Equity	12 Months Ended
Dec. 31, 2016
Equity
Equity	9. Equity A. Issuance of Common Stock In May 2016, we issued 6,500,000 shares of common stock. After underwriting discounts and other offering costs of $12.1 million, the net proceeds of $383.6 million were used to repay borrowings under our credit facility. In October 2015, we issued 11,500,000 shares of common stock. After underwriting discounts and other offering costs of $22.0 million, a portion of the net proceeds of $517.1 million was used to repay borrowings under our credit facility and the remaining portion was used for other general corporate purposes, including acquisitions. In April 2015, we issued 5,500,000 shares of common stock. After underwriting discounts and other offering costs of $1.4 million, the net proceeds of $276.4 million were used to repay borrowings under our credit facility. In April 2014, we issued 13,800,000 shares of common stock. After underwriting discounts and other offering costs of $22.8 million, the net proceeds of $528.6 million were used to repay borrowings under our previous credit facility. B. Redemption of Preferred Stock In September 2014, we issued an irrevocable notice of redemption for all 8.8 million shares of our 6.75% Monthly Income Class E Preferred Stock for $25 per share, plus accrued dividends. The redemption occurred in October 2014. We incurred a charge of $6.0 million, representing the Class E preferred stock original issuance costs that we paid in 2006. C. 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 2016, we issued 170,027 shares and raised approximately $10.3 million under our DRSPP. During 2015, we issued 7,608,354 shares and raised approximately $363.0 million under our DRSPP. From the inception of our DRSPP through December 31, 2016, we have issued 12,869,889 shares and raised $591.9 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. During 2016, we did not issue shares under the waiver approval process. During 2015, we issued 7,413,207 shares and raised $353.7 million under the waiver approval process. These shares are included in the total activity for 2015 noted in the preceding paragraph. D. At-the-Market (ATM) Program In September 2015, we established an “at-the-market” equity distribution program, or our ATM program, pursuant to which we can offer and sell up to 12,000,000 shares of common stock. The shares of common stock may be sold to, or through, a consortium of banks acting as our sales agents either by means of ordinary brokers’ transactions on the NYSE at prevailing market prices or at negotiated prices. During 2016, we issued 2,779,140 shares and raised $166.8 million under the ATM program. During 2015, we issued 714,301 shares and raised $36.3 million under the ATM program. From the inception of our ATM program through December 31, 2016, we have issued 3,493,441 shares and raised $203.1 million.

Equity

12 Months Ended

Dec. 31, 2016

9. Equity

A. Issuance of Common Stock

In May 2016, we issued 6,500,000 shares of common stock. After underwriting discounts and other offering costs of $12.1 million, the net proceeds of $383.6 million were used to repay borrowings under our credit facility.

In October 2015, we issued 11,500,000 shares of common stock. After underwriting discounts and other offering costs of $22.0 million, a portion of the net proceeds of $517.1 million was used to repay borrowings under our credit facility and the remaining portion was used for other general corporate purposes, including acquisitions.

In April 2015, we issued 5,500,000 shares of common stock. After underwriting discounts and other offering costs of $1.4 million, the net proceeds of $276.4 million were used to repay borrowings under our credit facility.

In April 2014, we issued 13,800,000 shares of common stock. After underwriting discounts and other offering costs of $22.8 million, the net proceeds of $528.6 million were used to repay borrowings under our previous credit facility.

B. Redemption of Preferred Stock

In September 2014, we issued an irrevocable notice of redemption for all 8.8 million shares of our 6.75% Monthly Income Class E Preferred Stock for $25 per share, plus accrued dividends. The redemption occurred in October 2014. We incurred a charge of $6.0 million, representing the Class E preferred stock original issuance costs that we paid in 2006.

C. 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 2016, we issued 170,027 shares and raised approximately $10.3 million under our DRSPP. During 2015, we issued 7,608,354 shares and raised approximately $363.0 million under our DRSPP. From the inception of our DRSPP through December 31, 2016, we have issued 12,869,889 shares and raised $591.9 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. During 2016, we did not issue shares under the waiver approval process. During 2015, we issued 7,413,207 shares and raised $353.7 million under the waiver approval process. These shares are included in the total activity for 2015 noted in the preceding paragraph.

D. At-the-Market (ATM) Program

In September 2015, we established an “at-the-market” equity distribution program, or our ATM program, pursuant to which we can offer and sell up to 12,000,000 shares of common stock. The shares of common stock may be sold to, or through, a consortium of banks acting as our sales agents either by means of ordinary brokers’ transactions on the NYSE at prevailing market prices or at negotiated prices. During 2016, we issued 2,779,140 shares and raised $166.8 million under the ATM program. During 2015, we issued 714,301 shares and raised $36.3 million under the ATM program. From the inception of our ATM program through December 31, 2016, we have issued 3,493,441 shares and raised $203.1 million.