Debt Obligations, net (Tables)

12 Months Ended

Dec. 31, 2012

As of December 31, 2012 and 2011, the Company's debt obligations were as follows ($ in thousands):



	Carrying Value as of December 31,
	2012			2011			Stated Interest Rates			Scheduled Maturity Date
Secured credit facilities and term loans:
2011 Tranche A-1 Facility	$	—		$	961,580		LIBOR + 3.75%		(1)	—
2011 Tranche A-2 Facility	—			1,450,000			LIBOR + 5.75%		(1)	—
2012 Tranche A-1 Facility	169,164			—			LIBOR + 4.00%		(2)	March 2016
2012 Tranche A-2 Facility	470,000			—			LIBOR + 5.75%		(2)	March 2017
October 2012 Secured Credit Facility	1,754,466			—			LIBOR + 4.50%		(3)	October 2017
Term loans collateralized by net lease assets	264,432			293,192			4.851% - 7.68%			Various through 2026
Total secured credit facilities and term loans	$	2,658,062		$	2,704,772
Unsecured credit facility:
Line of credit	$	—		$	243,650		LIBOR + 0.85%			—
Unsecured notes:
5.15% senior notes	—			263,466			5.15	%		—
5.50% senior notes	—			92,845			5.50	%		—
LIBOR + 0.50% senior convertible notes	—			784,750			LIBOR + 0.50%			—
8.625% senior notes	96,801			501,701			8.625	%		June 2013
5.95% senior notes	448,453			448,453			5.95	%		October 2013
6.5% senior notes	—			67,055			6.5	%		December 2013
5.70% senior notes	200,601			200,601			5.70	%		March 2014
6.05% senior notes	105,765			105,765			6.05	%		April 2015
5.875% senior notes	261,403			261,403			5.875	%		March 2016
3.0% senior convertible notes(4)	200,000			—			3.0	%		November 2016
5.85% senior notes	99,722			99,722			5.85	%		March 2017
9.0% senior notes	275,000			—			9.0	%		June 2017
7.125% senior notes	300,000			—			7.125	%		February 2018
Total unsecured notes	$	1,987,745		$	2,825,761
Other debt obligations:
Other debt obligations	$	100,000		$	100,000		LIBOR + 1.5%			October 2035
Total debt obligations	$	4,745,807		$	5,874,183
Debt discounts, net	(54,313		)	(36,643		)
Total debt obligations, net	$	4,691,494		$	5,837,540

Explanatory Notes:

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(1)	These loans had a LIBOR floor of 1.25%.


(2)	These loans each have a LIBOR floor of 1.25%. As of December 31, 2012, inclusive of the floors, the 2012 Tranche A-1 Facility and 2012 Tranche A-2 Facility loans incurred interest at a rate of 5.25% and 7.00%, respectively.


(3)	This loan has a LIBOR floor of 1.25%. As of December 31, 2012, inclusive of the floor, the October 2012 Secured Credit Facility incurred interest at a rate of 5.75%. Subsequent to year end, in connection with the repricing of the October 2012 Secured Credit Facility, the loan will bear interest at a rate of LIBOR + 3.50%, with a LIBOR floor of 1.00%. See Note 17—Subsequent Events.

(4)

The Company's convertible senior fixed rate notes due November 2016 ("Convertible Notes") are convertible at the option of the holders, into 85.0 shares per $1,000 principal amount of Convertible Notes, at any time prior to the close of business on November 14, 2016. As of December 31, 2012, the outstanding principal balance of the Company's senior convertible notes was $200.0 million. For the year ended December 31, 2012, the Company recognized interest expense on the convertible notes of $0.8 million.

Schedule of future scheduled maturities of outstanding long-term debt obligations, net

Future Scheduled Maturities—As of December 31, 2012, future scheduled maturities of outstanding long-term debt obligations are as follows ($ in thousands)(1):



	Unsecured Debt			Secured Debt			Total
2013	$	545,254		$	—		$	545,254
2014	200,601			—			200,601
2015	105,765			46,164			151,929
2016	461,403			134,816			596,219
2017	374,722			2,212,650			2,587,372
Thereafter	400,000			264,432			664,432
Total principal maturities	$	2,087,745		$	2,658,062		$	4,745,807
Unamortized debt discounts, net	(19,147		)	(35,166		)	(54,313		)
Total long-term debt obligations, net	$	2,068,598		$	2,622,896		$	4,691,494

Explanatory Note:

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(1)	Includes minimum required amortization payments on the March 2012 Secured Credit Facilities and the October 2012 Secured Credit Facility.

Schedule of carrying value of encumbered assets by asset type

Unencumbered/Encumbered Assets—As of December 31, 2012, the carrying value of the Company's unencumbered and encumbered assets by asset type are as follows ($ in thousands):



	As of December 31,
	2012				2011
	Encumbered Assets		Unencumbered Assets		Encumbered Assets		Unencumbered Assets
Real estate, net	$	1,794,198	$	1,004,825	$	1,533,579	$	1,397,319
Real estate available and held for sale	141,673		494,192		177,092		500,366
Loans receivable, net(1)	1,197,373		665,712		1,780,591		1,153,671
Other investments	43,545		355,298		37,957		419,878
Cash and other assets	—		487,073		—		590,884
Total	$	3,176,789	$	3,007,100	$	3,529,219	$	4,062,118

Explanatory Note:

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(1)	As of December 31, 2012 and 2011, the amounts presented exclude general reserves for loan losses of $33.1 million and $73.5 million, respectively.