Debt Obligations, net (Tables)

12 Months Ended

Dec. 31, 2014

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



	Carrying Value as of December 31,						Stated Interest Rates			Scheduled Maturity Date
	2014			2013			Stated Interest Rates			Scheduled Maturity Date
Secured credit facilities and term loans:
2012 Tranche A-2 Facility	$	358,504		$	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	248,955			278,817			4.851% - 7.26%		(3)	Various through 2026
Total secured credit facilities and term loans	607,459			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	4,034,349			4,196,589
Debt discounts, net	(11,665		)	(38,464		)
Total debt obligations, net	$	4,022,684		$	4,158,125

Explanatory Notes:

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(1)	The loan has a LIBOR floor of 1.25%. As of December 31, 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)	As of December 31, 2014 and 2013, includes a loan with a floating rate of LIBOR plus 2.00%. As of December 31, 2013, includes a loan with a floating rate of LIBOR plus 2.75%. As of December 31, 2014, the weighted average interest rate of these loans is 5.3%.


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



	Unsecured Debt			Secured Debt			Total
2015	$	105,765		$	—		$	105,765
2016	926,403			—			926,403
2017	924,722			358,504			1,283,226
2018	600,000			15,239			615,239
2019	770,000			32,312			802,312
Thereafter	100,000			201,404			301,404
Total principal maturities	3,426,890			607,459			4,034,349
Unamortized debt discounts, net	(8,371		)	(3,294		)	(11,665		)
Total long-term debt obligations, net	$	3,418,519		$	604,165		$	4,022,684

Schedule of carrying value of encumbered assets by asset type

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



	As of December 31,
	2014				2013
	Encumbered Assets		Unencumbered Assets		Encumbered Assets		Unencumbered Assets
Real estate, net	$	620,378	$	2,056,336	$	1,644,463	$	1,151,718
Real estate available and held for sale	10,496		275,486		152,604		207,913
Loans receivable and other lending investments, net(1)	46,515		1,364,828		860,557		538,752
Other investments	17,708		336,411		24,093		183,116
Cash and other assets	—		768,475		—		907,995
Total	$	695,097	$	4,801,536	$	2,681,717	$	2,989,494

Explanatory Note:

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(1)	As of December 31, 2014 and 2013, the amounts presented exclude general reserves for loan losses of $33.5 million and $29.2 million, respectively.