Issuances of Common Stock

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Issuances of Common Stock

Issuances of Common Stock

A.    At-the-Market ("ATM") Program

Under our current ATM program, we may offer and sell up to 120.0 million shares of common stock (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 under the ticker symbol "O" at prevailing market prices or at negotiated prices. Upon settlement, subject to certain exceptions, we may elect, in our sole discretion, to cash settle or net share settle all or any portion of our obligations under any forward sale agreement, in which cases we may not receive any proceeds (in the case of cash settlement) or will not receive any proceeds (in the case of net share settlement), and we may owe cash (in the case of cash settlement) or shares of our common stock (in the case of net share settlement) to the relevant forward purchaser. As of June 30, 2023, we had 24.3 million additional shares remaining for future issuance under our ATM program. We anticipate maintaining the availability of our ATM program in the future, including the replenishment of authorized shares issuable thereunder.

The following table outlines common stock issuances pursuant to our ATM programs (dollars in millions):

	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Shares of common stock issued under the ATM program(1)	35,475,153		15,899,972		48,139,631		25,973,181
Gross proceeds	$	2,195.7	$	1,067.3	$	2,997.4	$	1,727.5
Sales agents' commissions and other offering expenses	(15.2)		(10.7)		(20.7)		(14.8)
Net proceeds	$	2,180.5	$	1,056.6	$	2,976.7	$	1,712.7

(1) During the three and six months ended June 30, 2023, 20.7 million and 46.3 million shares were sold, respectively, and 35.5 million and 48.1 million shares were settled pursuant to forward sale confirmations, respectively. In addition, as of June 30, 2023, 4.9 million shares of common stock subject to forward sale confirmations have been executed, but not settled, at a weighted average initial price of $59.33 per share. We currently expect to fully settle forward sale agreements outstanding by September 30, 2023, representing $287.0 million in net proceeds, for which the weighted average forward price at June 30, 2023 was $58.72 per share.

B.    Dividend Reinvestment and Stock Purchase Plan ("DRSPP")

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 26.0 million common shares to be issued. At June 30, 2023, we had 11.1 million shares remaining for future issuance under our DRSPP program.  

The following table outlines common stock issuances pursuant to our DRSPP program (dollars in millions):

	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Shares of common stock issued under the DRSPP program	44,118		43,260		85,781		84,631
Gross proceeds	$	2.7	$	2.9	$	5.4	$	5.7