Debt Obligations, net (Tables)

3 Months Ended

Mar. 31, 2016

As of March 31, 2016 and December 31, 2015, the Company's debt obligations were as follows ($ in thousands):



	Carrying Value as of						Stated Interest Rates			Scheduled Maturity Date
	March 31, 2016			December 31, 2015			Stated Interest Rates			Scheduled Maturity Date
Secured credit facilities and term loans:
2012 Tranche A-2 Facility	$	325,123		$	339,717		LIBOR + 5.75%		⁽¹⁾	March 2017
2015 Revolving Credit Facility	245,000			250,000			Various		⁽²⁾	March 2018
Term loans collateralized by net lease assets	237,297			239,547			4.851% - 7.26%		⁽³⁾	Various through 2026
Total secured credit facilities and term loans	807,420			829,264
Unsecured notes:
5.875% senior notes	—			261,403			5.875	%		—
3.875% senior notes	265,000			265,000			3.875	%		July 2016
3.00% senior convertible notes⁽⁴⁾	200,000			200,000			3.00	%		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
9.00% senior notes	275,000			275,000			9.00	%		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
6.50% senior notes	275,000			—			6.50	%		July 2021
Total unsecured notes	3,234,722			3,221,125
Other debt obligations:
Other debt obligations	100,000			100,000			LIBOR + 1.50%			October 2035
Total debt obligations	4,142,142			4,150,389
Debt discounts and deferred financing costs, net	(31,412		)	(31,566		)
Total debt obligations, net⁽⁶⁾	$	4,110,730		$	4,118,823

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(1)	The loan has a LIBOR floor of 1.25%. As of March 31, 2016, 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 March 31, 2016 and December 31, 2015, includes a loan with a floating rate of LIBOR plus 2.00%. As of March 31, 2016, the weighted average interest rate of these loans is 5.2%.


(4)	The Company's 3.00% senior convertible fixed rate notes due November 2016 ("3.00% Convertible Notes") are convertible at the option of the holders, into 85.0 shares per $1,000 principal amount of 3.00% 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 $1.4 million and $1.5 million for the three months ended March 31, 2016 and 2015, respectively.

Schedule of future scheduled maturities of outstanding long-term debt obligations, net

As of March 31, 2016, future scheduled maturities of outstanding debt obligations are as follows ($ in thousands):



	Unsecured Debt			Secured Debt			Total
2016 (remaining nine months)⁽¹⁾	$	665,000		$	—		$	665,000
2017	924,722			325,123			1,249,845
2018	600,000			257,780			857,780
2019	770,000			30,401			800,401
2020	—			—			—
Thereafter	375,000			194,116			569,116
Total principal maturities	3,334,722			807,420			4,142,142
Unamortized discounts and deferred financing costs, net	(28,675		)	(2,737		)	(31,412		)
Total debt obligations, net	$	3,306,047		$	804,683		$	4,110,730

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(1)	Includes the $265.0 million principal amount of senior unsecured notes due July 2016 that were repaid in full in April 2016.

Schedule of carrying value of encumbered assets by asset type

As of March 31, 2016 and December 31, 2015, the carrying value of the Company's encumbered and unencumbered assets by asset type are as follows ($ in thousands):



	As of
	March 31, 2016				December 31, 2015
	Encumbered Assets		Unencumbered Assets		Encumbered Assets		Unencumbered Assets
Real estate, net	$	806,550	$	772,050	$	816,721	$	777,262
Real estate available and held for sale	13,047		119,348		10,593		126,681
Land and development	17,682		1,006,752		17,714		984,249
Loans receivable and other lending investments, net⁽¹⁾⁽²⁾	157,347		1,361,735		170,162		1,314,823
Other investments	15,385		218,605		22,352		231,820
Cash and other assets	—		885,372		—		1,008,415
Total	$	1,010,011	$	4,363,862	$	1,037,542	$	4,443,250

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(1)	As of March 31, 2016 and December 31, 2015, the amounts presented exclude general reserves for loan losses of $36.6 million and $36.0 million, respectively.


(2)	As of March 31, 2016 and December 31, 2015, the amount presented excludes loan participations of $154.9 million and $153.0 million, respectively.