| 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 six months ended June 30, 2023 and June 30, 2022:
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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, 2022 |
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1,100,000 |
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4,761,559 |
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103,369,061 |
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108,130,620 |
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| Options exercised |
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— |
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— |
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800 |
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800 |
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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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(13,062) |
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(13,062) |
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| Units withheld for employee income taxes |
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— |
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— |
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(62,007) |
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(62,007) |
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| Balance June 30, 2022 |
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1,100,000 |
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4,761,559 |
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103,294,792 |
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108,056,351 |
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| Balance December 31, 2021 |
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1,100,000 |
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4,761,559 |
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102,984,734 |
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107,746,293 |
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| Options exercised |
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— |
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— |
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2,700 |
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2,700 |
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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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499,336 |
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499,336 |
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| Units withheld for employee income taxes |
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— |
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— |
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(191,978) |
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(191,978) |
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| Balance June 30, 2022 |
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1,100,000 |
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4,761,559 |
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103,294,792 |
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108,056,351 |
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| 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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