Stockholders' Equity

3 Months Ended

Mar. 31, 2020

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity 

The following is a summary of our stockholders’ equity capital accounts as of the dates indicated: 

	March 31, 2020	December 31, 2019
Preferred Stock:
Authorized shares	50,000,000	50,000,000
Issued shares	—	—
Outstanding shares	—	—
Common Stock, $1.00 par value:
Authorized shares	700,000,000	700,000,000
Issued shares	418,781,215	411,550,857
Outstanding shares	417,390,540	410,256,615

 

Preferred Stock The following is a summary of our preferred stock activity during the periods indicated: 

	Three Months Ended
	March 31, 2020		March 31, 2019
		Weighted Avg.			Weighted Avg.
	Shares	Dividend Rate	Shares		Dividend Rate
Beginning balance	—	—%	14,369,965		6.50%
Shares converted	—	—%	(14,369,965	)	6.50%
Ending balance	—	—%	—		—%

 

During the three months ended March 31, 2019, we converted all of the outstanding Series I Preferred Stock. Each share was converted into 0.8857 shares of common stock.

Common Stock In February 2019, we entered into a separate amended and restated equity distribution agreement whereby we can offer and sell up to $1,500,000,000 aggregate amount of our common stock ("Equity Shelf Program"). The Equity Shelf Program also allows us to enter into forward sale agreements. During the three months ended March 31, 2020, we physically settled all of our outstanding forward sales agreements for cash proceeds of $576,196,000. As of March 31, 2020, we had $499,341,000 of remaining capacity under the Equity Shelf Program.

The following is a summary of our common stock issuances during the three months ended March 31, 2020 and 2019 (dollars in thousands, except shares and average price amounts): 

	Shares Issued	Average Price		Gross Proceeds		Net Proceeds
2019 Dividend reinvestment plan issuances	4,148,667	$	75.04	$	311,301	$	307,821
2019 Option exercises	2,505	53.89		135		135
2019 Equity shelf program issuances	3,060,865	74.22		227,180		225,587
2019 Preferred stock conversions	12,712,452			—		—
2019 Stock incentive plans, net of forfeitures	140,940			—		—
2019 Totals	20,065,429			$	538,616	$	533,543
2020 Dividend reinvestment plan issuances	175,129	$	84.54	$	14,805	$	14,805
2020 Equity shelf program issuances	6,799,978	86.48		588,072		576,196
2020 Stock incentive plans, net of forfeitures	158,818			—		—
2020 Totals	7,133,925			$	602,877	$	591,001

 

Dividends  The increase in dividends is attributable to increases in our common shares outstanding. The following is a summary of our dividend payments (in thousands, except per share amounts): 

	Three Months Ended
	March 31, 2020				March 31, 2019
	Per Share		Amount		Per Share		Amount
Common stock	$	0.8700	$	356,001	$	0.8700	$	344,760

 

Accumulated Other Comprehensive Income  The following is a summary of accumulated other comprehensive income (loss) for the periods presented (in thousands):

	March 31, 2020			December 31, 2019
Foreign currency translation	$	(962,982	)	$	(719,814	)
Derivative and financial instruments designated as hedges	866,769			607,657
Total accumulated other comprehensive loss	$	(96,213	)	$	(112,157	)