Annual report pursuant to Section 13 and 15(d)

Shareholders' Equity of the Company

v3.20.4
Shareholders' Equity of the Company
 12 Months Ended
Dec. 31, 2020
Tanger Factory Outlet Centers, Inc. [Member]  
Schedule of Shareholders' Equity of the Company [Line Items]  
Shareholders' Equity of the Company Shareholders' Equity of the Company
As discussed in Note 12, each Class A common limited partnership unit is exchangeable for one common share of the Company. The following table sets forth the number of Class A common limited partnership units exchanged for an equal number of common shares for the years ended December 31, 2020, 2019 and 2018:
2020 2019 2018
Exchange of Class A limited partnership units 116,530  49,511  34,749 

Share Repurchase Program

In May 2017, the Company announced that our Board of Directors authorized the repurchase of up to $125.0 million of its outstanding common shares as market conditions warrant over a period commencing on May 19, 2017 and expiring on May 18, 2019.  In February 2019, the Company’s Board of Directors authorized the repurchase of an additional $44.3 million of our outstanding common shares for an aggregate authorization of $169.3 million until May 2021. Repurchases may be made from time to time through open market, privately-negotiated, structured or derivative transactions (including accelerated share repurchase transactions), or other methods of acquiring shares. The Company intends to structure open market purchases to occur within pricing and volume requirements of Rule 10b-18.  The Company may, from time to time, enter into Rule 10b5-1 plans to facilitate the repurchase of its shares under this authorization. The Company has temporarily suspended share repurchases for at least the twelve months starting July 1, 2020 as the June 2020 amendments to our debt agreements for our lines of credit and bank term loan prohibit share repurchases during such time and in order to preserve our liquidity position.
Shares repurchased during the years ended December 31, 2020, 2019 and 2018 were as follows:
Year Ended December 31,
2020 2019 2018
Total number of shares purchased —  1,209,328  919,249 
Average price paid per share $ —  $ 16.52  $ 21.74 
Total price paid exclusive of commissions and related fees (in thousands) $ —  $ 19,976  $ 19,980 
The remaining amount authorized to be repurchased under the program as of December 31, 2020 was approximately $80.0 million.