Stockholder's Equity

12 Months Ended

Dec. 31, 2020

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity 

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

	December 31, 2020	December 31, 2019
Preferred Stock, $1.00 par value:
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	419,124,469	411,550,857
Outstanding shares	417,400,602	410,256,615

Preferred Stock

The following is a summary of our preferred stock activity during the periods presented:

	Year Ended
	December 31, 2020		December 31, 2019		December 31, 2018
		Weighted Avg.		Weighted Avg.		Weighted Avg.
	Shares	Dividend Rate	Shares	Dividend Rate	Shares	Dividend Rate
Beginning balance	—	—%	14,369,965	6.50%	14,370,060	6.50%
Shares converted	—	—%	(14,369,965)	6.50%	(95)	6.50%
Ending balance	—	—%	—	—%	14,369,965	6.50%

During the year ended December 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 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 year ended December 31, 2020, we physically settled all of our outstanding forward sale agreements for cash proceeds of $576,196,000. As of December 31, 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 year ended December 31, 2020, we repurchased 201,947 shares at an average price of $37.89 per share.

The following is a summary of our common stock activity during the periods indicated (dollars in thousands, except average price amounts):

	Shares Issued	Average Price		Gross Proceeds		Net Proceeds
2018 Dividend reinvestment plan issuances	6,529,417	$	65.55	$	428,009	$	423,075
2018 Option exercises	56,960	42.66		2,430		2,430
2018 Equity Shelf Program issuances	5,241,349	69.95		366,640		364,070
2018 Preferred stock conversions	83			—		—
2018 Stock incentive plans, net of forfeitures	115,243			—		—
2018 Totals	11,943,052			$	797,079	$	789,575
2019 Dividend reinvestment plan issuances	5,798,979	$	77.18	$	447,559	$	443,929
2019 Option exercises	10,736	51.32		551		551
2019 Equity Shelf Program issuances	7,855,956	78.15		613,948		611,645
2019 Preferred stock conversions	12,712,452			—		—
2019 Stock incentive plans, net of forfeitures	203,889			—		—
2019 Totals	26,582,012			$	1,062,058	$	1,056,125
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	281,552			—		—
2020 Totals	7,345,934			$	607,189	$	595,313

Dividends 

During the year ended December 31, 2020, we declared a reduced cash dividend beginning with the quarter ended March 31, 2020. Please refer to Note 19 for information related to federal income tax of dividends. The following is a summary of our dividend payments (in thousands, except per share amounts):

	Year Ended
	December 31, 2020				December 31, 2019				December 31, 2018
	Per Share		Amount		Per Share		Amount		Per Share		Amount
Common Stock	$	2.7000	$	1,120,187	$	3.4800	$	1,404,977	$	3.4800	$	1,300,141
Series I Preferred Stock	—		—		—		—		3.2500		46,704
Totals			$	1,120,187			$	1,404,977			$	1,346,845

Accumulated Other Comprehensive Income

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

	December 31, 2020		December 31, 2019
Foreign currency translation	$	(621,792)	$	(719,814)
Derivative and financial instruments designated as hedges	473,288		607,657
Total accumulated other comprehensive loss	$	(148,504)	$	(112,157)