Common Stock and Other Equity Related Transactions

12 Months Ended

Dec. 31, 2017

Equity [Abstract]

Common Stock and Other Equity Related Transactions

Common Stock and Other Equity Related Transactions

On November 2, 2017, we extended our ATM equity offering program with certain sales agents, pursuant to which we may sell, from time-to-time, shares of our Common Stock, par value $0.01 per share, having an aggregate offering price of up to $200.0 million. Prior to the extension, the aggregate offering price was up to $125.0 million. The following table presents the shares that were issued under this ATM equity offering program during the year endedDecember 31, 2017 prior to and after the extension (amounts in thousands, except share data):

	Year Ended December 31, 2017		Year Ended December 31, 2016
Shares of Common Stock sold	1,380,017		683,548
Weighted average price	$	87.46	$	73.15
Total gross proceeds	$	120,698	$	50,000
Commissions paid to sales agents	$	1,512	$	657

As of December 31, 2017, $150.0 million of Common Stock remained available for issuance under our ATM equity offering program.

On May 10, 2016, we amended and restated the 1997 Non-Qualified Employee Stock Purchase Plan ("ESPP"). Pursuant to the ESPP, certain of our employees and directors may each annually acquire up to $250,000 of our common stock. The aggregate number of shares of common stock available under the ESPP shall not exceed 2,000,000, subject to adjustment by our Board of Directors. The common stock may be purchased monthly at a price equal to 85% of the lesser of: (a) the closing price for a share of common stock on the last day of the offering period; and (b) the closing price for a share of common stock on the first day of the offering period. Shares of common stock issued through the ESPP for the years ended December 31, 2017, 2016 and 2015 were 24,715, 17,037 and 19,788, respectively.

The following table presents the changes in our outstanding common stock for the years ended December 31, 2017, 2016 and 2015 (excluding OP Units of 5,834,100, 7,170,000, and 7,207,678 outstanding at December 31, 2017, 2016 and 2015, respectively):

	Years Ended December 31,
	2017		2016		2015
Shares outstanding at January 1,	85,529,386		84,253,065		83,879,779
Common stock issued through the ATM Equity Offering Program	1,380,017		683,548		—
Common stock issued through conversion of OP Units	1,335,900		37,678		24,289
Common stock issued through exercise of options	220,000		440,000		220,000
Common stock issued through stock grants	130,426		133,717		158,014
Common stock forfeitures	(990	)	—		—
Common stock issued through ESPP and Dividend Reinvestment Plan	25,101		17,373		20,133
Common stock repurchased and retired	(34,680	)	(35,995	)	(49,150	)
Shares outstanding at December 31,	88,585,160		85,529,386		84,253,065

During the years ended December 31, 2017, 2016 and 2015, we repurchased shares of common stock representing common stock surrendered to satisfy income tax withholding obligations due as a result of the vesting of restricted stock grants at a weighted average price of $89.02, $72.22 and $66.20 per share, respectively.

As of December 31, 2017 and 2016, ELS' percentage ownership of the Operating Partnership was approximately 93.8% and 92.3%, respectively. The remaining approximately 6.2% and 7.7% as of December 31, 2017 and 2016, respectively, was owned by the Common OP Unitholders.

Note 4—Common Stock and Other Equity Related Transactions (continued)

The following regular quarterly distributions have been declared and paid to common stockholders and common OP Unit non-controlling interests since January 1, 2015:

Distribution Amount Per Share	For the Quarter Ended	Stockholder Record Date	Payment Date
$0.375000	March 31, 2015	March 27, 2015	April 10, 2015
$0.375000	June 30, 2015	June 26, 2015	July 10, 2015
$0.375000	September 30, 2015	September 25, 2015	October 9, 2015
$0.375000	December 31, 2015	December 28, 2015	January 8, 2016
$0.425000	March 31, 2016	March 25, 2016	April 8, 2016
$0.425000	June 30, 2016	June 24, 2016	July 8, 2016
$0.425000	September 30, 2016	September 30, 2016	October 14, 2016
$0.425000	December 31, 2016	December 30, 2016	January 13, 2017
$0.487500	March 31, 2017	March 31, 2017	April 14, 2017
$0.487500	June 30, 2017	June 30, 2017	July 14, 2017
$0.487500	September 30, 2017	September 29, 2017	October 13, 2017
$0.487500	December 31, 2017	December 29, 2017	January 12, 2018