Stockholders' Equity

6 Months Ended

Jun. 30, 2025

Equity [Abstract]

Stockholders' Equity

Stockholders' Equity

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

	June 30, 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	665,249,281	637,056,054
Outstanding shares	665,119,829	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 June 30, 2025). As of June 30, 2025, we had $5,485,062,000 of remaining capacity under the ATM Program. During July 2025, we sold 2,823,204 shares of common stock under the ATM Program and 949,412 shares of common stock in lieu of cash consideration for the acquisition of real property.

The following is a summary of our common stock issuances during the six months ended June 30, 2025 and 2024 (in thousands, except shares and average price amounts): 

	Shares Issued	Average Price		Gross Proceeds		Net Proceeds
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
2025 Option exercises	22,967	$	76.98	$	1,768	$	1,768
2025 ATM Program issuances	27,593,276	144.52		3,987,776		3,965,653
2025 Equity issuance (1)	1,563,904	153.51		240,075		240,075
2025 Redemption of OP Units and DownREIT Units	556,950			—		—
2025 Stock incentive plans, net of forfeitures	93,403			—		—
2025 Totals	29,830,500			$	4,229,619	$	4,207,496

(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): 

	Six Months Ended
	June 30, 2025				June 30, 2024
	Per Share		Amount		Per Share		Amount
Common stock	$	1.34	$	870,389	$	1.22	$	718,711

On July 28, 2025, the Board of Directors declared a cash dividend for the quarter ended June 30, 2025 of $0.74 per share, an increase of 10.4% 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, 2025		December 31, 2024
Foreign currency translation	$	(550,728)	$	(1,276,625)
Derivative and financial instruments designated as hedges	384,714		916,844
Total accumulated other comprehensive income (loss)	$	(166,014)	$	(359,781)