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Dividend Reinvestment and Stock Purchase Plan | 12 Months Ended
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Dec. 31, 2015
Dividend Reinvestment and Stock Purchase Plan |
Dividend Reinvestment and Stock Purchase Plan | 19. Dividend Reinvestment and Stock Purchase Plan Our Dividend Reinvestment and Stock Purchase Plan, or the 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. 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 26,000,000 common shares to be issued. During 2015, we issued 7,608,354 shares and raised approximately $363.0 million under the DRSPP. During 2014, we issued 3,527,166 shares and raised approximately $158.5 million under the DRSPP. During 2013, we issued 1,449,139 shares and raised approximately $55.6 million under the DRSPP. From the inception of the DRSPP through December 31, 2015, we have issued 12,699,862 shares and raised approximately $581.6 million. In 2013, we revised our DRSPP so that we would 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 2015, we issued 7,413,207 shares and raised $353.7 million under the waiver approval process. In 2014, we issued 3,330,556 shares and raised $150.0 million under the waiver approval process. In 2013, we issued 1,308,490 shares and raised $50.0 million under the waiver approval process. These shares are included in the total activity noted in the preceding paragraph.

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