Annual report pursuant to Section 13 and 15(d)

Partners' Equity of the Operating Partnership (Tables)

v2.4.0.8
Partners' Equity of the Operating Partnership (Tables) (Tanger Properties Limited Partnership [Member])
12 Months Ended
Dec. 31, 2013
Tanger Properties Limited Partnership [Member]
 
Schedule of Partners' Equity of the Operating Partnership [Line Items]  
Schedule of Partners' Equity of the Operating Partnership

In August 2013, the Operating Partnership's operating agreement was amended to, among other things, effect a four-for-one split of the outstanding partnership units. After the effect of the split, each Class A common limited partnership unit held by Non-Company LPs may be exchanged for one common share of the Company. Prior to the split, each unit held by the Non-Company LPs was exchangeable for four common shares of the Company. All references to the number of units outstanding and per unit amounts reflect the effect of the split for all periods presented.

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 issuance of restricted 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.

Also, in August 2013 as disclosed in Note 3, the Operating Partnership issued 450,576 Class A common limited partnership units as partial consideration for the acquisition of an additional one-third interest in Deer Park.

The following table sets forth the changes in outstanding partnership units for the years ended December 31, 2013, 2012 and 2011:
 
 
 
 
Limited Partnership Units
 
 
General partnership units
 
Class A
 
Class B
 
Total
Balance December 31, 2010
 
948,000

 
12,133,220

 
80,048,068

 
92,181,288

Units issued in exchange for proceeds from the Company's common share offering
 
52,000

 

 
4,548,000

 
4,548,000

Exchange of Class A limited partnership units
 

 
(641,328
)
 
641,328

 

Grant of restricted units
 

 

 
317,400

 
317,400

Units issued upon redemption of senior exchangeable notes
 

 

 
136,360

 
136,360

Units issued upon exercise of options
 

 

 
36,500

 
36,500

Balance December 31, 2011
 
1,000,000

 
11,491,892

 
85,727,656

 
97,219,548

Exchange of Class A limited partnership units
 

 
(6,730,028
)
 
6,730,028

 

Grant of restricted units
 

 

 
566,000

 
566,000

Units issued upon exercise of options
 

 

 
37,700

 
37,700

Balance December 31, 2012
 
1,000,000

 
4,761,864

 
93,061,384

 
97,823,248

Exchange of Class A limited partnership units
 

 
(67,428
)
 
67,428

 

Grant of restricted units
 

 

 
332,373

 
332,373

Units issued upon exercise of options
 

 

 
44,500

 
44,500

Units issued as consideration for business acquisition (see Note 3)
 

 
450,576

 

 
450,576

Balance December 31, 2013
 
1,000,000

 
5,145,012

 
93,505,685

 
98,650,697


In August 2013, the Operating Partnership's operating agreement was amended to, among other things, effect a four-for-one split of the outstanding partnership units. After the effect of the split, each Class A common limited partnership unit held by Non-Company LPs may be exchanged for one common share of the Company. Prior to the split, each unit held by the Non-Company LPs was exchangeable for four common shares of the Company. All references to the number of units outstanding and per unit amounts reflect the effect of the split for all periods presented.

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 issuance of restricted 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.

Also, in August 2013 as disclosed in Note 3, the Operating Partnership issued 450,576 Class A common limited partnership units as partial consideration for the acquisition of an additional one-third interest in Deer Park.

The following table sets forth the changes in outstanding partnership units for the years ended December 31, 2013, 2012 and 2011:
 
 
 
 
Limited Partnership Units
 
 
General partnership units
 
Class A
 
Class B
 
Total
Balance December 31, 2010
 
948,000

 
12,133,220

 
80,048,068

 
92,181,288

Units issued in exchange for proceeds from the Company's common share offering
 
52,000

 

 
4,548,000

 
4,548,000

Exchange of Class A limited partnership units
 

 
(641,328
)
 
641,328

 

Grant of restricted units
 

 

 
317,400

 
317,400

Units issued upon redemption of senior exchangeable notes
 

 

 
136,360

 
136,360

Units issued upon exercise of options
 

 

 
36,500

 
36,500

Balance December 31, 2011
 
1,000,000

 
11,491,892

 
85,727,656

 
97,219,548

Exchange of Class A limited partnership units
 

 
(6,730,028
)
 
6,730,028

 

Grant of restricted units
 

 

 
566,000

 
566,000

Units issued upon exercise of options
 

 

 
37,700

 
37,700

Balance December 31, 2012
 
1,000,000

 
4,761,864

 
93,061,384

 
97,823,248

Exchange of Class A limited partnership units
 

 
(67,428
)
 
67,428

 

Grant of restricted units
 

 

 
332,373

 
332,373

Units issued upon exercise of options
 

 

 
44,500

 
44,500

Units issued as consideration for business acquisition (see Note 3)
 

 
450,576

 

 
450,576

Balance December 31, 2013
 
1,000,000

 
5,145,012

 
93,505,685

 
98,650,697