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EQUITY | 3 Months Ended
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Mar. 31, 2025
Equity [Abstract] |
EQUITY | EQUITY Sales of Equity Securities—The Company receives proceeds from sales of its equity securities pursuant to the ESPP and upon exercise of stock options granted under the 2007 Plan. During the three months ended March 31, 2025, the Company received an aggregate of $19.2 million in proceeds upon exercises of stock options. Stock Repurchase Programs—In March 2011, the Company’s Board of Directors approved a stock repurchase program, pursuant to which the Company is authorized to repurchase up to $1.5 billion of its common stock (the “2011 Buyback”). In December 2017, the Board of Directors approved an additional stock repurchase program, pursuant to which the Company is authorized to repurchase up to $2.0 billion of its common stock (the “2017 Buyback,” and, together with the 2011 Buyback, the “Buyback Programs”). Under the Buyback Programs, the Company is authorized to purchase shares from time to time through open market purchases, in privately negotiated transactions not to exceed market prices, and (with respect to such open market purchases) pursuant to plans adopted in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), in accordance with securities laws and other legal requirements and subject to market conditions and other factors. During the three months ended March 31, 2025, there were no repurchases under either of the Buyback Programs. As of March 31, 2025, the Company has repurchased a total of 14,451,325 shares of its common stock under the 2011 Buyback for an aggregate of $1.5 billion, including commissions and fees. As of March 31, 2025, the Company has not made any repurchases under the 2017 Buyback. The Company expects to fund any further repurchases of its common stock through a combination of cash on hand, cash generated by operations and borrowings under its credit facilities. Repurchases under the Buyback Programs are subject to, among other things, the Company having available cash to fund the repurchases. Distributions—During the three months ended March 31, 2025, the Company declared or paid the following cash distributions (per share data reflects actual amounts):
Declaration Date |  | Payment Date |  | Record Date |  | Distribution per share |  | Aggregate Payment Amount (1)
Common Stock |  |  |  |  |  |  |  |
March 6, 2025 |  | April 28, 2025 |  | April 11, 2025 |  | $ | 1.70 |  |  | $ | 795.8 |
December 5, 2024 |  | February 3, 2025 |  | December 27, 2024 |  | $ | 1.62 |  |  | $ | 757.1 |
_______________ (1)Does not include amounts accrued for distributions payable related to unvested restricted stock units. During the three months ended March 31, 2024, the Company declared or paid the following cash distributions (per share data reflects actual amounts):
Declaration Date |  | Payment Date |  | Record Date |  | Distribution per share |  | Aggregate Payment Amount (1)
Common Stock |  |  |  |  |  |  |  |
March 14, 2024 |  | April 26, 2024 |  | April 12, 2024 |  | $ | 1.62 |  |  | $ | 756.5 |
December 13, 2023 |  | February 1, 2024 |  | December 28, 2023 |  | $ | 1.70 |  |  | $ | 792.7 |
_______________ (1)Does not include amounts accrued for distributions payable related to unvested restricted stock units. The Company accrues distributions on unvested restricted stock units, which are payable upon vesting. As of March 31, 2025, the amount accrued for distributions payable related to unvested restricted stock units was $12.4 million. During the three months ended March 31, 2025 and 2024, the Company paid $11.4 million and $9.4 million of distributions upon the vesting of restricted stock units, respectively. To maintain its qualification for taxation as a REIT, the Company expects to continue paying distributions, the amount, timing and frequency of which will be determined, and subject to adjustment, by the Company’s Board of Directors.

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