Issuances of Common Stock

3 Months Ended

Mar. 31, 2019

Equity [Abstract]

Issuances of Common Stock

Issuances of Common Stock

A.Dividend Reinvestment and Stock Purchase Plan

Our Dividend Reinvestment and Stock Purchase Plan, or our DRSPP, provides our common stockholders, as well as new investors, with a convenient and economical method of purchasing our common stock and reinvesting their distributions. Our DRSPP also allows our current stockholders to buy additional shares of common stock by reinvesting all or a portion of their distributions. Our DRSPP authorizes up to 26,000,000 common shares to be issued.  During the first three months of 2019, we issued 31,898 shares and raised approximately $2.2 million under our DRSPP.  During the first three months of 2018, we issued 45,933 shares and raised approximately $2.3 million under our DRSPP.  From the inception of our DRSPP through March 31, 2019, we have issued 14,261,708 shares and raised approximately $673.1 million.

Our DRSPP includes a waiver approval process, allowing larger investors or institutions, per a formal approval process, to purchase shares at a small discount, if approved by us. We did not issue shares under the waiver approval process during the first three months of 2019 or 2018.

B.    At-the-Market (ATM) Programs

Under our "at-the-market" equity distribution plan, or our ATM program, shares of common stock may be offered and sold (1) by us to, or through, a consortium of banks acting as our sales agents or (2) by a consortium of banks acting as forward sellers on behalf of any forward purchasers contemplated thereunder, in each case by means of ordinary brokers' transactions on the NYSE at prevailing market prices or at negotiated prices. Our ATM program authorizes up to 28,961,855 common shares to be issued. We did not issue any shares under the ATM program during the first three months of 2019 or 2018. From the inception of our current and prior ATM programs through March 31, 2019, we have issued 33,546,139 shares and raised $2.0 billion. At March 31, 2019, we had 20,453,861 shares remaining for future issuance under our ATM program.