Debt Obligations, net (Tables)

3 Months Ended

Mar. 31, 2014

As of March 31, 2014 and December 31, 2013, the Company's debt obligations were as follows ($ in thousands):



	Carrying Value as of
	March 31, 2014			December 31, 2013			Stated Interest Rates			Scheduled Maturity Date
Secured credit facilities and term loans:
2012 Tranche A-2 Facility	$	418,145		$	431,475		LIBOR + 5.75%		(1)	March 2017
February 2013 Secured Credit Facility	1,333,372			1,379,407			LIBOR + 3.50%		(2)	October 2017
Term loans collateralized by net lease assets	278,726			278,817			4.851% - 7.26%		(3)	Various through 2026
Total secured credit facilities and term loans	$	2,030,243		$	2,089,699
Unsecured notes:
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			265,000			3.875	%		July 2016
3.0% senior convertible notes(4)	200,000			200,000			3.0	%		November 2016
1.50% senior convertible notes(5)	200,000			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			300,000			4.875	%		July 2018
Total unsecured notes	$	2,006,890		$	2,006,890
Other debt obligations:
Other debt obligations	$	100,000		$	100,000		LIBOR + 1.50%			October 2035
Total debt obligations	$	4,137,133		$	4,196,589
Debt discounts, net	(35,083		)	(38,464		)
Total debt obligations, net	$	4,102,050		$	4,158,125

Explanatory Notes:

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(1)	These loans each have a LIBOR floor of 1.25%. As of March 31, 2014, 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 1.00%. As of March 31, 2014, inclusive of the floor, the February 2013 Secured Credit Facility incurred interest at a rate of 4.50%.


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


(4)	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.


(5)	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 March 31, 2014, future scheduled maturities of outstanding long-term debt obligations are as follows ($ in thousands):



	Unsecured Debt			Secured Debt			Total
2014 (remaining nine months)	$	—		$	23,603		$	23,603
2015	105,765			—			105,765
2016	926,403			—			926,403
2017	374,722			1,751,517			2,126,239
2018	600,000			16,611			616,611
Thereafter	100,000			238,512			338,512
Total principal maturities	$	2,106,890		$	2,030,243		$	4,137,133
Unamortized debt discounts, net	(10,430		)	(24,653		)	(35,083		)
Total long-term debt obligations, net	$	2,096,460		$	2,005,590		$	4,102,050

Schedule of carrying value of encumbered assets by asset type

Encumbered/Unencumbered Assets—As of March 31, 2014 and December 31, 2013, the carrying value of the Company's encumbered and unencumbered assets by asset type are as follows ($ in thousands):



	As of
	March 31, 2014				December 31, 2013
	Encumbered Assets		Unencumbered Assets		Encumbered Assets		Unencumbered Assets
Real estate, net	$	1,589,847	$	1,124,123	$	1,644,463	$	1,151,718
Real estate available and held for sale	129,005		205,686		152,604		207,913
Loans receivable and other lending investments, net(1)	836,572		670,918		860,557		538,752
Other investments	21,034		184,063		24,093		183,116
Cash and other assets	—		757,467		—		907,995
Total	$	2,576,458	$	2,942,257	$	2,681,717	$	2,989,494

Explanatory Note:

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(1)	As of March 31, 2014 and December 31, 2013, the amounts presented exclude general reserves for loan losses of $31.0 million and $29.2 million, respectively.