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Common Stock and Other Equity Related Transactions
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Common Stock and Other Equity Related Transactions Common Stock and Other Equity Related Transactions
Equity Offering Program
There was no ATM activity under our prior ATM equity offering program during the year ended December 31, 2023.
The following table presents the shares that were issued under our prior ATM equity offering programs, during the years ended December 31, 2022 and 2021:
Years Ended December 31,
(amounts in thousands, except share data)
20222021
Shares of common stock sold328,123 1,660,290 
Weighted average price$86.46 $84.48 
Total gross proceeds$28,370 $140,254 
Commissions paid to sales agents$389 $1,816 
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, 2023, 2022 and 2021, were 29,428, 37,042 and 32,145, respectively. As of December 31, 2023, 644,579 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 9,104,654, 9,265,565 and 9,305,651 outstanding at December 31, 2023, 2022 and 2021, respectively):
Years Ended December 31,
202320222021
Shares outstanding at January 1,186,120,298 185,640,379 182,230,631 
Common stock issued through the ATM Equity Offering Program and its predecessor— 328,123 1,660,290 
Common stock issued through exchange of OP Units160,911 40,086 1,601,266 
Common stock issued through restricted stock grants143,275 130,600 162,955 
Common stock forfeitures— (11,881)— 
Common stock issued through ESPP and Dividend Reinvestment Plan30,205 37,660 32,778 
Common stock repurchased and retired(28,408)(44,669)(47,541)
Shares outstanding at December 31,186,426,281 186,120,298 185,640,379 

During the years ended December 31, 2023, 2022 and 2021, shares of common stock were surrendered to satisfy income tax withholding obligations primarily due to the vesting of restricted stock grants at a weighted average price of $68.02, $77.22 and $61.50 per share, respectively.
As of December 31, 2023, 2022 and 2021, ELS' percentage ownership of the Operating Partnership was approximately 95.3%, 95.3% and 95.2%, respectively. The remaining approximately 4.7%, 4.7% and 4.8% as of December 31, 2023, 2022 and 2021, 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, 2021:  
Distribution Amount Per ShareFor the Quarter EndedStockholder Record DatePayment Date
$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
$0.4100March 31, 2022March 25, 2022April 8, 2022
$0.4100June 30, 2022June 24, 2022July 8, 2022
$0.4100September 30, 2022September 30, 2022October 14, 2022
$0.4100December 31, 2022December 30, 2022January 13, 2023
$0.4475March 31, 2023March 31, 2023April 14, 2023
$0.4475June 30, 2023June 30, 2023July 14, 2023
$0.4475September 30, 2023September 29, 2023October 13, 2023
$0.4475December 31, 2023December 29, 2023January 12, 2024