Quarterly report pursuant to Section 13 or 15(d)

Partners' Equity of the Operating Partnership

v3.20.2
Partners' Equity of the Operating Partnership
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2020 and June 30, 2019:
 
 
 
 
Limited Partnership Units
 
 
General Partnership Units
 
Class A
 
Class B
 
Total
Balance March 31, 2019
 
1,000,000

 
4,960,684

 
93,102,666

 
98,063,350

Repurchase of units
 
—

 
—

 
(558,399
)
 
(558,399
)
Balance June 30, 2019
 
1,000,000

 
4,960,684

 
92,544,267

 
97,504,951

 
 
 
 
 
 
 
 
 
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

Repurchase of units
 
—

 
—

 
(558,399
)
 
(558,399
)
Units withheld for employee income taxes
 
—

 
—

 
(81,284
)
 
(81,284
)
Balance June 30, 2019
 
1,000,000

 
4,960,684

 
92,544,267

 
97,504,951

 
 
 
 
 
 
 
 
 
Balance March 31, 2020
 
1,000,000

 
4,911,173

 
92,076,701

 
96,987,874

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

 
—

 
389,308

 
389,308

Issuance of deferred units
 
—

 
—

 
6,258

 
6,258

Balance June 30, 2020
 
1,000,000

 
4,911,173

 
92,472,267

 
97,383,440

 
 
 
 
 
 
 
 
 
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
 
—

 
—

 
630,346

 
630,346

Issuance of deferred units
 
—

 
—

 
6,258

 
6,258

Units withheld for employee income taxes
 
—

 
—

 
(56,597
)
 
(56,597
)
Balance June 30, 2020
 
1,000,000

 
4,911,173

 
92,472,267

 
97,383,440