December 31, 2019, 2018 and 2017:
 
 
 
 
Limited Partnership Units
 
 
General partnership units
 
Class A
 
Class B
 
Total
Balance December 31, 2016
 
1,000,000

 
5,027,781

 
95,095,891

 
100,123,672

Units withheld for employee income taxes
 
—

 
—

 
(69,886
)
 
(69,886
)
Exchange of Class A limited partnership units
 
—

 
(32,348
)
 
32,348

 
—

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

 
—

 
411,968

 
411,968

Repurchase of units
 
—

 
—

 
(1,911,585
)
 
(1,911,585
)
Units issued upon exercise of options
 
—

 
—

 
1,800

 
1,800

Balance December 31, 2017
 
1,000,000

 
4,995,433

 
93,560,536

 
98,555,969

Units withheld for employee income taxes
 
—

 
—

 
(89,437
)
 
(89,437
)
Exchange of Class A limited partnership units
 
—

 
(34,749
)
 
34,749

 
—

Grant of restricted common share awards by the Company
 
—

 
—

 
355,184

 
355,184

Repurchase of units
 
—

 
—

 
(919,249
)
 
(919,249
)
Balance December 31, 2018
 
1,000,000

 
4,960,684

 
92,941,783

 
97,902,467

Units withheld for employee income taxes
 
—

 
—

 
(131,873
)
 
(131,873
)
Exchange of Class A limited partnership units
 
—

 
(49,511
)
 
49,511

 
—

Grant of restricted common share awards by the Company
 
—

 
—

 
242,167

 
242,167

Repurchase of units
 
—

 
—

 
(1,209,328
)
 
(1,209,328
)
Balance December 31, 2019
 
1,000,000

 
4,911,173

 
91,892,260

 
96,803,433