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Common Stock and Other Equity Related Transactions | 12 Months Ended
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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) | 2024 |  | 2023 |  | 2022
Shares of common stock sold | 4,534,108 |  |  | — |  |  | 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,
| 2024 |  | 2023 |  | 2022
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 predecessor | 4,534,108 |  |  | — |  |  | 328,123 |
Common stock issued through exchange of OP Units | 750 |  |  | 160,911 |  |  | 40,086 |
Common stock issued through restricted stock grants | 107,004 |  |  | 143,275 |  |  | 130,600 |
Common stock forfeitures | (9,780) |  |  | — |  |  | (11,881) |
Common stock issued through ESPP and Dividend Reinvestment Plan | 26,765 |  |  | 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 Share |  | For the Quarter Ended |  | Stockholder Record Date |  | Payment Date
$0.4100 |  | March 31, 2022 |  | March 25, 2022 |  | April 8, 2022
$0.4100 |  | June 30, 2022 |  | June 24, 2022 |  | July 8, 2022
$0.4100 |  | September 30, 2022 |  | September 30, 2022 |  | October 14, 2022
$0.4100 |  | December 31, 2022 |  | December 30, 2022 |  | January 13, 2023
$0.4475 |  | March 31, 2023 |  | March 31, 2023 |  | April 14, 2023
$0.4475 |  | June 30, 2023 |  | June 30, 2023 |  | July 14, 2023
$0.4475 |  | September 30, 2023 |  | September 29, 2023 |  | October 13, 2023
$0.4475 |  | December 31, 2023 |  | December 29, 2023 |  | January 12, 2024
$0.4775 |  | March 31, 2024 |  | March 28, 2024 |  | April 12, 2024
$0.4775 |  | June 30, 2024 |  | June 28, 2024 |  | July 12, 2024
$0.4775 |  | September 30, 2024 |  | September 27, 2024 |  | October 11, 2024
$0.4775 |  | December 31, 2024 |  | December 27, 2024 |  | January 10, 2025

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