v3.26.1
Stockholders' Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
The following is a summary of our stockholders’ equity capital accounts as of the dates indicated: 
 June 30, 2026December 31, 2025
Preferred Stock, $1.00 par value:
Authorized shares50,000,000 50,000,000 
Issued shares— — 
Outstanding shares— — 
Common Stock, $1.00 par value:
Authorized shares1,400,000,000 1,400,000,000 
Issued shares719,074,981 696,631,868 
Outstanding shares718,902,041 696,507,255 
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 June 30, 2026). As of June 30, 2026, we had $1,301,588,000 of remaining capacity under the ATM Program. During July 2026, we sold 1,859,636 shares of common stock under the ATM Program.
The following is a summary of our common stock issuances during the six months ended June 30, 2026 and 2025 (in thousands, except shares and average price amounts): 
 Shares IssuedAverage PriceGross ProceedsNet Proceeds
2025 Option exercises22,967 $76.98 $1,768 $1,768 
2025 ATM Program issuances27,593,276 144.52 3,987,776 3,965,653 
2025 Equity issuance (1)
1,563,904 — — 
2025 Redemption of OP Units and DownREIT Units556,950 — — 
2025 Stock incentive plans, net of forfeitures93,403 — — 
2025 Totals29,830,500 $3,989,544 $3,967,421 
2026 Option exercises13,878 $80.78 $1,121 $1,121 
2026 ATM Program issuances21,571,496 207.74 4,481,254 4,451,110 
2026 Redemption of OP Units and DownREIT Units430,576 — — 
2026 Stock incentive plans, net of forfeitures117,083 — — 
2026 Other equity issuances (2)
261,753 — — 
2026 Totals22,394,786 $4,482,375 $4,452,231 
(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.
(2) Relates to shares of common stock issued in connection with a lease modification and extension.
Dividends 
The following is a summary of our dividend payments (in thousands, except per share amounts): 
 Six Months Ended
 June 30, 2026June 30, 2025
Per ShareAmountPer ShareAmount
Common stock$1.48 $1,047,370 $1.34 $870,389 
On July 27, 2026, the Board of Directors declared a cash dividend for the quarter ended June 30, 2026 of $0.85 per share.
Accumulated Other Comprehensive Income 
The following is a summary of accumulated other comprehensive income (loss) as of the dates presented (in thousands):
June 30, 2026December 31, 2025
Foreign currency translation$(984,673)$(598,593)
Derivative and financial instruments designated as hedges563,027 310,952 
Total accumulated other comprehensive income (loss)$(421,646)$(287,641)