XML 22 R10.htm IDEA: XBRL DOCUMENT
v3.21.1

Equity | 3 Months Ended
--- | ---
Mar. 31, 2021
Stockholders' Equity Note [Abstract] |
Equity | Equity The following summarizes the changes in equity for the three months ended March 31, 2021 (dollars in thousands):
| Common stock |  | Additional paid-in capital |  | Accumulated earnings less dividends |  | Accumulated other comprehensive loss |  | Total stockholder's equity |  | Noncontrolling interests |  | Total equity
Balance at December 31, 2020 | $ | 1,395 |  |  | $ | 10,664,416 |  |  | $ | 126,022 |  |  | $ | (40,250) |  |  | $ | 10,751,583 |  |  | $ | 591 |  |  | $ | 10,752,174 |
Net income attributable to common stockholders | — |  |  | — |  |  | 142,223 |  |  | — |  |  | 142,223 |  |  | — |  |  | 142,223 |
Cash flow hedge losses reclassified to earnings | — |  |  | — |  |  | — |  |  | 2,367 |  |  | 2,367 |  |  | — |  |  | 2,367 |
Change in redemption value of redeemable noncontrolling interest | — |  |  | — |  |  | (273) |  |  | — |  |  | (273) |  |  | — |  |  | (273) |
Noncontrolling interest distribution and income allocation | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (16) |  |  | (16) |
Dividends declared to common stockholders ($1.59 per share) | — |  |  | — |  |  | (221,779) |  |  | — |  |  | (221,779) |  |  | — |  |  | (221,779) |
Issuance of common stock, net of withholdings | 1 |  |  | (14,037) |  |  | 958 |  |  | — |  |  | (13,078) |  |  | — |  |  | (13,078) |
Amortization of deferred compensation | — |  |  | 7,286 |  |  | — |  |  | — |  |  | 7,286 |  |  | — |  |  | 7,286 |
Balance at March 31, 2021 | $ | 1,396 |  |  | $ | 10,657,665 |  |  | $ | 47,151 |  |  | $ | (37,883) |  |  | $ | 10,668,329 |  |  | $ | 575 |  |  | $ | 10,668,904 |
The following summarizes the changes in equity for the three months ended March 31, 2020 (dollars in thousands):
| Common stock |  | Additional paid-in capital |  | Accumulated earnings less dividends |  | Accumulated other comprehensive loss |  | Total stockholder's equity |  | Noncontrolling interests |  | Total equity
Balance at December 31, 2019 | $ | 1,406 |  |  | $ | 10,736,733 |  |  | $ | 282,913 |  |  | $ | (31,503) |  |  | $ | 10,989,549 |  |  | $ | 649 |  |  | $ | 10,990,198 |
Net income attributable to common stockholders | — |  |  | — |  |  | 167,971 |  |  | — |  |  | 167,971 |  |  | — |  |  | 167,971 |
Loss on cash flow hedges, net | — |  |  | — |  |  | — |  |  | (17,603) |  |  | (17,603) |  |  | — |  |  | (17,603) |
Cash flow hedge losses reclassified to earnings | — |  |  | — |  |  | — |  |  | 1,949 |  |  | 1,949 |  |  | — |  |  | 1,949 |
Change in redemption value of redeemable noncontrolling interest | — |  |  | — |  |  | 471 |  |  | — |  |  | 471 |  |  | — |  |  | 471 |
Noncontrolling interests income allocation | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (35) |  |  | (35) |
Dividends declared to common stockholders ($1.59 per share) | — |  |  | — |  |  | (224,083) |  |  | — |  |  | (224,083) |  |  | — |  |  | (224,083) |
Issuance of common stock, net of withholdings | 1 |  |  | (12,492) |  |  | (1,616) |  |  | — |  |  | (14,107) |  |  | — |  |  | (14,107) |
Amortization of deferred compensation | — |  |  | 7,781 |  |  | — |  |  | — |  |  | 7,781 |  |  | — |  |  | 7,781 |
Balance at March 31, 2020 | $ | 1,407 |  |  | $ | 10,732,022 |  |  | $ | 225,656 |  |  | $ | (47,157) |  |  | $ | 10,911,928 |  |  | $ | 614 |  |  | $ | 10,912,542 |
As of March 31, 2021 and December 31, 2020, the Company's charter had authorized for issuance a total of 280,000,000 shares of common stock and 50,000,000 shares of preferred stock. During the three months ended March 31, 2021, the Company: i.issued 2,126 shares of common stock in connection with stock options exercised; ii.issued 839 common shares through the Company's dividend reinvestment plan; iii.issued 149,520 common shares in connection with restricted stock grants and the conversion of performance awards to restricted shares; iv.withheld 74,726 common shares to satisfy employees' tax withholding and other liabilities; and v.canceled 343 common shares of restricted stock upon forfeiture. Any deferred compensation related to the Company's stock option, restricted stock and performance award grants during the three months ended March 31, 2021 is not reflected on the accompanying Condensed Consolidated Balance Sheets as of March 31, 2021, and will not be reflected until recognized as compensation cost. In July 2020, the Company’s Board of Directors voted to terminate the Company’s prior $500,000,000 Stock Repurchase Program (the "Amended 2005 Stock Repurchase Program") and approved a new stock repurchase program under which the Company may acquire shares of its common stock in open market or negotiated transactions up to an aggregate purchase price of $500,000,000 (the "2020 Stock Repurchase Program"). Purchases of common stock under the 2020 Stock Repurchase Program may be exercised from time to time in the Company’s discretion and in such amounts as market conditions warrant. The timing and actual number of shares repurchased will depend on a variety of factors, including price, corporate and regulatory requirements, market conditions and other corporate liquidity requirements and priorities. The 2020 Stock Repurchase Program does not have an expiration date and may be suspended or terminated at any time without prior notice. During the three months ended March 31, 2021, the Company had no repurchases of shares under this program. As of March 31, 2021, the Company had $316,148,000 remaining authorized for purchase under this program. In May 2019, the Company commenced a fifth continuous equity program ("CEP V") under which the Company may sell (and/or enter into forward sale agreements for the sale of) up to $1,000,000,000 of its common stock from time to time. Actual sales will depend on a variety of factors to be determined by the Company, including market conditions, the trading price of the Company's common stock and determinations by the Company of the appropriate sources of funding for the Company. In conjunction with CEP V, the Company engaged sales agents who will receive compensation of up to 1.5% of the gross sales price for shares sold. The Company expects that, if entered into, it will physically settle each forward sale agreement on one or more dates specified by the Company on or prior to the maturity date of that particular forward sale agreement, in which case the Company will expect to receive aggregate net cash proceeds at settlement equal to the number of shares underlying the particular forward agreement multiplied by the relevant forward sale price. However, the Company may also elect to cash settle or net share settle a forward sale agreement. In connection with each forward sale agreement, the Company will pay the relevant forward seller, in the form of a reduced initial forward sale price, a commission of up to 1.5% of the sales prices of all borrowed shares of common stock sold. During the three months ended March 31, 2021, the Company had no sales under the program. As of March 31, 2021, the Company had $752,878,000 remaining authorized for issuance under CEP V.

X
- References No definition available. + Details
Name: | us-gaap_StockholdersEquityNoteAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration