Stockholders' Equity

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

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

	March 31, 2026	December 31, 2025
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	704,870,377	696,631,868
Outstanding shares	704,686,814	696,507,255

Common Stock

In October 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 March 28, 2025 (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, 2026). As of March 31, 2026, we had $4,225,668,000 of remaining capacity under the ATM Program. During April 2026, we sold 1,243,970 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, 2026 and 2025 (in thousands, except shares and average price amounts): 

	Shares Issued	Average Price		Gross Proceeds		Net Proceeds
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
2026 Option exercises	5,076	$	65.41	$	332	$	332
2026 ATM Program issuances	7,682,832	202.68		1,557,174		1,544,516
2026 Redemption of OP Units and DownREIT Units	395,565			—		—
2026 Stock incentive plans, net of forfeitures	96,086			—		—
2026 Totals	8,179,559			$	1,557,506	$	1,544,848

(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, 2026				March 31, 2025
	Per Share		Amount		Per Share		Amount
Common stock	$	0.74	$	520,347	$	0.67	$	431,041

Accumulated Other Comprehensive Income 

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

	March 31, 2026		December 31, 2025
Foreign currency translation	$	(975,449)	$	(598,593)
Derivative and financial instruments designated as hedges	632,983		310,952
Total accumulated other comprehensive income (loss)	$	(342,466)	$	(287,641)