Stockholders' Equity

9 Months Ended

Sep. 30, 2020

Stockholders’ Equity

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


	September 30, 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	418,877,323	411,550,857
Outstanding shares	417,305,044	410,256,615

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


	Nine Months Ended
	September 30, 2020		September 30, 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 nine months ended September 30, 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 an 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 nine months ended September 30, 2020, we physically settled all of our outstanding forward sales agreements for cash proceeds of $576,196,000. As of September 30, 2020, we had $499,341,000 of remaining capacity under the Equity Shelf Program.

On May 1, 2020, our Board of Directors authorized a share repurchase program whereby we may repurchase up to $1 billion of common stock through December 31, 2021 (the "Repurchase Program"). Under this authorization, we are not required to purchase shares but may choose to do so in the open market or through private transactions at times and amounts based on our evaluation of market conditions and other factors. We expect to finance any share repurchases under the Repurchase Program using available cash and may use proceeds from borrowings or debt offerings. During the nine months ended September 30, 2020, we repurchased 201,947 shares at an average price of $37.89 per share.

The following is a summary of our common stock issuances during the nine months ended September 30, 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	4,438,787	$	75.59	$	335,535	$	332,054
2019 Option exercises	10,736	51.32		551		551
2019 Equity shelf program issuances	4,729,045	75.24		355,803		353,500
2019 Preferred stock conversions	12,712,452			—		—
2019 Stock incentive plans, net of forfeitures	192,237			—		—
2019 Totals	22,083,257			$	691,889	$	686,105

2020 Dividend reinvestment plan issuances	264,153	$	72.33	$	19,105	$	19,105
2020 Option exercises	251	47.81		12		12
2020 Equity shelf program issuances	6,799,978	86.48		588,072		576,196

2020 Stock incentive plans, net of forfeitures	185,994			—		—
2020 Totals	7,250,376			$	607,189	$	595,313

Dividends The decrease in dividends is attributable to the declaration of a reduced cash dividend beginning with the quarter ending March 31, 2020. The following is a summary of our dividend payments (in thousands, except per share amounts):


	Nine Months Ended
	September 30, 2020				September 30, 2019
	Per Share		Amount		Per Share		Amount
Common stock	$	2.09	$	865,357	$	2.61	$	1,051,687

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


	September 30, 2020		December 31, 2019
Foreign currency translation	$	(820,555)	$	(719,814)
Derivative and financial instruments designated as hedges	694,086		607,657

Total accumulated other comprehensive income (loss)	$	(126,469)	$	(112,157)