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Common Stock and Other Equity Related Transactions
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Common Stock and Other Equity Related Transactions Common Stock and Other Equity Related Transactions
Equity Offering Program
On November 1, 2024, 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 $700.0 million. Prior to establishing our current ATM program, the February ATM had an
aggregate offering price of up to $500.0 million. During the year ended December 31, 2024, we sold approximately 4.5 million shares of our common stock at a price of $70.00 per Common Share from the February ATM. Upon establishing our current ATM program, we terminated the February ATM, of which approximately $185.0 million remained available for issuance.
The following table presents the shares that were issued under our prior ATM equity offering programs, during the years ended December 31, 2024, 2023, and 2022:
Years Ended December 31,
(amounts in thousands, except share data)
202420232022
Shares of common stock sold4,534,108 — 328,123 
Weighted average price$70.00 $— $84.46 
Total gross proceeds$317,387 $— $28,370 
Commissions paid to sales agents$3,174 $— $389 
There was no ATM activity under the current ATM equity offering program during the year ended December 31, 2024 and as of December 31, 2024, the full capacity of $700.0 million remained available for issuance.
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, 2024, 2023 and 2022, were 25,918, 29,428 and 37,042, respectively. As of December 31, 2024, 618,661 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 9,103,904, 9,104,654 and 9,265,565 outstanding at December 31, 2024, 2023 and 2022, respectively):
Years Ended December 31,
202420232022
Shares outstanding at January 1,186,426,281 186,120,298 185,640,379 
Common stock issued through the ATM Equity Offering Program and its predecessor4,534,108 — 328,123 
Common stock issued through exchange of OP Units750 160,911 40,086 
Common stock issued through restricted stock grants107,004 143,275 130,600 
Common stock forfeitures(9,780)— (11,881)
Common stock issued through ESPP and Dividend Reinvestment Plan26,765 30,205 37,660 
Common stock repurchased and retired(28,601)(28,408)(44,669)
Shares outstanding at December 31,191,056,527 186,426,281 186,120,298 

During the years ended December 31, 2024, 2023 and 2022, 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 $66.72, $68.02 and $77.22 per share, respectively.
As of December 31, 2024, 2023 and 2022, ELS’ percentage ownership of the Operating Partnership was approximately 95.5%, 95.3% and 95.3%, respectively. The remaining approximately 4.5%, 4.7% and 4.7% as of December 31, 2024, 2023 and 2022, 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, 2022:  
Distribution Amount Per ShareFor the Quarter EndedStockholder Record DatePayment Date
$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
$0.4775March 31, 2024March 28, 2024April 12, 2024
$0.4775June 30, 2024June 28, 2024July 12, 2024
$0.4775September 30, 2024September 27, 2024October 11, 2024
$0.4775December 31, 2024December 27, 2024January 10, 2025