| 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 the three and six months ended June 30, 2024 and June 30, 2023:
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Limited Partnership Units |
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General Partnership Units |
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Class A |
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Class B |
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Total |
| Balance March 31, 2023 |
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1,100,000 |
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4,737,982 |
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104,216,253 |
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108,954,235 |
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| Options exercised |
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— |
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— |
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4,600 |
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4,600 |
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| Forfeitures of restricted common share awards by the Company |
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— |
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— |
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(73,440) |
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(73,440) |
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| Units withheld for employee income taxes |
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— |
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— |
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(61,632) |
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(61,632) |
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| Balance June 30, 2023 |
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1,100,000 |
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4,737,982 |
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104,085,781 |
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108,823,763 |
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| Balance December 31, 2022 |
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1,100,000 |
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4,737,982 |
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103,397,920 |
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108,135,902 |
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| Options exercised |
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— |
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— |
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7,200 |
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7,200 |
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| Grant of restricted common share awards by the Company, net of forfeitures |
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— |
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— |
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1,042,932 |
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1,042,932 |
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| Units withheld for employee income taxes |
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— |
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— |
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(362,271) |
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(362,271) |
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| Balance June 30, 2023 |
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1,100,000 |
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4,737,982 |
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104,085,781 |
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108,823,763 |
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| Balance March 31, 2024 |
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1,150,000 |
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4,707,958 |
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108,216,452 |
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112,924,410 |
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| Options exercised |
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— |
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— |
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900 |
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900 |
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| Forfeitures of restricted common share awards by the Company |
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— |
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— |
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(13,816) |
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(13,816) |
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| Units withheld for employee income taxes |
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— |
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— |
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— |
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— |
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| Balance June 30, 2024 |
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1,150,000 |
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4,707,958 |
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108,203,536 |
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112,911,494 |
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| Balance December 31, 2023 |
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1,150,000 |
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4,707,958 |
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107,643,251 |
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112,351,209 |
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| Options exercised |
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— |
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— |
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25,000 |
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25,000 |
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| Grant of restricted common share awards by the Company, net of forfeitures |
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— |
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— |
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774,715 |
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774,715 |
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| Issuance of deferred share units |
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— |
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— |
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136,469 |
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136,469 |
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| Units withheld for employee income taxes |
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— |
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— |
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(375,899) |
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(375,899) |
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| Balance June 30, 2024 |
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1,150,000 |
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4,707,958 |
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108,203,536 |
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112,911,494 |
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