Stockholders' Equity

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Stockholders' Equity

Stockholders' Equity

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

	September 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	684,240,531	637,056,054
Outstanding shares	684,108,350	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 September 30, 2025). As of September 30, 2025, we had $2,599,591,000 of remaining capacity under the ATM Program. During October 2025, we sold 2,048,624 shares of common stock under the ATM Program and issued 203,445 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 nine months ended September 30, 2025 and 2024 (in thousands, except shares and average price amounts): 

	Shares Issued	Average Price		Gross Proceeds		Net Proceeds
2024 Option exercises	16,578	$	65.57	$	1,087	$	1,087
2024 ATM Program issuances	53,547,363	98.76		5,288,418		5,261,277
2024 Redemption of OP Units and DownREIT Units	494,941			—		—
2024 Stock incentive plans, net of forfeitures	95,447			—		—
2024 Totals	54,154,329			$	5,289,505	$	5,262,364
2025 Option exercises	25,051	$	77.36	$	1,938	$	1,938
2025 ATM Program issuances	45,080,143	152.47		6,873,247		6,835,580
2025 Equity issuance(1)	3,055,835	157.90		482,528		482,528
2025 Redemption of OP Units and DownREIT Units	559,950			—		—
2025 Stock incentive plans, net of forfeitures	98,042			—		—
2025 Totals	48,819,021			$	7,357,713	$	7,320,046

(1) Relates to the re-issuance of treasury shares and issuance of common stock 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): 

	Nine Months Ended
	September 30, 2025				September 30, 2024
	Per Share		Amount		Per Share		Amount
Common stock	$	2.08	$	1,367,581	$	1.89	$	1,127,827

On October 27, 2025, the Board of Directors declared a cash dividend for the quarter ended September 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):

	September 30, 2025		December 31, 2024
Foreign currency translation	$	(756,621)	$	(1,276,625)
Derivative and financial instruments designated as hedges	539,175		916,844
Total accumulated other comprehensive income (loss)	$	(217,446)	$	(359,781)