Stockholders' Equity

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Stockholders' Equity

Stockholders' Equity 

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

	June 30, 2024	December 31, 2023
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	1,400,000,000	700,000,000
Issued shares	609,933,670	566,001,632
Outstanding shares	608,150,705	564,241,181

Common Stock

In April 2024, we entered into an equity distribution agreement whereby we can offer and sell up to $3,500,000,000 aggregate amount of our common stock ("ATM Program"). Our prior equity distribution agreement dated February 15, 2024, allowing us to sell up to $3,500,000,000 aggregate amount of our common stock, was terminated as a result. The ATM Program allows us to enter into forward sale agreements (none outstanding at June 30, 2024). As of June 30, 2024, we had $2,469,193,000 of remaining capacity under the ATM Program. During July 2024, we sold 988,814 shares of common stock under our ATM Program.

The following is a summary of our common stock issuances during the six months ended June 30, 2024 and 2023 (dollars in thousands, except shares and average price amounts): 

	Shares Issued	Average Price		Gross Proceeds		Net Proceeds
2023 Option exercises	1,708	$	63.65	$	109	$	109
2023 ATM Program issuances	17,435,154	76.90		1,340,727		1,333,799
2023 Redemption of OP Units and DownREIT Units	272,494			—		—
2023 Stock incentive plans, net of forfeitures	(58,840)			—		—
2023 Totals	17,650,516			$	1,340,836	$	1,333,908
2024 Option exercises	5,390	$	62.34	$	336	$	336
2024 ATM Program issuances	43,315,945	93.31		4,041,776		4,020,009
2024 Redemption of OP Units and DownREIT Units	494,941			—		—
2024 Stock incentive plans, net of forfeitures	93,248			—		—
2024 Totals	43,909,524			$	4,042,112	$	4,020,345

Dividends 

The following is a summary of our dividend payments (in thousands, except per share amounts): 

	Six Months Ended
	June 30, 2024				June 30, 2023
	Per Share		Amount		Per Share		Amount
Common stock	$	1.22	$	718,711	$	1.22	$	602,601

On July 29, 2024, the Board of Directors declared a cash dividend for the quarter ended June 30, 2024 of $0.67 per share, an increase of 10% from the prior quarter.

Accumulated Other Comprehensive Income 

The following is a summary of accumulated other comprehensive income (loss) as of the dates presented (in thousands):

	June 30, 2024		December 31, 2023
Foreign currency translation	$	(1,066,688)	$	(913,675)
Derivative and financial instruments designated as hedges	820,226		750,515
Total accumulated other comprehensive income (loss)	$	(246,462)	$	(163,160)