Issuances of Common Stock

6 Months Ended

Jun. 30, 2019

Equity [Abstract]

Issuances of Common Stock

Issuances of Common Stock

A.Issuance of Common Stock in an Overnight Underwritten Public Offering

In May 2019, we issued 12,650,000 shares of common stock in an overnight underwritten public offering. After deducting underwriting discounts and other offering costs of $31.0 million, the net proceeds of $845.1 million were used to repay borrowings under our credit facility, to fund investment opportunities, and for other general corporate purposes.

B.    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 second quarter of 2019, we issued 27,520 shares and raised approximately $1.9 million under our DRSPP. During the first six months of 2019, we issued 59,418 shares and raised approximately $4.1 million under our DRSPP. During the second quarter of 2018, we issued 47,128 shares and raised approximately $2.5 million under our DRSPP. During the first six months of 2018, we issued 93,061 shares and raised approximately $4.8 million under our DRSPP.  From the inception of our DRSPP through June 30, 2019, we have issued 14,289,228 shares and raised approximately $675.0 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 six months of 2019 or 2018.

C.    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. During the second quarter and first six months of 2019, we issued 1,706,695 shares and raised approximately $124.2 million under the ATM program. During the second quarter and first six months of 2018, we issued 5,575,273 shares and raised approximately $298.0 million under the ATM program. From the inception of our current and prior ATM programs through June 30, 2019, we have issued 35,252,834 shares and raised $2.1 billion. At June 30, 2019, we had 18,747,166 shares remaining for future issuance under our ATM program.