Issuances of Common Stock

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Issuances of Common Stock

Issuances of Common Stock

A.    Issuances of Common Stock in Underwritten Public Offerings

In January 2021, we issued 12,075,000 shares of common stock in an underwritten public offering, including 1,575,000 shares purchased by the underwriters upon the exercise of their option to purchase additional shares. After deducting underwriting discounts of $19.3 million, the net proceeds of $669.6 million were used to fund property acquisitions and for general corporate purposes and working capital.

There were no comparative offerings during the six months ended June 30, 2022.

B.    At-the-Market (ATM) Program

In June 2022, we replaced our prior "at-the-market" program, or our prior ATM program, which authorized us to offer and sell up to 69,088,433 shares of common stock, with a new "at-the-market" equity distribution program, or our ATM program, pursuant to which we may offer and sell up to 120,000,000 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 New York Stock Exchange ("NYSE: O") at prevailing market prices or at negotiated prices. At June 30, 2022, we had 120,000,000 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 prior ATM program (dollars in millions):

	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Shares of common stock issued under the ATM program(1)	15,899,972		6,589,598		25,973,181		6,589,598
Gross proceeds	$	1,067.3	$	454.8	$	1,727.5	$	454.8
Sales Agents' Commissions	(7.0)		(4.6)		(10.9)		(4.6)
Other Offering Expenses	(3.7)		(0.2)		(3.9)		(0.3)
Net proceeds	$	1,056.6	$	450.0	$	1,712.7	$	449.9

(1)  During the three and six months ended June 30, 2022 15,899,972 shares were sold pursuant to forward sale confirmations. As of June 30, 2022, there were no open forward sale confirmations and 120,000,000 shares remained available for future issuance. No shares were sold pursuant to forward sale confirmations during the three and six months ended June 30, 2021.

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. At June 30, 2022, we had 11,250,748 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,
	2022		2021		2022		2021
Shares of common stock issued under the DRSPP program	43,260		39,423		84,631		82,817
Gross proceeds	$	2.9	$	2.7	$	5.7	$	5.3

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 six months ended June 30, 2022, or 2021.