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Issuances of Common Stock (Tables) | 3 Months Ended
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Mar. 31, 2023
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 March 31,
|  |  |  |  | 2023 |  | 2022 |  |
Shares of common stock issued under the ATM program(1) |  |  |  |  | 12,664,478 |  | 10,073,209 |  |
Gross proceeds |  |  |  |  | $ | 801.7 |  |  | $ | 660.2 |  |  |
Sales agents' commissions |  |  |  |  | (5.3) |  |  | (3.9) |  |  |
Other offering expenses |  |  |  |  | (0.2) |  |  | (0.1) |  |  |
Net proceeds |  |  |  |  | $ | 796.2 |  |  | $ | 656.2 |  |  |
(1) During the three months ended March 31, 2023, 25,538,809 shares were sold and 12,664,478 were settled pursuant to forward sale confirmations. In addition, as of March 31, 2023, 19,619,215 shares of common stock subject to forward sale confirmations have been executed, but not settled, at a weighted average initial price of $62.59 per share. We currently expect to fully settle forward sale agreements outstanding by June 30, 2023, representing $1.2 billion in net proceeds, for which the weighted average forward price at March 31, 2023 was $62.17 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 months ended March 31, 2022.
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 March 31, |
|  |  |  |  | 2023 |  | 2022 |  |
Shares of common stock issued under the DRSPP program |  |  |  |  | 41,663 |  | 41,371 |  |  |
Gross proceeds |  |  |  |  | $ | 2.7 |  |  | $ | 2.8 |  |  |  |

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