As is the case with each element of our strategy, prudent fiscal management is a performance measure that affects both customers and stockholders. Operating efficiently and using resources wisely ensures that we continue to provide excellent service and high-quality water at reasonable rates while building long-term stockholder value.
In 2006, we raised gross proceeds of $104.7 million by issuing 2.25 million shares of common stock and $20 million in long-term debt, a move that strengthened our balance sheet and enabled us to fund our capital investment programs. Prudently issuing equity to help fund capital programs that are approved by our utilities commissions provides a means by which our stockholders can earn a fair rate of return and helps improve financial performance in future periods. As of December 31, we had $941 million in net utility plant assets, up 9% from 2005, and our market capitalization was $835 million, up from $703 million for the previous year.
Another key development in 2006 was the even greater interest that we generated on Wall Street. During 2006, three additional financial firms initiated research coverage of our company, bringing our total to seven. Increasing coverage of our company opens up new channels through which we can communicate with retail and institutional investors; this ultimately assists us in improving liquidity and ensuring that we have the means to raise capital to fund our operations and provide the excellent service for which we are known.
At this minute, you are nearing the end of our letter. And we are preparing to overcome any challenges that lay ahead.