Stockholders' Equity Equity Offerings (Tables)

12 Months Ended

Dec. 31, 2012

Equity [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

During fiscal years 2012, 2011 and 2010, we completed follow-on public offerings of shares of our common stock summarized in the table below (in millions, except per share amounts):

Public Offering	Price Received Per Share (1)	Shares	Net Proceeds (2)
Fiscal Year 2012
March 2012	$29.00	71.2	$	2,063
July 2012	$33.70	36.8	1,240
Total fiscal year 2012		108.0	$	3,303
Fiscal Year 2011
January 2011	$28.00	26.9	$	719
March 2011	$27.72	32.2	892
June 2011	$27.56	49.7	1,369
November 2011	$27.36	40.5	1,108
Total fiscal year 2011		149.3	$	4,088
Fiscal Year 2010
May 2010	$25.75	6.9	$	169
October 2010	$26.00	13.2	328
December 2010	$27.44	8.3	227
Total fiscal year 2010		28.4	$	724

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1. Price received per share is gross of underwriters’ discount, if applicable.

2. Net proceeds are net of the underwriters’ discount, if applicable, and other offering costs.

Stockholders' Equity

Preferred Stock Offering

Pursuant to our amended and restated certificate of incorporation, we are authorized to designate and issue up to 10.0 million shares of preferred stock in one or more classes or series. Our board of directors has designated 6.9 million shares as 8.000% Series A Cumulative Redeemable Preferred Stock ("Series A Preferred Stock"). As of December 31, 2012, we have 3.1 million of authorized but unissued shares of preferred stock. Our board of directors may designate additional series of authorized preferred stock ranking junior to or in parity with the Series A Preferred Stock or designate additional shares of the Series A Preferred Stock and authorize the issuance of such shares.

In April 2012, we completed a public offering in which 6.9 million shares of our Series A Preferred Stock were sold to the underwriters at a price of $24.21 per share. Upon completion of the offering we received proceeds, net of offering expenses, of approximately $167 million. Our Series A Preferred Stock has no stated maturity and is not subject to any sinking fund or mandatory redemption. Under certain circumstances upon a change of control, the Series A Preferred Stock is convertible to shares of our common stock. Holders of Series A Preferred Stock have no voting rights, except under limited conditions, and holders are entitled to receive cumulative cash dividends at a rate of 8.000% per annum of the $25.00 per share liquidation preference before holders of our common stock are entitled to receive any dividends. Shares of our Series A Preferred Stock are redeemable at $25.00 per share plus accumulated and unpaid dividends (whether or not declared) exclusively at our option commencing on April 5, 2017, or earlier under certain circumstances intended to preserve our qualification as a REIT for Federal income tax purposes. Dividends are payable quarterly in arrears on the 15th day of each January, April, July and October. As of December 31, 2012, we had declared all required quarterly dividends on our Series A Preferred Stock.

Equity Offerings

During fiscal years 2012, 2011 and 2010, we completed follow-on public offerings of shares of our common stock summarized in the table below (in millions, except per share amounts):

Public Offering	Price Received Per Share (1)	Shares	Net Proceeds (2)
Fiscal Year 2012
March 2012	$29.00	71.2	$	2,063
July 2012	$33.70	36.8	1,240
Total fiscal year 2012		108.0	$	3,303
Fiscal Year 2011
January 2011	$28.00	26.9	$	719
March 2011	$27.72	32.2	892
June 2011	$27.56	49.7	1,369
November 2011	$27.36	40.5	1,108
Total fiscal year 2011		149.3	$	4,088
Fiscal Year 2010
May 2010	$25.75	6.9	$	169
October 2010	$26.00	13.2	328
December 2010	$27.44	8.3	227
Total fiscal year 2010		28.4	$	724

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1. Price received per share is gross of underwriters’ discount, if applicable.

2. Net proceeds are net of the underwriters’ discount, if applicable, and other offering costs.

At-the-Market Offering Program

We have sales agreements with sales agents to publicly offer and sell shares of our common stock in privately negotiated and/or at-the-market transactions from time to time. The table below summarizes sales our common stock under such sales agreements during fiscal years 2012, 2011 and 2010 (in millions, except per share amounts):

At-the-Market Offering	Price Received Per Share		Shares	Net Proceeds
Fiscal year 2012	$	31.41	9.5	$	298
Fiscal year 2011	$	29.25	9.4	$	273
Fiscal year 2010	$	29.13	4.4	$	127

As of December 31, 2012, 16.7 million shares remain available of issuance under our sales agreements.

Dividend Reinvestment and Direct Stock Purchase Plan

We sponsor a dividend reinvestment and direct stock purchase plan through which stockholders may purchase additional shares of our common stock by reinvesting some or all of the cash dividends received on shares of our common stock. Stockholders may also make optional cash purchases of shares of our common stock subject to certain limitations detailed in the plan prospectus. During fiscal years 2011 and 2010, we issued 0.5 million and 7.7 million shares under the plan for net cash proceeds of $15 million and $204 million, respectively. During the fiscal year 2012, there were no shares issued under the plan. As of December 31, 2012, 4.7 million shares remain available for issuance under the plan.

Stock Repurchase Program

In October 2012, our Board of Directors adopted a plan that may provide for stock repurchases of up to $500 million of our outstanding shares of common stock through December 31, 2013.  Shares of our common stock may be purchased in the open market, including through block purchases, or through privately negotiated transactions, or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission.  The timing, manner, price and amount of any repurchases will be determined at our discretion and the program may be suspended, terminated or modified at any time for any reason.  We intend to repurchase shares only when the purchase price is less than our estimate of our current net asset value per share of our common stock. Generally, when we repurchase our common stock at a discount to our net asset value, the net asset value of our remaining shares of common stock outstanding increases. In addition, we do not intend to repurchase any shares from directors, officers or other affiliates. The program does not obligate us to acquire any specific number of shares, and all repurchases will be made in accordance with SEC Rule 10b-18, which sets certain restrictions on the method, timing, price and volume of stock repurchases. During fiscal year 2012, we made open market purchases of 2.7 million share of our common stock at an average net repurchase price of $29.00 per share, or $77 million.

Long-term Incentive Plan

We sponsor an equity incentive plan to provide for the issuance of equity-based awards, including stock options, restricted stock, restricted stock units and unrestricted stock awards to our independent directors. During fiscal years 2012, 2011 and 2010, our independent directors received restricted common stock awards under the plan. The restricted stock awards have a grant date fair value equal to the price of our common stock on such date and vest annually over three years. During fiscal year 2012, we granted 3,000 shares of restricted stock to each independent director, or a total of 12,000 shares, with a grant date fair value of $29.48 per share. During fiscal year 2011, we granted 3,000 shares of restricted stock to each independent director, or a total of 12,000 shares, with a weighted average grant date fair value of $29.05 per share. During fiscal year 2010, we granted 1,500 shares of restricted stock to each independent director, or a total of 4,500 shares, with a grant date fair value of $25.73 per share. During fiscal years 2012, 2011 and 2010, an aggregate of 7,000, 4,500 and 3,000 shares of restricted stock vested under the plan, respectively. During fiscal years 2012, 2011 and 2010, we recognized approximately $282,000, $176,000 and $94,000 of compensation expense under the plan, respectively. As of December 31, 2012 and 2011, there was an aggregate 21,500 and 16,500 shares of unvested restricted stock outstanding under the plan, respectively. As of December 31, 2012, 62,500 common shares remained available for future issuance under the plan.

At the Market Equity Raised [Table Text Block]

The table below summarizes sales our common stock under such sales agreements during fiscal years 2012, 2011 and 2010 (in millions, except per share amounts):

At-the-Market Offering	Price Received Per Share		Shares	Net Proceeds
Fiscal year 2012	$	31.41	9.5	$	298
Fiscal year 2011	$	29.25	9.4	$	273
Fiscal year 2010	$	29.13	4.4	$	127