Annual report pursuant to Section 13 and 15(d)

Partners' Equity of the Operating Partnership

v3.22.2.2
Partners' Equity of the Operating Partnership
 12 Months Ended
Dec. 31, 2021
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, 2021, 2020 and 2019:
Limited Partnership Units
General partnership units Class A Class B Total
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, net of forfeitures —  —  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 
Units withheld for employee income taxes —  —  (56,597) (56,597)
Exchange of Class A limited partnership units —  (116,530) 116,530  — 
Grant of restricted common share awards by the Company, net of forfeitures —  —  611,350  611,350 
Issuance of deferred units —  —  6,258  6,258 
Balance December 31, 2020 1,000,000  4,794,643  92,569,801  97,364,444 
Units withheld for employee income taxes —  —  (139,293) (139,293)
Exchange of Class A limited partnership units —  (33,084) 33,084  — 
Grant of restricted common share awards by the Company, net of forfeitures —  —  569,779  569,779 
Issuance of units 100,000  —  9,909,263  9,909,263 
Options exercised —  —  42,100  42,100 
Balance December 31, 2021 1,100,000  4,761,559  102,984,734  107,746,293