Quarterly report pursuant to Section 13 or 15(d)

Partners' Equity of the Operating Partnership

v3.24.1.u1
Partners' Equity of the Operating Partnership
 3 Months Ended
Mar. 31, 2024
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 three months ended March 31, 2024 and March 31, 2023:
Limited Partnership Units
General Partnership Units Class A Class B Total
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 
Balance December 31, 2023 1,150,000  4,707,958  107,643,251  112,351,209 
Options exercised —  —  24,100  24,100 
Grant of restricted common share awards by the Company, net of forfeitures —  —  788,531  788,531 
Issuance of deferred share units —  —  136,469  136,469 
Units withheld for employee income taxes —  —  (375,899) (375,899)
Balance March 31, 2024 1,150,000  4,707,958  108,216,452  112,924,410