EQUITY

9 Months Ended

Sep. 30, 2024

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 nine months ended September 30, 2024, the Company received an aggregate of $38.1 million in proceeds upon exercises of stock options and sales pursuant to the ESPP.

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 nine months ended September 30, 2024, there were no repurchases under either of the Buyback Programs. As of September 30, 2024, 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 September 30, 2024, 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 nine months ended September 30, 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
September 12, 2024	October 25, 2024	October 9, 2024	$	1.62	$	757.0
May 23, 2024	July 12, 2024	June 14, 2024	$	1.62	$	756.7
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

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(1)Does not include amounts accrued for distributions payable related to unvested restricted stock units.

During the nine months ended September 30, 2023, 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
September 20, 2023	October 27, 2023	October 11, 2023	$	1.62	$	755.2
May 24, 2023	July 10, 2023	June 16, 2023	$	1.57	$	731.8
March 8, 2023	April 28, 2023	April 14, 2023	$	1.56	$	727.0
December 7, 2022	February 2, 2023	December 28, 2022	$	1.56	$	726.3

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(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 September 30, 2024, the amount accrued for distributions payable related to unvested restricted stock units was $20.4 million. During the nine months ended September 30, 2024 and 2023, the Company paid $11.0 million and $7.4 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.