Issuances of Common Stock (Tables)

9 Months Ended

Sep. 30, 2022

ATM Program

Class of Stock [Line Items]

Schedule of common stock issuances

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

	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Shares of common stock issued under the ATM program(1)	9,532,853		14,788,822		35,506,034		21,378,420
Gross proceeds	$	696.6	$	1,032.3	$	2,424.1	$	1,487.1
Sales agents' commissions	(4.1)		(10.1)		(15.0)		(14.7)
Other offering expenses	(1.1)		(0.6)		(5.0)		(0.9)
Net proceeds	$	691.4	$	1,021.6	$	2,404.1	$	1,471.5

(1)  During the three and nine months ended September 30, 2022, 9,532,853 and 25,432,825 shares were sold and settled pursuant to forward sale confirmations, respectively. In addition, as of September 30, 2022, 19,995,547 shares of common stock subject to forward sale confirmations have been executed at a weighted average initial price of $66.70 per share but not settled. 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. We currently expect to fully physically settle any forward sale agreement with the respective forward purchaser on one or more dates specified by us on or prior to the maturity date of such forward sale agreement, in which case we expect to receive aggregate net cash proceeds at settlement equal to the number of shares specified in such forward sale agreement multiplied by the relevant forward price per share. We currently expect to fully settle the outstanding forward sale agreements during the three months ended December 31, 2022, representing $1.3 billion in gross proceeds, for which the weighted average forward price at September 30, 2022 was $66.43 per share. Our forward sale confirmations are accounted for as equity instruments, as we have determined the agreements meet the derivatives and hedging guidance scope exception. No shares were sold pursuant to forward sale confirmations during the three and nine months ended September 30, 2021

DRSPP

Class of Stock [Line Items]

Schedule of common stock issuances

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,
	2022		2021		2022		2021
Shares of common stock issued under the DRSPP program	43,430		41,463		128,061		124,430
Gross proceeds	$	3.0	$	2.9	$	8.7	$	8.2