29 unchanged sentences
Issuance of Registered Equity Securities
−Removed: In September 2021, the Company entered into the 2021 ATM Program, a new equity distribution agreement pursuant to which the Company may offer and sell shares of its common stock having an aggregate gross sales price of up to $900.0 million.
−Removed: In connection with the 2021 ATM Program, the Company may also enter into related forward sale agreements, and may sell shares of its common stock pursuant to these agreements.
−Removed: The use of a forward sale agreement would allow the Company to lock in a share price on the sale of shares of its common stock at the time the agreement is executed, but defer receipt of the proceeds from the sale of shares until a later date should the Company elect to settle such forward sale agreement, in whole or in part, in shares of its common stock.
−Removed: During the year ended December 31, 2021, the Company did not issue any shares of common stock under the 2021 ATM Program or the 2018 ATM Program.
+Added: During the year ended December 31, 2022, the Company did not issue any shares of common stock under the 2021 ATM Program.
As of December 31, 2022, there were no outstanding forward sale agreements, and $900.0 million of shares remain available to be sold under the 2021 ATM Program.
Issuer Purchases of Equity Securities
−Removed: In December 2015, Essex's Board of Directors authorized a stock repurchase plan to allow Essex to acquire shares in an aggregate of up to $250.0 million.
+Added: In December 2015, Essex's Board of Directors authorized a stock repurchase plan to allow Essex to acquire shares of common stock up to an aggregate value of $250.0 million.
In February 2019, the Board of Directors approved the replenishment of the stock repurchase plan such that, as of such date, the Company had $250.0 million of purchase authority remaining under the stock repurchase plan.
In each of May and December 2020, the Board of Directors approved the replenishment of the stock repurchase plan such that, as of each such date, Essex had $250.0 million of purchase authority remaining under the replenished plan.
+Added: In September 2022, the Board of Directors approved a new stock repurchase plan to allow Essex to acquire shares of common stock up to an aggregate value of $500.0 million and as of December 31, 2022, the Company had repurchased 420,606 shares of common stock under this plan, totaling $101.7 million.
+Added: The plan supersedes the previous common stock repurchase plan announced in December 2015.
During the year ended December 31, 2022, the Company repurchased and retired 740,053 shares of its common stock totaling $189.7 million, including commissions, at an average price of $256.37 per share.
−Removed: All of such purchases occurred during the three months ended March 31, 2021, and the Company did not repurchase any shares in 2021 subsequent to March 31, 2021.
As of December 31, 2022, the Company had $398.3 million of purchase authority remaining under the stock repurchase plan.
Performance Graph
−Removed: The line graph below compares the cumulative total stockholder return on Essex's common stock for the last five years with the cumulative total return on the S&P 500 and the NAREIT All Equity REIT index over the same period.
+Added: The line graph below compares the cumulative total stockholder return on Essex's common stock for the last five years with the cumulative total return on the S&P 500, the FTSE NAREIT All Equity REIT index and the FTSE NAREIT Equity Apartments index over the same period.
This comparison assumes that the value of the investment in the common stock and each index was $100 on December 31, 2017 and that all dividends were reinvested.
+Added: The FTSE NAREIT Equity Apartments index was added in the current year as it more closely aligns with executive compensation and performance of the Company against its more directly comparable peers.
Period Ending
2 unchanged sentences
$ 100.00 $ 104.83 $ 132.00 $ 108.12 $ 164.77 $ 102.55
−Removed: NAREIT All Equity REIT Index $ 100.00 $ 108.67 $ 104.28 $ 134.17 $ 127.30 $ 179.87
+Added: FTSE NAREIT Equity Apartments Index $ 100.00 $ 103.70 $ 130.99 $ 110.89 $ 181.43 $ 123.46
+Added: FTSE NAREIT All Equity REITs Index $ 100.00 $ 95.96 $ 123.46 $ 117.14 $ 165.51 $ 124.22
S&P 500 Index $ 100.00 $ 95.62 $ 125.72 $ 148.85 $ 191.58 $ 156.88
6 unchanged sentences
During the years ended December 31, 2022 and 2021, Essex issued an aggregate of 11,707 and 30,360 shares of its common stock in connection with restricted stock awards for no cash consideration, respectively.
−Removed: For each share of common stock issued by Essex in connection with such awards, the Operating Partnership issued OP Units to Essex as required by the Operating
−Removed: Partnership's partnership agreement, for an aggregate of 30,360 and 24,666 OP Units during the years ended December 31, 2021 and 2020, respectively.
+Added: For each share of common stock issued by Essex in connection with such awards, the Operating Partnership issued OP Units to Essex as required by the Operating Partnership's partnership agreement, for an aggregate of 11,707 and 30,360 OP Units during the years ended December 31, 2022 and 2021, respectively.
During the years ended December 31, 2022 and 2021, Essex issued an aggregate of 8,310 and 10,293 shares of its common stock in connection with the exchange of OP Units by limited partners into shares of common stock.
1 unchanged sentence
Essex may sell shares through its equity distribution program, then contribute the net proceeds from these share issuances to the Operating Partnership in exchange for OP Units as required by the Operating Partnership's partnership agreement.
−Removed: During the year ended December 31, 2021 and 2020, the Company did not issue or sell any shares of common stock pursuant to the 2021 ATM Program or the 2018 ATM Program.
+Added: During the year ended December 31, 2022 and 2021, the Company did not issue or sell any shares of common stock pursuant to the 2021 ATM Program.
As of December 31, 2022, there were no outstanding forward sale agreements.
+Added: Stock Repurchases
+Added: The following table summarizes the Company's purchase of shares of its common stock during the three months ended December 31, 2022:
+Added: Total Number of
+Added: Shares Purchased Average Price
+Added: Paid Per Share Total Number of Shares
+Added: Purchased as Part of a
+Added: Publicly Announced
+Added: Maximum Dollar Value of Shares that May Yet Be Purchased Under the Program (in millions) (1)
+Added: November 1, 2022 - November 30, 2022 28,200 $ 210.82 28,200 $ 424.2
+Added: December 1, 2022 - December 31, 2022 121,009 $ 213.45 121,009 $ 398.3
+Added: Total 149,209 $ 212.95 149,209 $ 398.3
+Added: (1) In September 2022, the Board of Directors approved a new stock repurchase plan to allow the Company to acquire shares of common stock up to an aggregate of $500.0 million.
+Added: The plan supersedes the Company's previous common stock repurchase plan announced in December 2015.
+Added: Following the approval of the new plan, 420,606 shares of common stock totaling $101.7 million were repurchased under the new plan.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.