Debt Obligations, net (Tables)

12 Months Ended

Dec. 31, 2013

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



	Carrying Value as of December 31,
	2013			2012			Stated Interest Rates			Scheduled Maturity Date
Secured credit facilities and term loans:
2012 Tranche A-1 Facility	$	—		$	169,164		LIBOR + 4.00%		(1)	—
2012 Tranche A-2 Facility	431,475			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	1,379,407			—			LIBOR + 3.50%		(3)	October 2017
Term loans collateralized by net lease assets	278,817			264,432			4.851% - 7.26%		(4)	Various through 2026
Total secured credit facilities and term loans	$	2,089,699		$	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			5.70	%		—
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(5)	200,000			200,000			3.0	%		November 2016
1.50% senior convertible notes(6)	200,000			—			1.50	%		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	$	2,006,890		$	1,987,745
Other debt obligations:
Other debt obligations	$	100,000		$	100,000		LIBOR + 1.50%			October 2035
Total debt obligations	$	4,196,589		$	4,745,807
Debt discounts, net	(38,464		)	(54,313		)
Total debt obligations, net	$	4,158,125		$	4,691,494

Explanatory Notes:

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(1)	These loans each have a LIBOR floor of 1.25%. As of December 31, 2013, inclusive of the floor, the 2012 Tranche A-2 Facility loan incurred interest at a rate of 7.00%.


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


(3)	This loan has a LIBOR floor of 1.00%. As of December 31, 2013, inclusive of the floor, the February 2013 Secured Credit Facility incurred interest at a rate of 4.50%.


(4)	Includes a loan with a floating rate of LIBOR plus 2.00% and a loan with a floating rate of LIBOR plus 2.75%.


(5)	The Company's 3.0% senior convertible fixed rate notes due November 2016 ("3.0% Convertible Notes") are convertible at the option of the holders, into 85.0 shares per $1,000 principal amount of 3.0% Convertible Notes, at any time prior to the close of business on November 14, 2016.


(6)	The Company's 1.50% senior convertible fixed rate notes due November 2016 ("1.50% Convertible Notes") are convertible at the option of the holders, into 57.8 shares per $1,000 principal amount of 1.50% 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 December 31, 2013, future scheduled maturities of outstanding long-term debt obligations are as follows ($ in thousands):



	Unsecured Debt			Secured Debt			Total
2014	$	—		$	21,657		$	21,657
2015	105,765			—			105,765
2016	926,403			—			926,403
2017	374,722			1,810,882			2,185,604
2018	600,000			17,052			617,052
Thereafter	100,000			240,108			340,108
Total principal maturities	$	2,106,890		$	2,089,699		$	4,196,589
Unamortized debt discounts, net	(11,081		)	(27,383		)	(38,464		)
Total long-term debt obligations, net	$	2,095,809		$	2,062,316		$	4,158,125

Schedule of carrying value of encumbered assets by asset type

Encumbered/Unencumbered Assets—As of December 31, 2013, the carrying value of the Company's encumbered and unencumbered assets by asset type are as follows ($ in thousands):



	As of December 31,
	2013				2012
	Encumbered Assets		Unencumbered Assets		Encumbered Assets		Unencumbered Assets
Real estate, net	$	1,644,463	$	1,151,718	$	1,640,005	$	1,099,094
Real estate available and held for sale	152,604		207,913		263,842		372,023
Loans receivable, net(1)	860,557		538,752		1,197,403		665,682
Other investments	24,093		183,116		43,545		355,298
Cash and other assets	—		907,995		—		556,207
Total	$	2,681,717	$	2,989,494	$	3,144,795	$	3,048,304

Explanatory Note:

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(1)	As of December 31, 2013 and 2012, the amounts presented exclude general reserves for loan losses of $29.2 million and $33.1 million, respectively.