Debt Obligations, net (Tables)

6 Months Ended

Jun. 30, 2013

As of June 30, 2013 and December 31, 2012, the Company's debt obligations were as follows ($ in thousands):



	Carrying Value as of
	June 30, 2013			December 31, 2012			Stated Interest Rates				Scheduled Maturity Date
Secured credit facilities and term loans:
2012 Tranche A-1 Facility	$	8,096		$	169,164		LIBOR + 4.00%		(1	)	March 2016
2012 Tranche A-2 Facility	470,000			470,000			LIBOR + 5.75%		(1	)	March 2017
October 2012 Secured Credit Facility	—			1,754,466			LIBOR + 4.50%		(2	)	—
February 2013 Secured Credit Facility	1,597,054			—			LIBOR + 3.50%		(3	)	October 2017
Term loans collateralized by net lease assets	270,250			264,432			4.851% - 7.68%				Various through 2026
Total secured credit facilities and term loans	$	2,345,400		$	2,658,062
Unsecured notes:
8.625% senior notes	$	—		$	96,801		8.625	%			—
5.95% senior notes	—			448,453			5.95	%			—
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
3.875% senior notes	265,000			—			3.875	%			July 2016
3.0% senior convertible notes(4)	200,000			200,000			3.0	%			November 2016
5.85% senior notes	99,722			99,722			5.85	%			March 2017
9.0% senior notes	275,000			275,000			9.0	%			June 2017
7.125% senior notes	300,000			300,000			7.125	%			February 2018
4.875% senior notes	300,000			—			4.875	%			July 2018
Total unsecured notes	$	2,007,491		$	1,987,745
Other debt obligations:
Other debt obligations	$	100,000		$	100,000		LIBOR + 1.5%				October 2035
Total debt obligations	$	4,452,891		$	4,745,807
Debt discounts, net	(50,444		)	(54,313		)
Total debt obligations, net	$	4,402,447		$	4,691,494

Explanatory Notes:

_______________________________________________________________________________


(1)	These loans each have a LIBOR floor of 1.25%. As of June 30, 2013, 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.


(2)	This loan had a LIBOR floor of 1.25%.


(3)	This loan has a LIBOR floor of 1.00%. As of June 30, 2013, inclusive of the floor, the February 2013 Secured Credit Facility incurred interest at a rate of 4.50%.


(4)	The Company's senior convertible 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.

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

Future Scheduled Maturities—As of June 30, 2013, future scheduled maturities of outstanding debt obligations are as follows ($ in thousands):



	Unsecured Debt			Secured Debt			Total
2013 (remaining six months)	$	—		$	—		$	—
2014	200,601			9,412			210,013
2015	105,765			—			105,765
2016	726,403			8,096			734,499
2017	374,722			2,067,054			2,441,776
Thereafter	700,000			260,838			960,838
Total principal maturities	$	2,107,491		$	2,345,400		$	4,452,891
Unamortized debt discounts, net	(14,720		)	(35,724		)	(50,444		)
Total long-term debt obligations, net	$	2,092,771		$	2,309,676		$	4,402,447

Schedule of carrying value of encumbered assets by asset type

Unencumbered/Encumbered Assets—As of June 30, 2013, the carrying value of the Company's encumbered and unencumbered assets by asset type are as follows ($ in thousands):



	As of
	June 30, 2013				December 31, 2012
	Encumbered Assets		Unencumbered Assets		Encumbered Assets		Unencumbered Assets
Real estate, net	$	1,659,468	$	1,091,209	$	1,794,198	$	1,004,825
Real estate available and held for sale	223,340		300,752		141,673		494,192
Loans receivable, net(1)	1,044,024		501,912		1,197,373		665,712
Other investments	29,482		160,136		43,545		355,298
Cash and other assets	—		968,757		—		487,073
Total	$	2,956,314	$	3,022,766	$	3,176,789	$	3,007,100

Explanatory Note:

_______________________________________________________________________________


(1)	As of June 30, 2013 and December 31, 2012, the amounts presented are gross of general reserves for loan losses of $32.3 million and $33.1 million, respectively.