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Common Stock and Other Equity Related Transactions | 12 Months Ended
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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) | 2021 |  | 2020 |  | 2019
Shares of common stock sold | 1,660,290 |  |  | — |  |  | 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,
| 2021 |  | 2020 |  | 2019
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 predecessor | 1,660,290 |  |  | — |  |  | 1,010,472 |
Common stock issued through exchange of OP Units | 1,601,266 |  |  | 12,028 |  |  | 997,750 |
Common stock issued through exercise of options | — |  |  | — |  |  | 5,600 |
Common stock issued through restricted stock grants | 162,955 |  |  | 151,104 |  |  | 193,262 |
Common stock forfeitures | — |  |  | — |  |  | — |
Common stock issued through ESPP and Dividend Reinvestment Plan | 32,778 |  |  | 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 Share |  | For the Quarter Ended |  | Stockholder Record Date |  | Payment Date
$0.3063 |  | March 31, 2019 |  | March 29, 2019 |  | April 12, 2019
$0.3063 |  | June 30, 2019 |  | June 28, 2019 |  | July 12, 2019
$0.3063 |  | September 30, 2019 |  | September 27, 2019 |  | October 11, 2019
$0.3063 |  | December 31, 2019 |  | December 27, 2019 |  | January 10, 2020
$0.3425 |  | March 31, 2020 |  | March 27, 2020 |  | April 10, 2020
$0.3425 |  | June 30, 2020 |  | June 26, 2020 |  | July 10, 2020
$0.3425 |  | September 30, 2020 |  | September 25, 2020 |  | October 9, 2020
$0.3425 |  | December 31, 2020 |  | December 24, 2020 |  | January 8, 2021
$0.3625 |  | March 31, 2021 |  | March 26, 2021 |  | April 9, 2021
$0.3625 |  | June 30, 2021 |  | June 25, 2021 |  | July 9, 2021
$0.3625 |  | September 30, 2021 |  | September 24, 2021 |  | October 8, 2021
$0.3625 |  | December 31, 2021 |  | December 31, 2021 |  | January 14, 2022

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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