Stockholder's Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Stockholders' Equity

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

	December 31, 2021	December 31, 2020
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	448,998,438	419,124,469
Outstanding shares	447,239,477	417,400,602

Preferred Stock

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

	Year Ended
	December 31, 2021		December 31, 2020		December 31, 2019
		Weighted Avg.		Weighted Avg.		Weighted Avg.
	Shares	Dividend Rate	Shares	Dividend Rate	Shares	Dividend Rate
Beginning balance	—	—%	—	—%	14,369,965	6.50%
Shares converted	—	—%	—	—%	(14,369,965)	6.50%
Ending balance	—	—%	—	—%	—	—%

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 July 2021, we entered into an amended and restated equity distribution agreement whereby we can offer and sell up to $2,500,000,000 aggregate amount of our common stock ("ATM Program"). The ATM Program also allows us to enter into forward sale agreements. As of December 31, 2021, we had $1,876,085,000 of remaining capacity under the ATM Program, which excludes forward sales agreements outstanding for the sale of 5,187,250 shares with maturity dates in 2022 which we expect to physically settle for cash proceeds of $435,172,000.

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. We did not repurchase any shares of our common stock during the year ended December 31, 2021.

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

	Shares Issued	Average Price		Gross Proceeds		Net Proceeds
2019 Dividend reinvestment plan issuances	5,798,979	$	77.18	$	447,559	$	443,929
2019 Option exercises	10,736	51.32		551		551
2019 ATM 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 ATM 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
2021 Option exercises	338	$	56.21	$	19	$	19
2021 ATM Program issuances	29,667,348	80.41		2,385,683		2,348,182
2021 Stock incentive plans, net of forfeitures	171,189			—		—
2021 Totals	29,838,875			$	2,385,702	$	2,348,201

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, 2021				December 31, 2020				December 31, 2019
	Per Share		Amount		Per Share		Amount		Per Share		Amount
Common Stock	$	2.44	$	1,037,194	$	2.70	$	1,120,187	$	3.48	$	1,404,977

Accumulated Other Comprehensive Income

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

	December 31, 2021		December 31, 2020
Foreign currency translation	$	(674,306)	$	(621,792)
Derivative and financial instruments designated as hedges	552,990		473,288
Total accumulated other comprehensive income (loss)	$	(121,316)	$	(148,504)