Quarterly report pursuant to Section 13 or 15(d)

Partners' Equity of the Operating Partnership

v3.22.2.2
Partners' Equity of the Operating Partnership
9 Months Ended
Sep. 30, 2022
Partners' Equity of the Operating Partnership [Abstract]  
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 nine months ended September 30, 2022 and September 30, 2021:
Limited Partnership Units
General Partnership Units Class A Class B Total
Balance June 30, 2021 1,100,000  4,794,643  102,520,580  107,315,223 
Options exercised —  —  17,240  17,240 
Issuance of units —  —  331,682  331,682 
Grant of restricted common share awards by the Company, net of forfeitures —  —  23,488  23,488 
Units withheld for employee income taxes —  —  (8,756) (8,756)
Balance September 30, 2021 1,100,000  4,794,643  102,884,234  107,678,877 
Balance December 31, 2020 1,000,000  4,794,643  92,569,801  97,364,444 
Options exercised —  —  32,740  32,740 
Issuance of units 100,000  —  9,909,263  9,909,263 
Grant of restricted common share awards by the Company, net of forfeitures —  —  493,163  493,163 
Units withheld for employee income taxes —  —  (120,733) (120,733)
Balance September 30, 2021 1,100,000  4,794,643  102,884,234  107,678,877 
Balance June 30, 2022 1,100,000  4,761,559  103,294,792  108,056,351 
Options exercised —  —  5,000  5,000 
Forfeitures of restricted common share awards by the Company —  —  (15,572) (15,572)
Units withheld for employee income taxes —  —  (37,792) (37,792)
Balance September 30, 2022 1,100,000  4,761,559  103,246,428  108,007,987 
Balance December 31, 2021 1,100,000  4,761,559  102,984,734  107,746,293 
Options exercised —  —  7,700  7,700 
Grant of restricted common share awards by the Company, net of forfeitures —  —  483,764  483,764 
Units withheld for employee income taxes —  —  (229,770) (229,770)
Balance September 30, 2022 1,100,000  4,761,559  103,246,428  108,007,987