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Common Stock and Other Equity Related Transactions
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Common Stock and Other Equity Related Transactions
Increase in Authorized Shares
On April 28, 2020, our stockholders approved an amendment to our charter to increase the number of shares of common stock that we are authorized to issue from 400,000,000 to 600,000,000 shares.
Two-for-One Common Stock and OP Units Split
On October 15, 2019, a two-for-one stock split of our common stock, effected by and in the form of a stock dividend, was paid to stockholders of record as of October 1, 2019. In connection with our stock split, the OP Units of our Operating Partnership were also split on a two-for-one basis.
Equity Offering Program
On July 30, 2020, we entered into our current at-the-market (“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. As of December 31, 2021, we have $59.7 million of common stock available for issuance.
The following table presents the shares that were issued under our ATM equity offering programs, as adjusted for the stock split, during the years ended December 31, 2021, 2020 and 2019:
Years Ended December 31,
(amounts in thousands, except share data)
202120202019
Shares of common stock sold1,660,290 — 1,010,472 
Weighted average price$84.48 $— $58.71 
Total gross proceeds$140,254 $— $59,319 
Commissions paid to sales agents$1,816 $— $771 

Employee Stock Purchase Plan
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 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, 2021, 2020 and 2019 were 32,145, 31,385 and 40,934, respectively. As of December 31, 2021, 711,049 shares remained available to be sold under the ESPP, subject to adjustment by our Board of Directors.
Exchanges
Subject to certain limitations, Common OP Unitholders can request an exchange of any or all of their OP Units for shares of common stock at any time. Upon receipt of such a request, we may, in lieu of issuing shares of common stock, cause the Operating Partnership to pay cash.
Common Stock Activity and Distributions
The following table presents the changes in our outstanding common stock (excluding OP Units of 9,305,651, 10,479,194 and 10,491,222 outstanding at December 31, 2021, 2020 and 2019, respectively), as adjusted for the stock split:
Years Ended December 31,
202120202019
Shares outstanding at January 1,182,230,631 182,089,595 179,842,036 
Common stock issued through the ATM Equity Offering Program and its predecessor1,660,290 — 1,010,472 
Common stock issued through exchange of OP Units1,601,266 12,028 997,750 
Common stock issued through exercise of options— — 5,600 
Common stock issued through restricted stock grants162,955 151,104 193,262 
Common stock forfeitures— — — 
Common stock issued through ESPP and Dividend Reinvestment Plan32,778 32,099 41,589 
Common stock repurchased and retired(47,541)(54,195)(1,114)
Shares outstanding at December 31,185,640,379 182,230,631 182,089,595 

During the years ended December 31, 2021, 2020 and 2019, we repurchased shares of common stock representing common stock surrendered to satisfy income tax withholding obligations primarily due to the vesting of restricted stock grants at a weighted average price of $61.50, $73.12 and $47.48 per share, respectively.
As of December 31, 2021, 2020 and 2019, ELS' percentage ownership of the Operating Partnership was approximately 95.2%, 94.6% and 94.6%, respectively. The remaining approximately 4.8%, 5.4% and 5.4% as of December 31, 2021, 2020 and 2019, respectively, was owned by the Common OP Unitholders.
The following regular quarterly distributions have been declared and paid to common stockholders and Common OP Unitholders since January 1, 2019:  
Distribution Amount Per ShareFor the Quarter EndedStockholder Record DatePayment Date
$0.3063March 31, 2019March 29, 2019April 12, 2019
$0.3063June 30, 2019June 28, 2019July 12, 2019
$0.3063September 30, 2019September 27, 2019October 11, 2019
$0.3063December 31, 2019December 27, 2019January 10, 2020
$0.3425March 31, 2020March 27, 2020April 10, 2020
$0.3425June 30, 2020June 26, 2020July 10, 2020
$0.3425September 30, 2020September 25, 2020October 9, 2020
$0.3425December 31, 2020December 24, 2020January 8, 2021
$0.3625March 31, 2021March 26, 2021April 9, 2021
$0.3625June 30, 2021June 25, 2021July 9, 2021
$0.3625September 30, 2021September 24, 2021October 8, 2021
$0.3625December 31, 2021December 31, 2021January 14, 2022