Equity

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Equity

Equity

Dividends

On July 29, 2021, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.30 per share. The common stock cash dividend will be paid on August 20, 2021 to stockholders of record as of the close of business on August 9, 2021.

During the three months ended June 30, 2021 and 2020, the Company declared and paid common stock cash dividends of $0.30 per share and $0.37 per share, respectively. During the six months ended June 30, 2021 and 2020, the Company declared and paid common stock cash dividends of $0.60 and $0.74 per share, respectively.

At-The-Market Equity Offering Program

The Company established an at-the-market equity offering program (“ATM Program”), which was most recently amended in May 2021 (as amended, the “2020 ATM Program”) to increase the size of the program from $1.25 billion to $1.50 billion, pursuant to which shares of common stock having an aggregate gross sales price of up to $1.50 billion may be sold (i) by the Company through a consortium of banks acting as sales agents or directly to the banks acting as principals or (ii) by a consortium of banks acting as forward sellers on behalf of any forward purchasers pursuant to a forward sale agreement. The use of a forward sale agreement allows the Company to lock in a share price on the sale of shares at the time the forward sales agreement is effective, but defer receiving the proceeds from the sale of shares until a later date.

ATM forward sale agreements generally have a one year term. At any time during the term, the Company may settle a forward sale by delivery of physical shares of common stock to the forward seller or, at the Company’s election, in cash or net shares. The forward sale price the Company expects to receive upon settlement of outstanding forward contracts will be the initial forward price established upon the effective date, subject to adjustments for: (i) accrued interest, (ii) the forward purchasers’ stock borrowing costs, and (iii) certain fixed price reductions during the term of the forward sale agreement.

At June 30, 2021, $1.50 billion of the Company’s common stock remained available for sale under the 2020 ATM Program.

ATM Forward Contracts

During the three and six months ended June 30, 2021 and the three months ended June 30, 2020, the Company did not utilize the forward provisions under any ATM Program. During the six months ended June 30, 2020, the Company utilized the forward provisions under a previous ATM Program established in 2019 (the “2019 ATM Program”) to allow for the sale of up to an aggregate of 2.0 million shares of its common stock at an initial weighted average net price of $35.23 per share, after commissions.

During the three months ended March 31, 2020, the Company settled all 16.8 million shares previously outstanding under ATM forward contracts at a weighted average net price of $31.38 per share, after commissions, resulting in net proceeds of $528 million. No shares were settled subsequent to March 31, 2020 and therefore, at June 30, 2021 and June 30, 2020, no shares remained outstanding under ATM forward contracts.

ATM Direct Issuances

During the three and six months ended June 30, 2021 and 2020, no shares of common stock were issued under the 2020 ATM Program or 2019 ATM Program.

Forward Equity Offerings

November 2019 Offering. In November 2019, the Company entered into a forward equity sales agreement (the "2019 forward equity sales agreement") to sell an aggregate of 15.6 million shares of its common stock (including shares sold through the exercise of underwriters’ options) at an initial net price of $34.46 per share, after underwriting discounts and commissions, which was subject to adjustments for: (i) accrued interest, (ii) the forward purchasers’ stock borrowing costs, and (iii) certain fixed price reductions during the term of the agreement. During the three months ended March 31, 2020, the Company settled all 15.6 million shares under the 2019 forward equity sales agreement at a weighted average net price of $34.18 per share, resulting in net proceeds of $534 million (total net proceeds of $1.06 billion, when aggregated with the net proceeds from settling ATM forward contracts, as discussed above). Therefore, at June 30, 2021 and June 30, 2020, no shares remained outstanding under the 2019 forward equity sales agreement.

Accumulated Other Comprehensive Income (Loss)

The following table summarizes the Company’s accumulated other comprehensive income (loss) (in thousands):

	June 30, 2021		December 31, 2020
Unrealized gains (losses) on derivatives, net	$	—	$	(81)
Supplemental Executive Retirement Plan minimum liability	(3,389)		(3,604)
Total accumulated other comprehensive income (loss)	$	(3,389)	$	(3,685)