Quarterly report pursuant to Section 13 or 15(d)

Partners' Equity of the Operating Partnership

v3.20.1
Partners' Equity of the Operating Partnership
 3 Months Ended
Mar. 31, 2020
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 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, 2020 and March 31, 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

Grant of restricted common share awards by the Company, net of forfeitures
 
—

 
—

 
242,167

 
242,167

Units withheld for employee income taxes
 
—

 
—

 
(81,284
)
 
(81,284
)
Balance March 31, 2019
 
1,000,000

 
4,960,684

 
93,102,666

 
98,063,350

 
 
 
 
 
 
 
 
 
Balance December 31, 2019
 
1,000,000

 
4,911,173

 
91,892,260

 
96,803,433

Grant of restricted common share awards by the Company, net of forfeitures
 
—

 
—

 
241,038

 
241,038

Units withheld for employee income taxes
 
—

 
—

 
(56,597
)
 
(56,597
)
Balance March 31, 2020
 
1,000,000

 
4,911,173

 
92,076,701

 
96,987,874