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Debt Obligations, net | 6 Months Ended
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Jun. 30, 2015
Debt Disclosure [Abstract] |
Debt Obligations, net | Debt Obligations, net 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 $1.9 million for the three and six months ended June 30, 2014.
Future Scheduled Maturities—As of June 30, 2015, future scheduled maturities of outstanding long-term debt obligations are as follows ($ 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 |
2015 Revolving Credit Facility—On March 27, 2015, the Company entered into a secured revolving credit facility with a maximum capacity of $250.0 million (the "2015 Revolving Credit Facility"). Borrowings under this credit facility bear interest at a floating rate indexed to one of several base rates plus a margin which adjusts upward or downward based upon the Company's corporate credit rating. An undrawn credit facility commitment fee ranges from 0.375% to 0.5%, based on average utilization each quarter. During the three months ended June 30, 2015, the weighted average cost of the credit facility was 3.25%. Commitments under the revolving facility mature in March 2018. At maturity, the Company may convert outstanding borrowings to a one year term loan which matures in quarterly installments through March 2019. The facility is secured by a borrowing base of assets and there is no requirement that proceeds from the borrowing base be used to pay down outstanding borrowings. 2012 Secured Credit Facilities—In March 2012, the Company entered into an $880.0 million senior secured credit agreement providing for two tranches of term loans: a $410.0 million 2012 A-1 tranche due March 2016, which bears interest at a rate of LIBOR + 4.00% (the "2012 Tranche A-1 Facility"), and a $470.0 million 2012 A-2 tranche due March 2017, which bears interest at a rate of LIBOR + 5.75% (the "2012 Tranche A-2 Facility," together the "2012 Secured Credit Facilities"). The 2012 A-1 and A-2 tranches were issued at 98.0% of par and 98.5% of par, respectively, and both tranches include a LIBOR floor of 1.25%. Proceeds from the 2012 Secured Credit Facilities, together with cash on hand, were used to repurchase and repay other outstanding debt. The 2012 Secured Credit Facilities are collateralized by a first lien on a fixed pool of assets. Proceeds from principal repayments and sales of collateral are applied to amortize the 2012 Secured Credit Facilities. Proceeds received for interest, rent, lease payments and fee income are retained by the Company. The Company may also make optional prepayments, subject to prepayment fees. The 2012 Tranche A-1 Facility was fully repaid in August 2013. Additionally, through June 30, 2015, the Company made cumulative amortization repayments of $125.0 million on the 2012 Tranche A-2 Facility. For the three and six months ended June 30, 2015, repayments of the 2012 Tranche A-2 Facility prior to maturity resulted in losses on early extinguishment of debt of $0.1 million and $0.2 million, respectively, related to the accelerated amortization of discounts and unamortized deferred financing fees on the portion of the facility that was repaid. These amounts were included in "Loss on early extinguishment of debt, net" on the Company's Consolidated Statements of Operations. Unsecured Notes—In June 2014, the Company issued $550.0 million aggregate principal amount of 4.00% senior unsecured notes due November 2017 and $770.0 million aggregate principal amount of 5.00% senior unsecured notes due July 2019. Net proceeds from these transactions, together with cash on hand, were used to fully repay and terminate the February 2013 Secured Credit Facility which had an outstanding balance of $1.32 billion. In connection with the repayment and termination of the facility in 2014, we recorded a loss on early extinguishment of debt of $22.8 million related to unamortized discounts and financing fees at the time of refinancing. These amounts were included in "Loss on early extinguishment of debt, net" on our Consolidated Statements of Operations. Encumbered/Unencumbered Assets—As of June 30, 2015 and December 31, 2014, the carrying value of the Company's encumbered and unencumbered assets by asset type are as follows ($ 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.
Debt Covenants The Company's outstanding unsecured debt securities contain corporate level covenants that include a covenant to maintain a ratio of unencumbered assets to unsecured indebtedness of at least 1.2 x and a covenant not to incur new indebtedness, if on a pro forma basis, the Company's fixed charge coverage ratio is 1.5 x or lower, except for incurrences of permitted debt. If any of the Company's covenants are breached and not cured within applicable cure periods, the breach could result in acceleration of its debt securities unless a waiver or modification is agreed upon with the requisite percentage of the bondholders. The Company's 2012 Secured Credit Facilities and the 2015 Revolving Credit Facility contain certain covenants, including covenants relating to collateral coverage, dividend payments, restrictions on fundamental changes, transactions with affiliates, matters relating to the liens granted to the lenders and the delivery of information to the lenders. In particular, the 2012 Secured Credit Facilities require the Company to maintain collateral coverage of at least 1.25 x outstanding borrowings on the facilities. The 2015 Revolving Credit Facility requires the Company to maintain both collateral coverage of at least 1.5 x outstanding borrowings on the facility and a consolidated ratio of cash flow to fixed charges of at least 1.5 x. In addition, for so long as the Company maintains its qualification as a REIT, the 2012 Secured Credit Facilities and the 2015 Revolving Credit Facility permit the Company to distribute 100% of its REIT taxable income on an annual basis (prior to deducting certain cumulative net operating loss carryforwards in the case of the 2015 Revolving Credit Facility). The Company may not pay common dividends if it ceases to qualify as a REIT. The Company's 2012 Secured Credit Facilities and the 2015 Revolving Credit Facility contain cross default provisions that would allow the lenders to declare an event of default and accelerate the Company's indebtedness to them if the Company fails to pay amounts due in respect of its other recourse indebtedness in excess of specified thresholds or if the lenders under such other indebtedness are otherwise permitted to accelerate such indebtedness for any reason. The indentures governing the Company's unsecured public debt securities permit the bondholders to declare an event of default and accelerate the Company's indebtedness to them if the Company's other recourse indebtedness in excess of specified thresholds is not paid at final maturity or if such indebtedness is accelerated.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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