Quarterly report pursuant to Section 13 or 15(d)

Partners' Equity of the Operating Partnership

v3.23.1
Partners' Equity of the Operating Partnership
 3 Months Ended
Mar. 31, 2023
Partners' Equity of the Operating Partnership [Abstract]  
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 months ended March 31, 2023 and March 31, 2022:
Limited Partnership Units
General Partnership Units Class A Class B Total
Balance December 31, 2021 1,100,000  4,761,559  102,984,734  107,746,293 
Options exercised —  —  1,900  1,900 
Grant of restricted common share awards by the Company, net of forfeitures —  —  512,398  512,398 
Units withheld for employee income taxes —  —  (129,971) (129,971)
Balance March 31, 2022 1,100,000  4,761,559  103,369,061  108,130,620 
Balance December 31, 2022 1,100,000  4,737,982  103,397,920  108,135,902 
Options exercised —  —  2,600  2,600 
Grant of restricted common share awards by the Company, net of forfeitures —  —  1,116,372  1,116,372 
Units withheld for employee income taxes —  —  (300,639) (300,639)
Balance March 31, 2023 1,100,000  4,737,982  104,216,253  108,954,235