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Debt Obligations, net (Tables) | 6 Months Ended
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Jun. 30, 2015
Debt Disclosure [Abstract] |
Schedule of debt obligations | As of June 30, 2015 and December 31, 2014, the Company's debt obligations were as follows ($ in thousands):
| Carrying Value as of |  | Stated Interest Rates |  | Scheduled Maturity Date
| June 30, 2015 |  | December 31, 2014 |  |
Secured credit facilities and term loans: |  |  |  |  |  |  |
2012 Tranche A-2 Facility | $ | 345,048 |  |  | $ | 358,504 |  |  | LIBOR + 5.75% |  | (1) | March 2017
2015 Revolving Credit Facility | 250,000 |  |  | — |  |  | Various | (2) | March 2018
Term loans collateralized by net lease assets | 244,623 |  |  | 248,955 |  |  | 4.851% - 7.26% |  | (3) | Various through 2026
Total secured credit facilities and term loans | 839,671 |  |  | 607,459 |  |  |  |  |  |
Unsecured notes: |  |  |  |  |  |  |
6.05% senior notes | — |  |  | 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 |  |  | 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 |  |  | 770,000 |  |  | 5.00 | % |  | July 2019
Total unsecured notes | 3,221,125 |  |  | 3,326,890 |  |  |  |  |  |
Other debt obligations: |  |  |  |  |  |  |
Other debt obligations | 100,000 |  |  | 100,000 |  |  | LIBOR + 1.50% |  |  | October 2035
Total debt obligations | 4,160,796 |  |  | 4,034,349 |  |  |  |  |  |
Debt discounts, net | (9,143 | ) |  | (11,665 | ) |  |  |  |  |
Total debt obligations, net(6) | $ | 4,151,653 |  |  | $ | 4,022,684 |  |  |  |  |  |
Explanatory Notes: _______________________________________________________________________________
(1) | The loan has a LIBOR floor of 1.25%. As of June 30, 2015, inclusive of the floor, the 2012 Tranche A-2 Facility loan incurred interest at a rate of 7.00%.
(2) | The loan bears interest at the Company's election of either (i) a base rate, which is the greater of (a) prime, (b) federal funds plus 0.5% or (c) LIBOR plus 1.00% and subject to a margin ranging from 1.25% to 1.75%, or (ii) LIBOR subject to a margin ranging from 2.25% to 2.75%. At maturity, the Company may convert outstanding borrowings to a one year term loan which matures in quarterly installments through March 2019.
(3) | As of June 30, 2015 and December 31, 2014, includes a loan with a floating rate of LIBOR plus 2.00%. As of June 30, 2015, 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 $11.77 per share 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 $17.29 per share at any time prior to the close of business on November 14, 2016.
(6) | The Company capitalized interest relating to development activities of $1.2 million and $2.6 million for the three and six months ended June 30, 2015 and $1.0 million and $1.9 million for the three and six months ended June 30, 2014.
Schedule of future scheduled maturities of outstanding long-term debt obligations, net | Future Scheduled Maturities—As of June 30, 2015, future scheduled maturities of outstanding long-term debt obligations are as follows ($ in thousands):
| Unsecured Debt |  | Secured Debt |  | Total
2015 (remaining six months) | $ | — |  |  | $ | — |  |  | $ | — |
2016 | 926,403 |  |  | — |  |  | 926,403 |
2017 | 924,722 |  |  | 345,048 |  |  | 1,269,770 |
2018 | 600,000 |  |  | 264,282 |  |  | 864,282 |
2019 | 770,000 |  |  | 31,562 |  |  | 801,562 |
Thereafter | 100,000 |  |  | 198,779 |  |  | 298,779 |
Total principal maturities | 3,321,125 |  |  | 839,671 |  |  | 4,160,796 |
Unamortized discounts, net | (6,962 | ) |  | (2,181 | ) |  | (9,143 | )
Total long-term debt obligations, net | $ | 3,314,163 |  |  | $ | 837,490 |  |  | $ | 4,151,653 |
Schedule of carrying value of encumbered assets by asset type | Encumbered/Unencumbered Assets—As of June 30, 2015 and December 31, 2014, the carrying value of the Company's encumbered and unencumbered assets by asset type are as follows ($ in thousands):
| As of
| June 30, 2015 |  | December 31, 2014
| Encumbered Assets |  | Unencumbered Assets |  | Encumbered Assets |  | Unencumbered Assets
Real estate, net | $ | 880,745 |  |  | $ | 1,658,071 |  |  | $ | 620,378 |  |  | $ | 2,056,336 |
Real estate available and held for sale | 10,496 |  |  | 277,525 |  |  | 10,496 |  |  | 275,486 |
Loans receivable and other lending investments, net(1)(2) | 102,218 |  |  | 1,349,876 |  |  | 46,515 |  |  | 1,364,828 |
Other investments | 18,509 |  |  | 270,991 |  |  | 17,708 |  |  | 336,411 |
Cash and other assets | — |  |  | 989,730 |  |  | — |  |  | 768,475 |
Total | $ | 1,011,968 |  |  | $ | 4,546,193 |  |  | $ | 695,097 |  |  | $ | 4,801,536 |
Explanatory Notes: _______________________________________________________________________________
(1) | As of June 30, 2015 and December 31, 2014, the amounts presented exclude general reserves for loan losses of $27.1 million and $33.5 million, respectively.
(2) | As of June 30, 2015 and December 31, 2014, the amounts presented exclude loan participations payable of $142.3 million and $0.0 million, respectively

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