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Equity | 6 Months Ended
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Jun. 30, 2023
Stockholders' Equity Note [Abstract] |
Equity | Equity The following summarizes the changes in equity for the six months ended June 30, 2023 and 2022 (dollars in thousands):
| Common stock |  | Additional paid-in capital |  | Accumulated earnings less dividends |  | Accumulated other comprehensive income (loss) |  | Total stockholder's equity |  | Noncontrolling interests |  | Total equity
Balance at December 31, 2022 | $ | 1,400 |  |  | $ | 10,765,431 |  |  | $ | 485,221 |  |  | $ | 1,424 |  |  | $ | 11,253,476 |  |  | $ | 77 |  |  | $ | 11,253,553 |
Net income attributable to common stockholders | — |  |  | — |  |  | 146,902 |  |  | — |  |  | 146,902 |  |  | — |  |  | 146,902 |
Loss on cash flow hedges, net | — |  |  | — |  |  | — |  |  | (340) |  |  | (340) |  |  | — |  |  | (340) |
Cash flow hedge losses reclassified to earnings | — |  |  | — |  |  | — |  |  | 354 |  |  | 354 |  |  | — |  |  | 354 |
Change in redemption value of redeemable noncontrolling interest | — |  |  | — |  |  | (286) |  |  | — |  |  | (286) |  |  | — |  |  | (286) |
Dividends declared to common stockholders ($1.65 per share) | — |  |  | — |  |  | (230,958) |  |  | — |  |  | (230,958) |  |  | — |  |  | (230,958) |
Issuance of common stock, net of withholdings | 1 |  |  | (11,554) |  |  | 1,590 |  |  | — |  |  | (9,963) |  |  | — |  |  | (9,963) |
Repurchase of common stock, including repurchase costs | — |  |  | (539) |  |  | (590) |  |  | — |  |  | (1,129) |  |  | — |  |  | (1,129) |
Amortization of deferred compensation | — |  |  | 11,123 |  |  | — |  |  | — |  |  | 11,123 |  |  | — |  |  | 11,123 |
Balance at March 31, 2023 | $ | 1,401 |  |  | $ | 10,764,461 |  |  | $ | 401,879 |  |  | $ | 1,438 |  |  | $ | 11,169,179 |  |  | $ | 77 |  |  | $ | 11,169,256 |
Net income attributable to common stockholders | — |  |  | — |  |  | 367,923 |  |  | — |  |  | 367,923 |  |  | — |  |  | 367,923 |
Gain on cash flow hedges, net | — |  |  | — |  |  | — |  |  | 8,826 |  |  | 8,826 |  |  | — |  |  | 8,826 |
Cash flow hedge losses reclassified to earnings | — |  |  | — |  |  | — |  |  | 354 |  |  | 354 |  |  | — |  |  | 354 |
Change in redemption value of redeemable noncontrolling interest | — |  |  | — |  |  | (367) |  |  | — |  |  | (367) |  |  | — |  |  | (367) |
Dividends declared to common stockholders ($1.65 per share) | — |  |  | — |  |  | (234,774) |  |  | — |  |  | (234,774) |  |  | — |  |  | (234,774) |
Issuance of common stock, net of withholdings | 19 |  |  | 494,643 |  |  | 43 |  |  | — |  |  | 494,705 |  |  | — |  |  | 494,705 |
Repurchase of common stock, including repurchase costs | — |  |  | (369) |  |  | (413) |  |  | — |  |  | (782) |  |  | — |  |  | (782) |
Amortization of deferred compensation | — |  |  | 10,424 |  |  | — |  |  | — |  |  | 10,424 |  |  | — |  |  | 10,424 |
Balance at June 30, 2023 | $ | 1,420 |  |  | $ | 11,269,159 |  |  | $ | 534,291 |  |  | $ | 10,618 |  |  | $ | 11,815,488 |  |  | $ | 77 |  |  | $ | 11,815,565 |
| Common stock |  | Additional paid-in capital |  | Accumulated earnings less dividends |  | Accumulated other comprehensive income (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 |
As of June 30, 2023 and December 31, 2022, 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 six months ended June 30, 2023, the Company: i.issued 5,773 shares of common stock in connection with stock options exercised; ii.issued 1,703 shares of common stock through the Company's dividend reinvestment plan; iii.issued 152,708 shares of common stock in connection with restricted stock grants and the conversion of performance awards to shares of common stock; iv.issued 2,000,000 shares of common stock in the settlement of the forward contracts, as discussed below; v.issued 12,288 shares of common stock through the Employee Stock Purchase Plan; vi.withheld 62,215 shares of common stock to satisfy employees' tax withholding and other liabilities; vii.canceled 566 shares of restricted common stock upon forfeiture; and viii.repurchased 11,800 common shares through the Stock Repurchase Program (as defined below). Deferred compensation granted under the Company's Second Amended and Restated 2009 Equity Incentive Plan (the "2009 Plan") for the six months ended June 30, 2023 does not impact the Company's Condensed Consolidated Financial Statements until recognized as compensation cost. The Company has a continuous equity program ("CEP") 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. During the three and six months ended June 30, 2023, the Company had no sales under this program. As of June 30, 2023, the Company had $705,961,000 remaining authorized for issuance under the CEP. In addition to the CEP, during the three months ended June 30, 2023, the Company settled the outstanding forward contracts entered into in April 2022 (the "Equity Forward"), issuing 2,000,000 shares of common stock, net of offering fees and discounts for $491,912,000 or $245.96 per share. The Company has 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 "Stock Repurchase Program"). During the three and six months ended June 30, 2023, the Company repurchased 4,800 and 11,800 shares of common stock, respectively, at an average price of $162.93 per share and $161.96 per share, respectively. As of June 30, 2023, the Company had $314,237,000 remaining authorized for purchase under this program.

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