Issuances of Common Stock

9 Months Ended

Sep. 30, 2019

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.

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



	Three Months Ended September 30,				Nine Months Ended September 30,				Inception to Date
	2019		2018		2019		2018		Inception to Date
Shares of common stock issued under the DRSPP program	29,801		38,011		89,219		131,072		14,319,029
Gross proceeds	$	2.1	$	2.2	$	6.3	$	7.0	$	677.2

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 nine months of 2019 or 2018.

C. At-the-Market (ATM) Program

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. At September 30, 2019, we had 11,083,783 shares remaining for future issuance under our ATM program. We anticipate maintaining the availability of our ATM program in the future, including through replenishing the authorized shares issuable thereunder.

The following table outlines the common stock issuance pursuant to our ATM program (dollars in millions):



	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Shares of common stock issued under the ATM program	7,663,383		5,055,343		9,370,078		10,630,616
Gross proceeds	$	570.3	$	290.9	$	694.4	$	588.9