XML 19 R10.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Equity | 9 Months Ended
--- | ---
Sep. 30, 2022
Stockholders' Equity Note [Abstract] |
Equity | Equity The following summarizes the changes in equity for the nine months ended September 30, 2022 (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, 2021 | $ | 1,398 |  |  | $ | 10,716,414 |  |  | $ | 240,821 |  |  | $ | (26,106) |  |  | $ | 10,932,527 |  |  | $ | 566 |  |  | $ | 10,933,093 |
Net income attributable to common stockholders | — |  |  | — |  |  | 262,044 |  |  | — |  |  | 262,044 |  |  | — |  |  | 262,044 |
Gain on cash flow hedges, net | — |  |  | — |  |  | — |  |  | 10,155 |  |  | 10,155 |  |  | — |  |  | 10,155 |
Cash flow hedge losses reclassified to earnings | — |  |  | — |  |  | — |  |  | 1,013 |  |  | 1,013 |  |  | — |  |  | 1,013 |
Change in redemption value of redeemable noncontrolling interest | — |  |  | — |  |  | (43) |  |  | — |  |  | (43) |  |  | — |  |  | (43) |
Noncontrolling interest distribution and income allocation | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (10) |  |  | (10) |
Dividends declared to common stockholders ($1.59 per share) | — |  |  | — |  |  | (222,373) |  |  | — |  |  | (222,373) |  |  | — |  |  | (222,373) |
Issuance of common stock, net of withholdings | 1 |  |  | (14,263) |  |  | (1,501) |  |  | — |  |  | (15,763) |  |  | — |  |  | (15,763) |
Amortization of deferred compensation | — |  |  | 9,176 |  |  | — |  |  | — |  |  | 9,176 |  |  | — |  |  | 9,176 |
Balance at March 31, 2022 | $ | 1,399 |  |  | $ | 10,711,327 |  |  | $ | 278,948 |  |  | $ | (14,938) |  |  | $ | 10,976,736 |  |  | $ | 556 |  |  | $ | 10,977,292 |
Net income attributable to common stockholders | — |  |  | — |  |  | 138,691 |  |  | — |  |  | 138,691 |  |  | — |  |  | 138,691 |
Gain on cash flow hedges, net | — |  |  | — |  |  | — |  |  | 7,759 |  |  | 7,759 |  |  | — |  |  | 7,759 |
Cash flow hedge losses reclassified to earnings | — |  |  | — |  |  | — |  |  | 1,013 |  |  | 1,013 |  |  | — |  |  | 1,013 |
Change in redemption value of redeemable noncontrolling interest | — |  |  | — |  |  | 168 |  |  | — |  |  | 168 |  |  | — |  |  | 168 |
Noncontrolling interest distribution and income allocation | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (6) |  |  | (6) |
Dividends declared to common stockholders ($1.59 per share) | — |  |  | — |  |  | (222,772) |  |  | — |  |  | (222,772) |  |  | — |  |  | (222,772) |
Issuance of common stock, net of withholdings | — |  |  | 1,683 |  |  | — |  |  | — |  |  | 1,683 |  |  | — |  |  | 1,683 |
Amortization of deferred compensation | — |  |  | 14,183 |  |  | — |  |  | — |  |  | 14,183 |  |  | — |  |  | 14,183 |
Balance at June 30, 2022 | $ | 1,399 |  |  | $ | 10,727,193 |  |  | $ | 195,035 |  |  | $ | (6,166) |  |  | $ | 10,917,461 |  |  | $ | 550 |  |  | $ | 10,918,011 |
Net income attributable to common stockholders | — |  |  | — |  |  | 494,747 |  |  | — |  |  | 494,747 |  |  | — |  |  | 494,747 |
Gain on cash flow hedges, net | — |  |  | — |  |  | — |  |  | 8,188 |  |  | 8,188 |  |  | — |  |  | 8,188 |
Cash flow hedge losses reclassified to earnings | — |  |  | — |  |  | — |  |  | 1,013 |  |  | 1,013 |  |  | — |  |  | 1,013 |
Change in redemption value of redeemable noncontrolling interest | — |  |  | — |  |  | (158) |  |  | — |  |  | (158) |  |  | — |  |  | (158) |
Noncontrolling interest distribution and income allocation | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 1 |
Dividends declared to common stockholders ($1.59 per share) | — |  |  | — |  |  | (222,753) |  |  | — |  |  | (222,753) |  |  | — |  |  | (222,753) |
Issuance of common stock, net of withholdings | — |  |  | (384) |  |  | 17 |  |  | — |  |  | (367) |  |  | — |  |  | (367) |
Amortization of deferred compensation | — |  |  | 11,906 |  |  | — |  |  | — |  |  | 11,906 |  |  | — |  |  | 11,906 |
Balance at September 30, 2022 | $ | 1,399 |  |  | $ | 10,738,715 |  |  | $ | 466,888 |  |  | $ | 3,035 |  |  | $ | 11,210,037 |  |  | $ | 551 |  |  | $ | 11,210,588 |
The following summarizes the changes in equity for the nine months ended September 30, 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 |
Net income attributable to common stockholders | — |  |  | — |  |  | 447,953 |  |  | — |  |  | 447,953 |  |  | — |  |  | 447,953 |
Loss on cash flow hedges, net | — |  |  | — |  |  | — |  |  | (822) |  |  | (822) |  |  | — |  |  | (822) |
Cash flow hedge losses reclassified to earnings | — |  |  | — |  |  | — |  |  | 2,366 |  |  | 2,366 |  |  | — |  |  | 2,366 |
Change in redemption value of redeemable noncontrolling interest | — |  |  | — |  |  | (255) |  |  | — |  |  | (255) |  |  | — |  |  | (255) |
Noncontrolling interest distribution and income allocation | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (7) |  |  | (7) |
Dividends declared to common stockholders ($1.59 per share) | — |  |  | — |  |  | (222,451) |  |  | — |  |  | (222,451) |  |  | — |  |  | (222,451) |
Issuance of common stock, net of withholdings | — |  |  | 2,496 |  |  | — |  |  | — |  |  | 2,496 |  |  | — |  |  | 2,496 |
Amortization of deferred compensation | — |  |  | 10,403 |  |  | — |  |  | — |  |  | 10,403 |  |  | — |  |  | 10,403 |
Balance at June 30, 2021 | $ | 1,396 |  |  | $ | 10,670,564 |  |  | $ | 272,398 |  |  | $ | (36,339) |  |  | $ | 10,908,019 |  |  | $ | 568 |  |  | $ | 10,908,587 |
Net income attributable to common stockholders | — |  |  | — |  |  | 78,914 |  |  | — |  |  | 78,914 |  |  | — |  |  | 78,914 |
Gain on cash flow hedges, net | — |  |  | — |  |  | — |  |  | 2,010 |  |  | 2,010 |  |  | — |  |  | 2,010 |
Cash flow hedge losses reclassified to earnings | — |  |  | — |  |  | — |  |  | 7,405 |  |  | 7,405 |  |  | — |  |  | 7,405 |
Change in redemption value of redeemable noncontrolling interest | — |  |  | — |  |  | (261) |  |  | — |  |  | (261) |  |  | — |  |  | (261) |
Noncontrolling interest distribution and income allocation | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 2 |
Dividends declared to common stockholders ($1.59 per share) | — |  |  | — |  |  | (222,475) |  |  | — |  |  | (222,475) |  |  | — |  |  | (222,475) |
Issuance of common stock, net of withholdings | — |  |  | 4,633 |  |  | (27) |  |  | — |  |  | 4,606 |  |  | — |  |  | 4,606 |
Amortization of deferred compensation | — |  |  | 9,442 |  |  | — |  |  | — |  |  | 9,442 |  |  | — |  |  | 9,442 |
Balance at September 30, 2021 | $ | 1,396 |  |  | $ | 10,684,639 |  |  | $ | 128,549 |  |  | $ | (26,924) |  |  | $ | 10,787,660 |  |  | $ | 570 |  |  | $ | 10,788,230 |
As of September 30, 2022 and December 31, 2021, 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 nine months ended September 30, 2022, the Company: i.issued 4,304 shares of common stock in connection with stock options exercised; ii.issued 2,057 shares of common stock through the Company's dividend reinvestment plan; iii.issued 136,115 shares of common stock in connection with restricted stock grants and the conversion of performance awards to shares of common stock; iv.withheld 72,132 shares of common stock to satisfy employees' tax withholding and other liabilities; v.issued 9,307 shares of common stock through the Employee Stock Purchase Plan; and vi.canceled 3,235 shares of restricted common stock upon forfeiture. Deferred compensation granted under the Company's Second Amended and Restated 2009 Equity Incentive Plan (the "2009 Plan") during the nine months ended September 30, 2022 does not impact the Company's Condensed Consolidated Financial Statements until recognized as compensation cost. In July 2020, the Company’s Board of Directors approved a 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 at the Company’s discretion with the timing and number of shares repurchased depending on a variety of factors, including price, corporate and regulatory requirements 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 nine months ended September 30, 2022, the Company had no repurchases of shares under this program. As of September 30, 2022, 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 the Company's determinations of the appropriate funding sources. The Company engaged sales agents for CEP V who 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 receive aggregate net cash proceeds at settlement equal to the number of shares underlying the particular forward agreement multiplied by the 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 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 and nine months ended September 30, 2022, the Company had no sales under this program. In December 2021, the Company entered into forward contracts under CEP V to sell 68,577 shares of common stock for approximate proceeds of $16,000,000 net of offering fees and discounts and based on the initial forward price (see Note 12, "Subsequent Events"). The final proceeds will be determined on the date(s) of settlement after adjustments for the Company's dividends and a daily interest factor. As of September 30, 2022, the Company had $705,961,000 remaining authorized for issuance under CEP V, after consideration of the forward contracts. In addition to CEP V, during the nine months ended September 30, 2022, the Company completed an underwritten public offering of 2,000,000 shares of its common stock in connection with forward contracts entered into with certain financial institutions acting as forward purchasers. Assuming full physical settlement of the forward contracts, which the Company expects to occur no later than December 31, 2023, the Company will receive approximate proceeds of $494,200,000 net of offering fees and discounts and based on the initial forward price. The final proceeds will be determined on the date(s) of settlement and are subject to certain customary adjustments for the Company's dividends and a daily interest factor during the term of the forward contracts.

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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI https://asc.fasb.org/topic&trid=2208762 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 6: 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 https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 15: 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 https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 6 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration