Annual report pursuant to Section 13 and 15(d)

Partners' Equity of the Operating Partnership

v2.4.1.9
Partners' Equity of the Operating Partnership (Tanger Properties Limited Partnership [Member])
 12 Months Ended
Dec. 31, 2014
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

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, 2014, 2013 and 2012:
 
 
 
 
Limited Partnership Units
 
 
General partnership units
 
Class A
 
Class B
 
Total
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

 
—

Issuance 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

 
—

Issuance 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

Units withheld for employee income taxes
 
—

 
—

 
(412,239
)
 
(412,239
)
Exchange of Class A limited partnership units
 
—

 
(66,606
)
 
66,606

 
—

Issuance of restricted units
 
—

 
—

 
1,302,729

 
1,302,729

Units issued upon exercise of options
 
—

 
—

 
47,000

 
47,000

Balance December 31, 2014
 
1,000,000

 
5,078,406

 
94,509,781

 
99,588,187