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Dividend Reinvestment and Stock Purchase Plan
6 Months Ended
Jun. 30, 2015
Dividend Reinvestment and Stock Purchase Plan  
Dividend Reinvestment and Stock Purchase Plan

 

20. Dividend Reinvestment and Stock Purchase Plan

 

We have a Dividend Reinvestment and Stock Purchase Plan, or the DRSPP, to provide our common stockholders, as well as new investors, with a convenient and economical method of purchasing our common stock and reinvesting their distributions. The DRSPP also allows our current stockholders to buy additional shares of common stock by reinvesting all or a portion of their distributions. The DRSPP authorizes up to 11,000,000 common shares to be issued.  During the first six months of 2015, we issued 4,335,580 shares and raised approximately $208.3 million under the DRSPP.  During the first six months of 2014, we issued 1,240,305 shares and raised approximately $54.4 million under the DRSPP.  From the inception of the DRSPP through June 30, 2015, we have issued 9,427,088 shares and raised approximately $426.9 million.

 

In 2013, we revised our DRSPP to pay for a majority of the plan-related fees, which were previously paid by investors, and to institute 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 the first six months of 2015, we issued 4,239,477 shares and raised $203.7 million under the waiver approval process. During the first six months 2014, we issued 1,135,897 shares and raised $50.0 million under the waiver approval process.  These shares are included in the total activity for the first six months of 2015 and 2014 noted in the preceding paragraph.