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Forward Equity and Equity Distribution Program
9 Months Ended
Sep. 30, 2016
Forward Equity Sale Agreements  
Forward Equity and Equity Distribution Program
Forward Equity and Equity Distribution Program
In June 2016, the Company entered into an agreement to sell approximately 2.9 million shares of the Company’s common stock at a price of $167.25 per share (a “forward equity agreement”). The Company has the option to cash, share or net share settle all or a portion of the agreement in one or more transactions until June 2017.  During the quarter, the Company issued 0.9 million shares to settle a portion of the forward equity agreement and received proceeds of $150.3 million. As of September 30, 2016, 2.0 million shares remain unsettled.
Separately, in June 2016, the Company also entered into equity distribution and forward equity agreements with several major securities firms under which the Company, from time to time, may issue and sell shares (immediately or on a forward basis) having an aggregate sales price of up to $500.0 million. These agreements replaced the Company’s previous forward equity program. As of September 30, 2016, no sales have occurred under these agreements.