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Common Stock and Other Equity Related Transactions
 12 Months Ended
Dec. 31, 2025
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, our prior 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 our prior ATM. Upon establishing our current ATM program, we terminated the prior ATM, of which approximately $185.0 million remained available for issuance.
The following table presents the shares that were issued under our prior ATM equity offering programs:
For the Years Ended December 31,
(amounts in thousands, except share data)
202520242023
Shares of common stock sold— 4,534,108 — 
Weighted average price$— $70.00 $— 
Total gross proceeds$— $317,387 $— 
Commissions paid to sales agents$— $3,174 $— 
There was no ATM activity under the current ATM equity offering program during the year ended December 31, 2025 and as of December 31, 2025, 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, 2025, 2024 and 2023, were 21,695, 25,918 and 29,428, respectively. As of December 31, 2025, 596,966 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 6,448,705, 9,103,904 and 9,104,654 outstanding at December 31, 2025, 2024 and 2023, respectively):
For the Years Ended December 31,
202520242023
Shares outstanding at January 1,191,056,527 186,426,281 186,120,298 
Common stock issued through the ATM Equity Offering Program and its predecessor— 4,534,108 — 
Common stock issued through exchange of OP Units2,655,199 750 160,911 
Common stock issued through exercise of options16,611 — — 
Common stock issued through restricted stock grants117,992 107,004 143,275 
Common stock forfeitures— (9,780)— 
Common stock issued through ESPP and Dividend Reinvestment Plan23,839 26,765 30,205 
Common stock repurchased and retired(34,607)(28,601)(28,408)
Shares outstanding at December 31,193,835,561 191,056,527 186,426,281 

During the years ended December 31, 2025, 2024 and 2023, 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 $65.25, $66.72 and $68.02 per share, respectively.
As of December 31, 2025, 2024 and 2023, ELS’ percentage ownership of the Operating Partnership was approximately 96.8%, 95.5% and 95.3%, respectively. The remaining approximately 3.2%, 4.5% and 4.7% as of December 31, 2025, 2024 and 2023, 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, 2023:  
Distribution Amount Per ShareFor the Quarter EndedStockholder Record DatePayment Date
$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
$0.5150March 31, 2025March 28, 2025April 11, 2025
$0.5150June 30, 2025June 27, 2025July 11, 2025
$0.5150September 30, 2025September 26, 2025October 10, 2025
$0.5150December 31, 2025December 26, 2025January 9, 2026