Stockholders' Equity

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Stockholders' Equity

Stockholders' Equity

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

	March 31, 2025	December 31, 2024
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	1,400,000,000
Issued shares	652,034,658	637,056,054
Outstanding shares	651,889,055	635,289,329

Common Stock

In March 2025, we entered into an equity distribution agreement whereby we can offer and sell up to $7,500,000,000 aggregate amount of our common stock, which replaced our prior equity distribution agreement dated October 29, 2024 allowing us to sell up to $5,000,000,000 aggregate amount of our common stock (collectively, along with other previous agreements, referred to as the "ATM Program"). The ATM Program allows us to enter into forward sale agreements (none outstanding at March 31, 2025). As of March 31, 2025, we had $7,471,190,000 of remaining capacity under the ATM Program. During April 2025, we sold 2,069,790 shares of common stock under the ATM Program.

The following is a summary of our common stock issuances during the three months ended March 31, 2025 and 2024 (dollars in thousands, except shares and average price amounts): 

	Shares Issued	Average Price		Gross Proceeds		Net Proceeds
2024 Option exercises	122	$	73.77	$	9	$	9
2024 ATM Program issuances	26,611,694	91.22		2,427,464		2,416,475
2024 Redemption of OP Units and DownREIT Units	19,129			—		—
2024 Stock incentive plans, net of forfeitures	62,066			—		—
2024 Totals	26,693,011			$	2,427,473	$	2,416,484
2025 Option exercises	16,418	$	72.06	$	1,183	$	1,183
2025 ATM Program issuances	14,389,086	139.11		2,001,646		1,991,220
2025 Equity issuance (1)	1,563,904	153.51		240,075		240,075
2025 Redemption of OP Units and DownREIT Units	554,681			—		—
2025 Stock incentive plans, net of forfeitures	75,637			—		—
2025 Totals	16,599,726			$	2,242,904	$	2,232,478

(1) Relates to the re-issuance of treasury shares in lieu of cash consideration for the acquisition of real property. Please see Note 3 for additional information.

Dividends 

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

	Three Months Ended
	March 31, 2025				March 31, 2024
	Per Share		Amount		Per Share		Amount
Common stock	$	0.67	$	431,041	$	0.61	$	352,529

Accumulated Other Comprehensive Income 

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

	March 31, 2025		December 31, 2024
Foreign currency translation	$	(1,108,189)	$	(1,276,625)
Derivative and financial instruments designated as hedges	798,553		916,844
Total accumulated other comprehensive income (loss)	$	(309,636)	$	(359,781)