Debt Obligations, net (Tables)

6 Months Ended

Jun. 30, 2014

As of June 30, 2014 and December 31, 2013, the Company's debt obligations were as follows ($ in thousands):



	Carrying Value as of
	June 30, 2014			December 31, 2013			Stated Interest Rates			Scheduled Maturity Date
Secured credit facilities and term loans:
2012 Tranche A-2 Facility	$	391,938		$	431,475		LIBOR + 5.75%		(1)	March 2017
February 2013 Secured Credit Facility	—			1,379,407			LIBOR + 3.50%		(2)	—
Term loans collateralized by net lease assets	278,261			278,817			4.851% - 7.26%		(3)	Various through 2026
Total secured credit facilities and term loans	670,199			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
4.00% senior notes	550,000			—			4.00	%		November 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
5.00% senior notes	770,000			—			5.00	%		July 2019
Total unsecured notes	3,326,890			2,006,890
Other debt obligations:
Other debt obligations	100,000			100,000			LIBOR + 1.50%			October 2035
Total debt obligations	4,097,089			4,196,589
Debt discounts, net	(14,578		)	(38,464		)
Total debt obligations, net	$	4,082,511		$	4,158,125

Explanatory Notes:

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(1)	The loan has a LIBOR floor of 1.25%. As of June 30, 2014, inclusive of the floor, the 2012 Tranche A-2 Facility loan incurred interest at a rate of 7.00%.


(2)	This loan had a LIBOR floor of 1.00%.


(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%. The weighted average interest rate of these loans is 5.1%.


(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 June 30, 2014, future scheduled maturities of outstanding long-term debt obligations are as follows ($ in thousands):



	Unsecured Debt			Secured Debt			Total
2014 (remaining six months)	$	—		$	25,176		$	25,176
2015	105,765			—			105,765
2016	926,403			—			926,403
2017	924,722			391,938			1,316,660
2018	600,000			16,162			616,162
Thereafter	870,000			236,923			1,106,923
Total principal maturities	3,426,890			670,199			4,097,089
Unamortized debt discounts, net	(9,762		)	(4,816		)	(14,578		)
Total long-term debt obligations, net	$	3,417,128		$	665,383		$	4,082,511

Schedule of carrying value of encumbered assets by asset type

Encumbered/Unencumbered Assets—As of June 30, 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
	June 30, 2014				December 31, 2013
	Encumbered Assets		Unencumbered Assets		Encumbered Assets		Unencumbered Assets
Real estate, net	$	609,121	$	2,132,269	$	1,644,463	$	1,151,718
Real estate available and held for sale	28,705		326,109		152,604		207,913
Loans receivable and other lending investments, net(1)	48,820		1,438,187		860,557		538,752
Other investments	20,369		221,192		24,093		183,116
Cash and other assets	—		679,313		—		907,995
Total	$	707,015	$	4,797,070	$	2,681,717	$	2,989,494

Explanatory Note:

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(1)	As of June 30, 2014 and December 31, 2013, the amounts presented exclude general reserves for loan losses of $30.6 million and $29.2 million, respectively.